Utah licensed a record 69 captives in 2011

SALT LAKE CITY—Utah experienced record captive insurance company growth in 2011, licensing 69 new captives.

The state's previous record year for new formations was 2007, when 63 licenses were issued.

The new formations brought the number of active captives in the state to 239 at the end of 2011, up from 188 at the end of 2010 according to a statement from the Utah Department of Insurance.

Ross Elliott, director of Utah's Captive Division, said the fastest-growing industry segments among Utah captives in 2011 were health care, manufacturing and financial services.

All new captives licensed last year were single-parent captives except one that formed as a sponsored captive, according to the statement.

Owners of Utah captives are located in 28 states, primarily in the western U.S., the statement said.