The History of Captives


Hugh Rosenbaum-2

Captives are the best business, but where did they come from? How did we get to where we are today? Compiled for Captive.com by Hugh Rosenbaum (with help from friends), this timeline reflects the important events that shaped and influenced the development of captive insurance over the past 50 years. Follow the history, the personalities, the regulations, the domiciles, and the publications that have led to this successful and integral part of the insurance industry.

For convenience, we've divided the timeline into three eras.


We have also color-coded the entries for quick identification, as follows.

Green

Significant to captive development

Red

External event of major significance to captive development

Yellow

Tax and regulatory matters

Additionally, we have identified who we believe to be the most significant people to the captive movement by putting their names in bold face type. These are the people who had the largest and longest lasting impact on captives.

Throughout the timeline, we provide estimates of the number of captives and the related sand they often conflict with each other because they are just that: estimates.

Captive Insurance Company Reports In preparing this historical perspective, Mr. Rosenbaum consulted the archives of Captive Insurance Company Reports (CICR), the first periodical to focus on the captive insurance industry, as well as other resources in his personal library. With issues dating back to 1978, the archives reported on the events captured herein as they occurred and now offer a look at the rich history of this important risk finance technique. Today, CICR is published by IRMI.

Additionally, we have identified who we believe to be the most significant people to the captive movement by putting their names in bold face type. These are the people who had the largest and longest lasting impact on captives.

Throughout the timeline, we provide estimates of the number of captives and the related premium volume. They often conflict with each other because they are just that, estimates.






Acknowledgments

  • This timeline was compiled by Hugh Rosenbaum, editor emeritus of Captive Insurance Company Reports, and edited by Jack Gibson and Bonnie Rogers of IRMI.

    The following people have provided suggestions for improvements.

  • •  Les Boughner, Advantage Insurance Management
  • •  Michael R. Mead, Captive Insurance Company Reports editor
  • •  Kathryn A. Westover, retired captive insurance consultant, author, and educator
  • •  P. Bruce Wright, Sutherland Asbill & Brennan
  • ​•  Fred Gabriel, non-executive director of captives in Luxembourg
  • •  Thomas M. Jones, partner, McDermott Will & Emery LLP
  • •  Gerald (Gerry) J. Hayes, partner, Baker & McKenzie LLP
  • •  Jason Flaxbeard, captive management and consulting, Beecher Carlson
  • •  Clive Thompson, project director, Willis Towers Watson, and nonexecutive director, IRM
  • •  Kenneth D. Kotch, principal, captive insurance, Ryan
  • •  Steve Butterworth, independent regulatory consultant
  • •  Steve Kinion, director, Bureau of Captive and Financial Insurance Products, Delaware Insurance Department
  • •  Charles J. (Chaz) Lavelle, attorney, Bingham Greenebaum Doll, LLP
  • •  Alan Troop, former president, Jardine Risk Management

  • Help Us Improve the Timeline

    Have we left something out that should be included? Is there an error that needs correcting or a nuance that deserves mention? Do you have a photograph of an important person from captive history that should be included in the timeline? Send us your suggestions using the Captive.com Contact Us form.

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