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PHOENIX—Data released by the Arizona Department of Insurance shows that gross premiums written by the state’s captive insurance companies increased 120% in 2011, to more than $5.80 billion from more than $2.64 billion in 2010.
Arizona regulators said the increased premium volume was driven by increases in risk financing by captives in the finance and insurance industry group, licensing of larger captives in recent years and growth among existing captives.
Approximately 89% of the gross written premium volume written by Arizona captives is driven by 24% of the state’s captive companies, the state said.
Captives representing companies in the finance and insurance sector represented 68% of Arizona’s total 2011 captive premium volume, at nearly $3.95 billion. Manufacturing industry captives were the next-largest group, writing nearly $1.25 billion in gross premium, or 21% of the state’s 2011 total.
Arizona finished 2011 with 97 captives. The state has licensed one new captive thus far in 2012, with another license pending.
WASHINGTON—The Labor Department has proposed allowing freight carrier R+L Carriers Shared Services L.L.C. to fund its employee benefit risks through a captive insurer.