Delaware Gov. Jack Markell presented Insurance Commissioner Karen Weldin Stewart with a proclamation Monday recognizing the Department of Insurance’s (DOI) licensing of its 1,000 captive insurance company, AWI Inc. of Voorhees, New Jersey.
Delaware is currently the sixth-largest captive domicile globally and the third-largest nationwide, the announcement said. DOI’s captive bureau currently contributes an annual surplus of tax and fee revenue of over $3 million to the Delaware general fund.
“When I took office in 2009, Delaware was home to only 38 captive insurance companies, I immediately saw the revenue potential for growing our captive insurance business,” said Stewart. “I promptly formed the Bureau of Captive and Financial Insurance Products. Since then the bureau has generated more than $11 million in revenue.”
“I want to thank the Governor and the General Assembly for their continued cooperation in making Delaware a friendly place for corporations around the country and the world to do business,” said Stewart. “Of course Delaware’s unique Court of Chancery also deserves credit for establishing a stable and reliable legal environment in which captives can thrive.”
“In the future, I intend to reach out around the world to new markets for captive insurance and continue to increase the number of captive insurance entities domiciled in Delaware,” the commissioner added.
AWI’s parent company American Water is a publicly traded water and wastewater utility company. AWI will receive formal recognition as Delaware’s 1,000th captive at the Delaware Captive Insurance Association Fall Forum on Nov. 12 in Wilmington.
Source: The Delaware Department of Insurance
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