Karen Weldin Stewart, commissioner of Delaware’s Department of Insurance, has received recognition after licensing the domicile’s thousandth captive insurance company, AWI of Voorhees, New Jersey.
State governor Jack Markell presented Stewart with the proclamation recognising Delaware as the sixth largest domicile globally.
The Department of Insurance’s captive bureau currently contributes an annual surplus of tax and fee revenue of more than $3 million to the Delaware general fund.
Stewart commented: “When I took office in 2009, Delaware was home to only 38 captive insurance companies, I immediately saw the revenue potential for growing our captive insurance business.”
She added: “I promptly formed the Bureau of Captive and Financial Insurance Products. Since then the bureau has generated more than $11 million in revenue.”
“In the future, I intend to reach out around the world to new markets for captive insurance and continue to increase the number of captive insurance entities domiciled in Delaware.”
AWI‘s parent company, American Water, is a geographically diverse publicly traded water and wastewater utility company, located in the US.
The new formation will receive formal recognition as Delaware’s thousandth captive at the Delaware Captive Insurance Association Fall Forum on 12 November.
