Michigan captive insurer premiums exceeded US$3 billion in 2023, marking an increase of 25 per cent over the previous year, according to the Michigan Department of Insurance and Financial Services (DIFS).
Based on premium volume, Michigan is in the top ten for US-based captive domiciles.
The DIFS remarks that the total number of captive insurers increased to 26 in 2023, indicating a growing demand for alternative insurance coverage options in Michigan for businesses and other organisations.
Captives are licensed with DIFS and are subject to some of the same insurance regulations as traditional insurers in the state.
DIFS Director Anita Fox says: “Michigan’s captive insurance programme, administered by DIFS, provides an important way for businesses to obtain insurance coverage for certain types of risks.”
She continues: “With a nearly 25 per cent increase in total captive insurer premiums, Michigan has continued the trend of attracting new captive formations to the state.”
