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CARSON CITY, Nev.--Nevada, the fastest growing major domestic captive insurance company domicile, has licensed its 100th captive.
The 100th captive is sponsored by Cramer Motors Inc., a large car dealership in South Venice, Fla. Cramer Motors will use the captive, which is managed by Pro Group Captive Management Services Inc. in Carson City, Nev., to fund wind, hail and auto warranty risks.
Cramer Motors President Paul Compton Cramer Jr. said in a statement that Nevada was the clear choice as a domicile for its captive. "We liked the business-friendliness environment, tax structure and captive laws in Nevada."
Last year, Nevada licensed 35 captives, second only to Vermont, the largest captive domicile in the United States that licensed 37 captives. But Nevada's growth rate far exceeded Vermont as Vermont's captive base is nearly six times bigger.
So far this year, Nevada has licensed four captives, with three applications now pending, said Cliff King, chief administrator-captive programs in the Nevada Division of Insurance in Carson City.