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CONTRIBUTION TO STATE ECONOMIES |
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Over the years, a number of alternatives to traditional commercial insurance have emerged to respond to fluctuations in the marketplace. Captives—a special type of insurer set up by a company to insure its own risks—first emerged in the 1980s. With 567 licensed captives, Vermont was the largest U.S. captive domicile in 2007, based on data in an annual survey conducted by Business Insurance magazine. On a worldwide basis, the United States is the largest captive domicle with 1428 captives, topping Bermuda, which was in second place with 958.
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CAPTIVES BY STATE, 2006-2007
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Number of captives |
Rank |
State |
2006 |
2007 |
| 1 | Vermont | 563 | 567 |
| 2 | Hawaii | 160 | 163 |
| 3 | South Carolina | 146 | 158 |
| 4 | Nevada | 95 | 115 |
| 5 | Arizona | 83 | 108 |
| 6 | Utah | 30 | 92 |
| 7 | D.C. | 70 | 77 |
| 8 | New York | 39 | 44 |
| 9 | Kentucky | 10 | 31 |
| 10 | Montana | 21 | 30 |
| 11 | Georgia | 17 | 14 |
| 12 | Delaware | 6 | 10 |
| 13 | Colorado | 8 | 6 |
| 14 | Tennessee | 3 | 3 |
| 15 | Illinois | 3 | 2 |
| 16 | Missouri | 0 | 2 |
| 17 | Alabama | 1 | 2 |
| 18 | Arkansas | 1 | 1 |
| 19 | Kansas | 1 | 1 |
| 20 | Oklahoma | 1 | 1 |
| 21 | South Dakota | 1 | 1 |
| 22 | Maine | 0 | 0 |
| 23 | Rhode Island | 0 | 0 |
| | United States | 1,259 | 1,428 |
| Source: Business Insurance, March 8, 2008. |
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Issues Updates Paper Captives & Other Risk-Financing Options.
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