As more states pass captive insurer legislation, competition among captive domiciles in the United States has been steadily heating up–and 2007 will be no exception, according to alternative market experts. Not only are new domiciles forming, but existing havens are constantly tweaking and adding new features to their local laws to keep current and attract new players.
“We have close to 30 U.S. domiciles competing for the same captive business,” noted Nancy Gray, executive director for North America with Aon Insurance Managers USA, based in Vermont.
Vermont–the most prolific U.S. domicile, and one of the largest worldwide–licensed the highest number of captives last year (37).
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