Utah licensed 35 new captive insurance companies last year, a drop in comparison to the 60 licensed in 2017, according to statistics from Utah Department of Insurance.
The department’s statistics also revealed that, as with the previous year, there were three new captive cells licensed in 2018.
Among difficult conditions for the captive market globally, 61 captive insurers and 16 captive cells domiciled in Utah closed last year.
The 38 new captive licences and 77 closures in 2018, means that the state experienced a net decline in total captive licences of 8 percent (39 licences) last year.
The decline means that at year-end 2018, Utah had a total of 441 captive licences, made up of 388 captives and 53 cells.
