Alberta has licensed 17 captive insurance companies since becoming a captive jurisdiction in 2022 and is prepared to welcome more according to Nate Horner, president of the treasury board and minister of finance.
The introduction of captive insurance in Alberta, Canada, provides businesses with another option for insurance coverage and makes Alberta a more attractive destination for investment.
In a statement, Horner says that in less than two years, the captive insurance programme in Alberta now rivals those found in already-established jurisdictions such as Barbados, Bermuda and Vermont.
He adds that companies are choosing Alberta as their captive jurisdiction for a number of reasons, including its six-week turnaround time for licence approvals, low costs and firms’ ability to cover business risks from outside the province within Alberta.
“Alberta’s business-friendly environment continues to prove itself, offering a unique advantage for businesses seeking effective risk solutions in a challenging global insurance market. I am proud that we are one of only two provinces to provide the captive insurance option,” says Horner.
He continues: “As more captives are established in Alberta, we expect to see a growing hub of specialised skills, including experts like captive managers and actuarial services.”
