The Missouri Department of Insurance licensed seven new captives in 2013, demonstrating its continued strength as a domicile as Caterpillar, which has two captives licensed in the state, is awarded the 2014 Award of Excellence at the World Captive Forum.
Maria Sheffield, a Missouri Department of Insurance captive manager, said: “Missouri has a long history of working with high quality business in the alternative risk arena. We are proud to include caterpillar as among those companies.”
36 captives are currently domiciled in Missouri, which became a captive domicile in 2007. Industries include transportation services, marketing, sales, insurance, executive recruitment, banking and securities. Liens written include worker’s compensation, property and casualty lines, life reinsurance, professional and general liability and commercial auto, amongst others.
Sheffield said: “Missouri is emerging as a leading captive domicile with the captive insurance market now reaching more than $6.5 billion. Our team has developed a well-established captive program, which is proven by the healthy premium volume, to encourage businesses to open captives in Missouri.