Inside Missouri's Captive Domicile Approach: A Q&A with Sam Komo

As captive insurance companies continue to expand in both scale and strategic importance, regulators are increasingly focused on how these entities are governed, integrated into enterprise risk strategies, and positioned within a shifting global regulatory environment. To better understand how these trends are playing out at the domicile level, Captive.com spoke with Sam Komo, captive manager with the Missouri Department of Commerce and Insurance.

In this Q&A, Mr. Komo shares his perspective on what is driving continued captive growth, how companies are using captives more strategically, and how Missouri is positioning itself to support captive owners amid evolving market and regulatory conditions.

What factors are continuing to drive growth in captive insurer formations and premium volume, even as parts of the commercial insurance market begin to soften?

Growth continues because captives offer cost control, tailored coverage, access to reinsurance, better use of data, and stability during market swings. Even as some commercial rates soften, companies value captives for managing emerging risks, retaining underwriting profits, and improving long-term risk strategy. This higher understanding of the benefits a captive can offer is what will continue to drive growth in the captive industry well beyond 2026.

How are captives increasingly being integrated into enterprise risk management strategies, rather than used solely as alternative market tools?

Companies that recognize captives as a strategic partner in their long-term decision-making process align directly with their risk management team. This includes funding strategic risks, supporting analytics, integrating with corporate planning, backing retention strategies, and acting as centralized risk-financing vehicles rather than just utilizing them when the commercial markets harden. We have found that companies that make this connection are continually expanding the use of their captives and looking for innovative ways to solve complex issues, which keeps our job interesting.

As captives assume more complex lines of business, how are governance expectations evolving from a regulatory perspective?

While the complexity of a line of business may differ from a traditional line of business, Missouri governance maintains the same expectations regardless of the coverage or the size of the captive company. The key is working with the company and their service providers for a deeper understanding of their goals and developing a strategy to assure they are achieved. This sets expectations for everyone involved in the process while protecting the company from future federal overreach.

How could global regulatory developments and new captive insurance rules influence strategic domicile selection in 2026?

Global regulatory shifts will push companies to favor domiciles offering stable oversight, streamlined reporting, and flexible frameworks for emerging risks. We believe Missouri has always provided these key elements, and it is why we continually see our captive companies succeed in the global regulatory world. We also believe that a domicile must truly understand the needs of the risk community to assure they are positioned to support future changes; that is why the Missouri Captive Insurance Association is a strategic partner in that ongoing evolution.

What steps is Missouri taking to strengthen its position as a leading captive insurance domicile?

Leading is not always about being in front of the line, it's about the value you provide to companies. That is why we are working directly with the Missouri Captive Insurance Association to build a coalition of risk managers to discuss ongoing issues, connect them with industry leaders, and facilitate long-term solutions. This strategy may not make our overall captive numbers grow, but it will support company growth, and that's how Missouri leads the industry.

Upcoming Industry Event

Mr. Komo also encouraged industry participants to engage directly with Missouri's captive community at the Mid Rivers Risk Forum, taking place October 5–7, 2026, at the Sheraton Westport Plaza in St. Louis.

Mr. Komo is pictured above. (Courtesy photo.)