The State of Delaware’s Department of Insurance (DOI) has celebrated licensing its 1000th captive insurance company.
Governor Jack Markell presented insurance commissioner Karen Weldin Stewart with a proclamation to recognise the milestone.
AWI of Voorhees, New Jersey, was the captive firm which helped the DOI achieve the result. The firm will receive formal recognition as Delaware’s 1000th captive at the Delaware Captive Insurance Association Fall Forum on 12 November at the Chase Center on the Riverfront in Wilmington.
The proclamation distinguishes Delaware as one of the foremost captive domiciles in the world, currently the sixth largest globally and the third largest nationwide.
DOI’s captive bureau is self-sustaining and currently contributes an annual surplus of tax and fee revenue of over $3 million to the Delaware general fund.
“When I took office in 2009, Delaware was home to only 38 captive insurance companies, I immediately saw the revenue potential for growing our captive insurance business,” said Commissioner Stewart.
“I promptly formed the Bureau of Captive and Financial Insurance Products. Since then the bureau has generated more than $11 million in revenue.”
“I want to thank the governor and the general assembly for their continued cooperation in making Delaware a friendly place for corporations around the country and the world to do business.”
Stewart said in future he intends to reach out around the world to new markets for captive insurance and continue to increase the number of captive insurance entities domiciled in Delaware.”
Delaware Department of Insurance, AWI, North America