The Delaware Department of Insurance reports a strong showing in 2012, the best year for captive growth since the state adopted captive law in 1988. Last year saw the licensing of 59 captives, 1 cell and 179 series units. The strong year’s growth rate of 38.5 percent brings the total active captive entity count to 559.
Delaware captive director, Steve Kinion, said: “this level of growth is unprecedented in the captive insurance world. Considering that when commissioner Stewart formed the captive bureau in July 2009 there were only 38 captive insurers, we have achieved a 558 percent growth rate in terms of licensing captive companies, and a 1,500 percent growth rate in total licensing of captive entities."
Insurance commissioner Karen Weldin Stewart commented: “I am very pleased with the success we have experienced in our captive division. I believe that we will continue to see steady growth in captives and I credit my team at the Department of Insurance for their successful efforts in making Delaware more competitive in this global arena of insurance."
Delaware, formations, 2012