Delaware licenses 43 new captives in 2023
Delaware licensed 43 new captive insurers in 2023, bringing the total number of captives in the state to 670, the Department of Insurance said today.
In its annual round-up, the DoI said the Captive Bureau also launched Delaware Captives 2.0 in conjunction with the Delaware Captive Insurance Association “to continue to innovate and compete with other domiciles”.
In October, the state and the DCIA announced changes to state regulations including revisions to requirements for captives formed to write corporate “Side A” directors and officers’ coverage for Delaware corporations aimed at helping companies to access more affordable coverage and increase capacity.
Revisions were also made to adopt a more flexible approach for certain captive applicants’ capitalisation requirements, including allowing use of brokerage accounts in certain circumstances.
More broadly, the Delaware Department of Insurance said it delivered significant revenue to the state government and to the state economy.
“For the 2023 calendar year, the department’s work resulted in about $189 million in funds for the state and its funds, including $113 million for the General Fund, and $44.7 million for fire companies,” the department said.
“The most recent data available from the Bureau of Examination, Rehabilitation and Guaranty shows oversight of the financials of 149 domestic companies that manage $769 billion in assets, and more than 2,149 other companies operating in the state. This represents 8 new domestics, 76 new licenses, and an increase of $1 billion in assets managed. The team completed 34 financial examinations and have 22 exams in progress.”
Insurance Commissioner Trinidad Navarro (pictured) said: “Each year, our team gathers and reports data on our efforts to give residents a look at our daily work.
"And while the numbers themselves are impressive, within them are tens of thousands of stories. Stories of finding affordable coverage for the first time, stories of storms and fires, stories of injustice, investigation, and resolution, and above all, a story of change.
“Our state is changing, and our department is changing with it to ensure we continue to protect our consumers and offer them a robust, affordable, competitive insurance market.”
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