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 593 licensed captives, Vermont was the largest U.S. captive domicile in 2016, 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 776 and the Cayman Islands with 711 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, 2015-2016

Rank Domicile 2015 2016
1 Vermont 596 593
2 Utah 440(1) 462
3 Delaware  323 385
4 Nevada 202 207
5 Hawaii 197 207
6 North Carolina 94 190
7 Montana 196 184
8 South Carolina 167 164
9 Tennessee 127 160
10 Arizona 110 113
11 D.C. 93(1) 100
12 Kentucky 92 84
13 Oklahoma 73 75
14 New York 62(1) 60 (2)
15 Missouri 50 48
16 Alabama 42 48
17 Texas 21 34
18 Georgia 16 28
19 New Jersey 22 23
20 Michigan 23 20
21 South Dakota 14 16
22 Connecticut 10 14
23 Ohio 4 14
24 Nebraska 4 4
25 Colorado 3 4
26 Arkansas 2 3
27 Illinois 2 3
28 Maine 3 2
29 Kansas 2 1
  United States (3) 2,990 3,246

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

Source: Business Insurance (www.businessinsurance.com), March 2017.

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Issues Updates Paper Captives & Other Risk-Financing Options.