Several captive insurance company domiciles in the United States reported growth in 2010. The Vermont Department of Banking, Insurance, Securities and Health Care Administration reported it licensed 33 new captive insurance companies in 2010, bringing the total of number of Vermont licensed captives to 911. The new captives included nineteen pure captives, nine special purpose financial captives, four risk retention groups and one industrial insured captive. The new Vermont captives formed in 2010 included NBC Universal, PricewaterhouseCoopers, Aetna, Procter & Gamble, Crowe Horwath, Towers Watson and Nationwide Financial Services. Governor Peter Shumlin stated, “Vermont is aggressively pursuing new opportunities to expand the captive industry. . . . Vermont is investing in this valuable sector of our economy.” Vermont is currently the largest captive domicile in the US and third largest in the world.
The Delaware Insurance Department reported that Delaware doubled its number of captive insurance companies in 2010, from 48 to 96 captive insurance companies. Commissioner Karen Weldin Stewart stated, “A 100 percent growth rate reflects the unmistakable value our captive insurance program is bringing to the world of alternative risk transfer.”
Montana reported a record number of newly licensed captive insurance companies in 2010. Montana licensed 26 captive insurance companies in 2010, bringing the total of number of Montana licensed captives to 67. Montana Commissioner of Securities and Insurance Monica J. Lindeen stated, “I am committed to recruiting more captive business in Montana and building on the success of this economy boosting industry.”
The Missouri Department of Insurance reported that Missouri doubled the number of licensed captive insurance companies in 2010, from six to twelve captive insurance companies. Missouri began licensing captives in 2007, and, according to the Missouri Department of Insurance, premium volume reached $1 billion by 2009. Missouri Insurance Director John M. Huff attributed captive growth to amendments to Missouri’s captive insurance law in 2009. He stated, “New laws, doubling our captives and dramatic gains in premium volume show that Missouri is a strong captive domicile with a commitment to this area of insurance.”
The Hawaii Division of Insurance also reported a growth in the number of captive insurance companies in 2010. Hawaii licensed 12 new captive insurance companies in 2011, bringing the total captive insurance company count to 168.