Delaware continued to grow as a captive domicile in 2015, licensing 74 pure captive insurers.
The state also licensed three special purpose captive insurers, and 112 series captive insurers, taking Delaware’s total to 189 captive entities for the year.
Insurance commissioner Karen Weldin commented: “The growth of Delaware’s captive insurance programme reflects the fact that Delaware is a business-friendly environment that applies a firm but fair method of regulation.”
As of 31 December 2015, the number of active captive insurers of all types in Delaware stood at 1,060. The total consists of 242 pure captive insurers, 740 series, 45 special purpose, five special purpose financial, one agency, two industrial insured, two association, and three sponsored.
When Weldin formed the captive bureau in July 2009, Delaware had just 38 captives licensed.
She added: “I continue to be pleased with the growth of the captive insurance programme. This programme continues to provide economic opportunities for my constituents and much-needed revenue for the state.”
In 2015, Delaware amended its captive insurance laws to codify the licensing of series entities, which included creation of a new type of captive insurer, a series captive insurance company.
According to Weldin, the change has resulted in a significant increase in the total number of captive insurance companies in Delaware.
