Michigan captive written premiums exceed $2bn
Michigan-domiciled captive insurance companies exceeded $2 billion in written premiums for the first time in 2017, according to the Michigan Department of Insurance and Financial Services (DIFS).
The DIFS figures also showed that three new captives were licensed last year, including one captive redomiciled from Bermuda.
As of 31 December 2017, there were 22 captive insurance companies domiciled in the Great Lakes State.
DIFS director, Patrick McPharlin, commented: “Michigan’s reputation for having an ‘open door’ approach to government has helped Michigan succeed to this level in licensing captive insurance companies.”