Michigan reports boom in captive business

The Michigan Department of Insurance and Financial Services (DIFS) has announced that Michigan captive insurer premiums exceeded $3 billion in 2023, an increase of 25% over the previous year. 

The total number of captive insurers grew to 26 in 2023, indicating growing demand for alternative insurance coverage options in Michigan for businesses and other organizations.

“Michigan’s captive insurance program, administered by DIFS, provides an important way for businesses to obtain insurance coverage for certain types of risks,” said DIFS Director Anita Fox. “With a nearly 25% increase in total captive insurer premiums, Michigan has continued the trend of attracting new captive formations to the state.”

According to the DIFS, based on premium volume Michigan has been in the top ten for US-based captive domiciles. For 2023, the total captive insurer premium volume was more than $3 billion, approximately a 25% increase over 2022.

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