Oklahoma hails record year with release of 2025 figures

The Oklahoma Insurance Department (OID) announced that its captive insurance program had another record year in 2025 and is now experiencing the fastest three-year growth in state history.

For the year ending December 31, 2025, OID had a net gain of 10 licensed captive insurers. With that increase, Oklahoma has now surpassed its previous high of 73 captive insurers, which was set in 2017.

Since Steve Kinion was appointed Captive Insurance Director in October 2022, the program has grown by 64%, the OID said. In 2025, OID received 14 captive insurer applications, all of which were approved. Four captives dissolved during the year, resulting in the net gain of 10.

Commissioner Glen Mulready said, “The program’s continued growth reflects the expertise of its regulators applying strong oversight and a stable, business-friendly environment in Oklahoma, which we will continue to foster.”

“The 64% growth over the past three years shows a focused effort to rebuild confidence in Oklahoma as a captive insurance domicile,” said Director Steve Kinion. “Our program is committed to responsive regulation, technical expertise, and long-term stability for those seeking a captive in Oklahoma.”

The OID said that Oklahoma’s captive insurance program continues to attract a variety of captive structures and industries, strengthening the state’s reputation as a competitive and well-regulated place to do business. OID will host a Captive Connection event on March 3, 2026, from 4 p.m. to 6 p.m., at The Embassy Suites OKC Downtown Medical Center, to help organisations understand how captive insurance works and why Oklahoma is an attractive home for captive formation.

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