US and offshore domiciles have continued to see a steady flow of new captive insurance company formations in 2017, despite the soft commercial market.
The information comes from JLT Insurance Management’s (JLTIM) poll of captive insurance domiciles and statistics from industry publications.
A JLT Insurance Management poll revealed the following number of new captive formations in 2017: Arizona, 11; Bermuda, 17; Cayman Islands, 33; Hawaii, 30; Missouri, eight; Montana, 42; Nevada, 22; North Carolina, 57; South Carolina, 15; Tennessee, nine; Texas; eight; Utah, 60; Vermont, 24; and Washington DC eight.
In responding to the poll, some of the domiciles listed have included the total number of captives with new cells, while others have listed only new captives without the number of new cells.
JLTIM CEO Guy Ragosta said: “With so many domiciles to choose from, it is important to match companies needs in a captive insurance domicile with a domicile’s strengths and experience.”
Other domiciles are expected to report their 2017 growth throughout the next few weeks.
