Last year was another record-setting year for Delaware’s captive insurance industry, the state’s Insurance Commissioner Karen Weldin Stewart recently announced.
Delaware’s captive bureau licensed 87 captive insurers and 141 series business units in 2014, Stewart said on Feb. 12.
“I am very pleased that the captive program continues to grow. This program provides economic opportunities for my constituents and much needed revenue for the state,” said Stewart. “I am gratified by our continued success and I look forward to expanding our program even more in 2015.”
Since its inception, Delaware’s captive program has licensed 385 captive insurers, 753 series business units, and 13 cells. The program currently has 333 active captive insurers, 688 active series business units, and 12 active cells.
Delaware is currently the third-largest U.S. domicile and the sixth-largest domicile globally for captive insurers, the state’s Department of Insurance said.
Source: The Delaware Department of Insurance
Was this article valuable?
Here are more articles you may enjoy.