Nevada's Division of Insurance has released its year-end 2025 captive insurance figures, revealing a total of 282 captive entities licensed in the state. The Silver State's captive portfolio comprises 58 pure captives, seven association captives, three agency captives, 12 risk retention groups, one branch captive, five sponsored captives, and 196 protected cells. Pure captives remain the dominant structure, accounting for just over 20 per cent of Nevada's total captive entities. Protected cells, which allow multiple unaffiliated companies to access captive insurance benefits through a shared sponsored structure, represent the largest single category with nearly 70 per cent of all entities. Speaking to Captive Insurance Times, Michael D. Reynolds, management analyst II at the Nevada Division of Insurance, says the increase in new companies joining as cell structures has been nearly equal to applications for other licence types. However, he notes that sponsored captives’ programmes tend to be highly specialised, leading to fewer closures in response to market and regulation changes. The industries that domicile their captives in Nevada have remained largely the same over the years, Reynolds explains, including construction, manufacturing, casinos, mining, and agriculture. In 2022 and 2023, Nevada experienced a significant impact to its captive numbers when many captive insurance companies serving the financial sector chose to close out of an abundance of caution preceding the IRS 831(b) rulings. However, Reynolds notes the state has continued to attract new companies from all industries, including the financial sector. Nevada has positioned itself as a competitive captive domicile since establishing its programme in 2009. The state offers low application fees of US$1,050, annual renewal fees of US$550, and a US$5,000 credit for first-time premium tax filings. Minimum capital requirements vary by captive type, ranging from US$200,000 for pure captives to US$800,000 for rental captives. The state is one of only eight US jurisdictions offering series corporation structures, which enable sponsored captives to establish protected cells with independent corporate governance. The Division of Insurance maintains simplified financial reporting requirements and provides dedicated regulatory support through its captives team. Annual filings include premium tax returns due March 1, license renewals due March 1, Nevada annual reports due June 30, audited financial statements due June 30, and actuarial opinions due June 30. Reynolds attributes the state’s captive sector growth to the dedication of companies and captive managers who have benefited from Nevada’s regulations and tax structures. “Nevada has always been a great place to do business,” he says. To support the captive industry, the Nevada Division of Insurance has been working to improve its regulatory programme. Reynolds highlights several examples: updates to regulatory reporting requirements, additional outreach activities to meet with industry experts and educate prospective owners, and in 2023 the addition of a dedicated analyst to the regulatory team, which he says greatly improved review and response times. In 2025, Nevada enacted legislation permitting homeowners insurance policies to be written through a captive insurer. Under the new framework, Nevada-domiciled captives may write most lines of insurance except automobile liability and workers' compensation as direct coverage. All lines of insurance remain eligible for reinsurance through Nevada captive structures.
