19 February 2015Services

Delaware licenses 87 captives

The Delaware Department of Insurance licensed 87 captives in 2014, in what its Insurance Commissioner said was a record year.

The captive bureau also licensed 141 series business units. Since inception, the captive programme has licensed 385 captive insurers, 753 series business units, and 13 cells. It added that 20 captives were dissolved in 2014.

This brings the state’s total to 333 active captive insurers, 688 active series business units, and 12 active cells.

Karen Weldin Stewart, Insurance Commissioner, said: “I am very pleased that the captive program continues to grow. This programme provides economic opportunities for my constituents and much needed revenue for the state.

“I am gratified by our continued success and I look forward to expanding our programme even more in 2015.”