Captives By State

Over the years, a number of alternatives to traditional commercial insurance have emerged to respond to fluctuations in the marketplace. Captives—a special type of insurer set up by a company to insure its own risks—first emerged in the 1980s. With 587 licensed captives, Vermont was the largest U.S. captive domicile in 2014, based on data in an annual survey of the world's largest captive domiciles conducted by Business Insurance magazine. On a worldwide basis, Vermont was the third largest captive domicile, topped only by Bermuda with 800 and the Cayman Islands with 759 captives.

According to Business Insurance, there are 29 captive domiciles in the U.S., including 28 states and the District of Columbia.

CAPTIVES BY STATE, 2013-2014

Rank Domicile 2013 2014
1 Vermont 588 587
2 Utah 342 (1) 422
3 Delaware 298 333
4 Hawaii 184 194
5 D.C. 170 (1) 191
6 Montana 150 177
7 Nevada 148 160
8 South Carolina 145 158
9 Kentucky 128 122
10 Arizona 106 114
11 Tennessee 32 72
12 New York 65 (1) 63
13 North Carolina  4 52
14 Missouri  35 47
15 Oklahoma  10 (1) 47
16 Alabama  27 40
17 New Jersey  15 17
18 Michigan  6 (1) 15
19 South Dakota  9 14
20 Texas  0 12
21 Georgia  13 9
22 Connecticut  4 7
23 Nebraska  2 4
24 Colorado  4 3
25 Maine  3 3
26 Arkansas  2 2
27 Illinois  1 1
28 Kansas  1 1
29 West Virginia  1 1
  United States (2) 2,493 2,868

(1) Restated.
(2) Excludes territories.

Source: Business Insurance (www.businessinsurance.com), March 16, 2015.

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