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 596 licensed captives, Vermont was the largest U.S. captive domicile in 2015, 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 797 and the Cayman Islands with 708 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, 2014-2015

Rank Domicile 2014 2015
1 Vermont 587 596
2 Utah 422 450
3 Delaware  333 323
4 Nevada 160 202
5 Hawaii 194 197
6 Montana 177 196
7 D.C. 191 193
8 South Carolina 158 167
9 Tennessee 70 (1) 127
10 Arizona 114 110
11 North Carolina 52 94
12 Kentucky 122 92
13 Oklahoma 47 73
14 New York 63 63 (2)
15 Missouri 47 50
16 Alabama 40 42
17 Michigan 15 23
18 New Jersey 17 22
19 Texas 12 21
20 Georgia 9 16
21 South Dakota 9 (1) 14
22 Connecticut 7 10
23 Nebraska 4 4
24 Colorado 3 3
25 Maine 3 3
26 Arkansas 2 2
27 Illinois 1 2
28 Kansas 1 2
29 West Virginia 1 0
  United States (3) 2,782 3,034

(1) Restated.
(2) Estimated.
(3) Excludes territories.

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

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Issues Updates Paper Captives & Other Risk-Financing Options.