2 February 2023Analysis

Arizona captive numbers continued to climb in 2022

Arizona saw 14 new captive licenses issued in 2022, down from 27 the year before, according to the latest figures from the state’s Department of Insurance and Financial Institutions. Fewer licenses were terminated, though – with just one compared to nine in 2021, leaving the total number of captives domiciled in the state at 162, up from 149 last year.

In the last decade, the number of captives is up more than 60%, from just 100 in 2012. It licensed its first captive in 2002.

Pure captives make up the majority – 114 or 70% of the total – with pure reinsurance captives accounting for another 15%, with 24. Risk retention groups (ten), protected cell captives (five), industry group (four), agency (three) and association (two) captives made up the remainder.

Finance and insurance, with 38 captives, health care and social assistance (26) and construction and manufacturing (18 each) were the most common captive industry classifications.