Onwards and upwards: Utah forges ahead
Utah’s position as a captive insurance domicile was strengthened by the state having a good year in 2022, according to Travis Wegkamp, director of captive insurance at Utah Insurance Department.
Speaking to Captive International for our US Focus edition, Wegkamp said that the year had been its best since 2016–17, with net growth in the number of licensed captives in Utah rising over the year from 386 to 419, growth that he keenly welcomed after six or seven years of falling numbers due to a decline in numbers in the 831(b) or microcaptive space.
“Even when the number of captives fell, Utah continued to see growth in its gross premium rate via captives, a trend that continued in 2022, hitting just over $2.2 billion in gross premiums written for the year, which is a new record for the state,” he added.
