Montana witnessing continued captive growth

The Montana Captive Insurance Association (MCIA) has published its annual report, which has found that there are now 150 captives licensed in the domicile after 47 were established in 2013.

The latest figures in the report, which also shows that 11 captives were retired during 2013, demonstrates Montana’s continued growth, having added a net 18 in 2011 and 29 in 2012.

“This is a significant accomplishment and a testament to the positive, proactive collaboration between business and government here in The Treasure State,” says Brenda M. Olson, chairperson of MCIA. “Surpassing this key benchmark confirms Montana’s reputation as a great place to do business.”

Captives licensed in Montana during 2013 included Oaker Insurance Group, Oxford Insurance Company and Versatile Insurance Group.

Captive premium tax collection for 2013 surpassed $1.3m and the much of the success has been put down to enhanced legislation including the addition of Series LLC capability and an expanded regulatory department, headed by Monica J. Lindeen, commissioner of securities and insurance for Montana. Premium tax for 2012 on the other hand totalled just over $1m.