Georgia licensed eight new captive insurance companies in 2018, exhibiting reduced growth in comparison to the 18 captives licensed the year before.
Figures from the Georgia Department of Insurance also revealed that there were three captive closures last year, a stark contrast to 2017 and 2016, in which there were no captive closures.
The net growth of five captives meant that as of 31 December 2018, there were 49 active captives domiciled in the Peach State, including 40 single-parent captives and nine group captives.
Jim Beck, Georgia insurance commissioner, indicated that plans were in place for legislation that could help the state see a growth in captive formations.
He said: “We have proposed legislation to make Georgia even more friendly towards captive formation. We are excited about the prospects for passage.”
“Georgia has a tremendous reputation as a great state to do business and we want to capitalise on the momentum to make it easier to form a captive insurance company and innovate in the marketplace.”