The Kentucky Division of Insurance licensed four new captive insurance companies in 2017, according to its year-end figures.
All four of the new formations were pure captives.
The division's statistics also revealed that the state saw a reduction of 23 captives in 2017, either via dissolutions, mergers, non-writing, or re-domestications.
As of 31 December 2017, there were 65 active captives domiciled in the Bluegrass State, of which 54 were pure captives, eight were group/association captives and three were risk retention groups.
The aggregate premiums written by Kentucky-domiciled captives last year was approximately $90 million, down from $96 million in 2016.
Russell Coy, insurance programme manager for the Division of Financial Standards and Examination, said the division had been active in the opening quarter of 2018.
Coy commented: “We are in the process of licensing seven new companies (applications pending).”
“In addition, we are working with another five to seven prospects."
