4 July 2023Analysis

Montana saw captive numbers rise in 2022

Montana has released its latest captive numbers, showing an increase in the number of captives registered in the domicile.

According to the latest figures from the Montana Captive Insurance Association (MCIA) in its yearly report on the domicile, at the end of 2022 there were 269 captives registered in the state, up on the 261 that were registered at the end of 2021.

Looking at the fine detail of the registrations, 140 were special purpose series business units, followed by 73 pure captives, with the remaining numbers being made up of small numbers of protected cell, reinsurance and other entities such as risk retention groups.

In a letter to the captive market published in the MCIA report, Troy Downing, Commissioner of Securities and Insurance and the Montana State Auditor, said: “As your Commissioner of Securities and Insurance, I am pleased to report that 2022 was one of our best years ever as a captive domicile with 46 new formations! And 2023 has started off with a bang ─ a robust 16 new formations as of early May and several more ready to be licensed.

“This growth reflects our vibrant captive industry in the Treasure State. Montana is abundant in all it has to offer, through its scenery, wildlife, recreation, and an accessible, innovative domicile landscape for captive insurance companies.

“We aim to be a nationwide leader in the captive insurance marketplace ─ currently the 5th largest captive domicile in the United States ─ through our marketing, outreach, and reasonable regulation.