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 586 licensed captives, Vermont was the largest U.S. captive domicile in 2012, based on data in an annual survey of the world's largest captive domiciles conducted by Business Insurance magazine. On a worldwide basis, Vermont is the third largest captive domicile, topped only by Bermuda with 856 and the Cayman Islands with 741 captives.

According to Business Insurance, there are 27 captive domiciles in the U.S., including 26 states and the District of Columbia.

CAPTIVES BY STATE, 2012-2013

Rank Domicile 2012 2013
1 Vermont 586 588
2 Utah 287 342
3 Delaware 212 (1) 298
4 Hawaii 178 184
5 D.C. 167 (1) 172
6 Montana 114 150
7 Nevada 133 148
8 South Carolina 149 145
9 Kentucky 139 128
10 Arizona 101 106
11 New York 50 48 (2)
12 Missouri 28 35
13 Tennessee 9 32
14 Alabama 23 27
15 New Jersey 5 15
16 Georgia 13 13
17 Oklahoma 5 11
18 South Dakota 4 9
19 Michigan 6 7
20 Colorado 5 4
21 North Carolina 0 4
22 Connecticut 2 4
23 Maine 3 3
24 Nebraska 2 2
25 Arkansas 1 2
26 Illinois 1 1
27 Kansas 1 1
28 West Virginia 1 1
  United States (3) 2,225 2,480

(1) Restated.
(2) Business Insurance estimate.
(3) Excludes territories.

Source: Business Insurance, March 17, 2014.

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