Michigan-domiciled captive insurance companies exceeded $2 billion in written premiums for the first time in 2017 and three new captives were licensed in the state.
That is according to the Michigan Department of Insurance and Financial Services (DIFS). The figures show that as of 31 December 2017, there were 22 captive insurance companies domiciled in the state.
The figures also showed that one of the three new captives redomiciled from Bermuda.
DIFS director, Patrick McPharlin, commented: “Michigan’s reputation for having an ‘open door’ approach to government has helped Michigan succeed.”
Michigan, Captive insurance, Companies, DIFS, Bermuda