Delaware Insurance Commissioner Karen Weldin Stewart said 2015 marked another record year of captive insurance formations in Delaware. Stewart said Delaware last year licensed 74 pure captive insurers, three special purpose captive insurers and 112 series captive insurers, for a total of 189 captive entities.
As of Dec. 31, 2015, the number of active captive insurers of all types in Delaware is 1,060.
That total consists of 242 pure captive insurers, 740 series captive insurers, 45 special purpose captive insurers, five special purpose financial captive insurers, one agency captive insurer, two industrial insured captive insurers, two association captive insurers and three sponsored captive insurers.
Delaware is the third-largest captive domicile in the U.S. behind Vermont and Utah, and is the sixth-largest captive domicile in the world.
“The growth of Delaware’s captive insurance program reflects the fact that Delaware is a business-friendly environment that applies a firm but fair method of regulation,” Stewart said.
“I continue to be pleased with the growth of the captive insurance program. This program continues to provide economic opportunities for my constituents and much-needed revenue for the state,” she said.