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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance explores the challenges presented by today's business and economic upheaval, as well as the hardening insurance market, and what it means for the captive insurance industry.

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Banner Year for Captive Formations in Utah

Utah-Map
February 03, 2015

Utah is keeping up with growth in the captive industry, reporting a "banner year" in 2014 and predicting an "excellent year" in 2015.

In comments made to Captive.com, David Snowball, director of the Utah Insurance Department Captive Insurance Division, said, “2014 has been a banner year for captive formations in Utah.”

Utah licensed 106 new captives and 19 cells during 2014, Mr. Snowball said. It continues to be the second largest U.S. captive domicile with a total of 417 captives and 73 cells.

“The growth in the captive industry is going very well and it is wonderful that the increased number of domiciles is able to meet the growth that is happening in the captive industry,” Mr. Snowball said. “I predict 2015 will be another excellent year for an increase in captives.

"It is an exciting time in our industry,” Mr. Snowball told Captive.com.

The breakdown of the captive types is as follows. 

  • 411 pure captives
  • 4 sponsored captives
  • 1 risk retention group
  • 1 special purpose captive
  • 73 cells

More than 150 captives have been redomiciled to Utah.

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