Delaware adds to captive count

Forty-six captives were formed in Delaware in 2018, according to Delaware Insurance Commissioner Trinidad Navarro.

Of the 46 licenses issued, 30 were conditional licenses issued under a new law that permits the issuance of a conditional license to a captive insurance applicant on the same day as the application submission, according to a statement issued by the Delaware Department of Insurance on Wednesday.

“Captive insurance formations faced a number of challenges in 2018, due to recent changes in tax law,” Mr. Navarro said in the statement.

Delaware-domiciled captives generate more than $12.5 billion of annual captive insurance premium, according to the statement.

Delaware is the fifth-largest captive domicile in the world and third-largest in the United States, with 391 captives at the end of 2017, according to the latest Business Insurance captive rankings.