Arkansas is “expecting continued growth” in 2019 after licensing two new captive insurance companies in 2018, according to Arkansas insurance commissioner Allen Kerr.
Statistics from the Arkansas Insurance Department (AID) revealed that the domicile licensed two new captive insurance companies last year, an increase on the one captive licensed in 2017.
As with the two previous years, no captives surrendered their licences in 2018, meaning the growth takes the total number of captives licensed in Arkansas to six, including three pure captives, two special purpose captives, and one US branch captive.
Kerr said he was delighted by the increased captive growth in 2018.
He commented: “AID has made significant legislative changes and resource commitments to welcome new captive applicants.”
“As a result, there has been an upward trend in industry interest in Arkansas’ captive programme, and we stand ready to provide competent support and assistance to anyone seeking to form a captive insurer.”
Kerr added: “Given the rise in industry activity, we expect continued growth in domestic captive insurers during 2019.”
“AID is also proposing new 2019 legislation to further enhance the state’s existing captive laws to expand options and framework for industry participants seeking to do business in Arkansas.”