Oklahoma Captive Insurers Reach Record Growth in 2025

The Oklahoma Insurance Department reported a record year for its captive insurance program in 2025, marking the fastest 3-year growth period in the state's history. 

For the year ended December 31, 2025, the department recorded a net gain of 10 licensed captive insurers, surpassing the previous high of 73 captives set in 2017. During the year, regulators approved 14 new captive insurer applications, while four captives dissolved, resulting in the net increase. 

Since October 2022, when Steve Kinion was appointed captive insurance director, the program has grown by 64 percent. State officials attributed the expansion to regulatory oversight and efforts to position Oklahoma as a competitive captive domicile. 

"The program's continued growth reflects the expertise of its regulators applying strong oversight and a stable, business-friendly environment in Oklahoma, which we will continue to foster," said Glen Mulready, Oklahoma insurance commissioner. 

"The 64 percent growth over the past 3 years shows a focused effort to rebuild confidence in Oklahoma as a captive insurance domicile," said Steve Kinion, captive insurance director at the Oklahoma Insurance Department. "Our program is committed to responsive regulation, technical expertise, and long-term stability for those seeking a captive in Oklahoma."

The department said the program continues to attract a range of captive structures and industries, strengthening the state's position as a regulated domicile for captive formation. 

The Oklahoma Insurance Department will host a Captive Connection event on March 3, 2026, from 4 p.m. to 6 p.m. at the Embassy Suites OKC Downtown Medical Center to provide information on captive insurance formation in the state.