March 2024 Edition

It is incredible how commercial insurance rates never seem to drop or stay steady. January was no different, and I bet you can guess what February will be!

Utah and Oklahoma had a good 2023, bringing in 70 new captives! That is 70 companies who saw the value in mitigating risk by forming a captive.

Check out this month's Captive Highlight, where one of our entertainment industry clients was able to get $150,000 in legal fees covered.

Please get in touch with me if you have any questions regarding captive or other captive insurance matters.

Sincerely,

Larry Papola

Lawrence J. Papola, Jr.

President

LPapola@US-Captive.com

1-833-US-CAPTIVE

(1-833-872-2784)

Captive Insurance Company Formations in Utah Continue To Thrive

Captive insurance company formations in Utah continue to be at a high level.

In 2023, Utah licensed 50 captive insurers, which includes 38 stand-alone captives and 12 cell captives. That brought the domicile's total captive count to 433.

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Captive Education

Conferences & Webinars

Check out the Captive

Calendar of Events

Events & Webinars

Premium Increases Across Most Commercial Insurance Lines

Year over year, all lines of commercial insurance experienced increases in their premium renewal rate in January 2024, according to the Ivans Index, a regular premium renewal rate index compiled by the Ivans insurance exchange service.

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Captive Claim Highlight

Client Profile

Industry: Entertainment

Specialty: Singer/Songwriter

Location: California

Claim Information

Description: One of our Insureds in the entertainment industry was sued due to an allegation that claimed lyrics were in a song written by another individual. Due to these accusations, our Insured incurred legal expenses. Through their Captive's Actual Net Loss policy's Intellectual Property coverage, the Insured was able to recoup their associated losses.

Line of Coverage: Intellectual Property

This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $150,000.

*Please note that each claim will undergo an independent investigation and thorough review process. Various components specific to the claim at hand will be assessed thoroughly to determine if the loss is covered by the policy.

Happening This month:

3/1: Employee Appreciation Day

3/3: World Wildlife Day

3/8: Int’l Women’s Day

3/10: Daylight Saving Begins (DST)

3/17: St. Patrick’s Day

3/20: Spring Begins

3/23: National Puppy Day

3/29: Vietnam War Veterans Day

3/30: National Doctors’ Day

3/31: Easter

This Month is Observed as:

Women’s History Month

National Nutrition Month

HAPPY EASTER!

Oklahoma Expands Captives Total

Oklahoma licensed 20 new captive insurers in 2023, bringing the total number in the domicile to 59.

Six captives dissolved last year, resulting in a net gain of 14, up 31% from the prior year, the Oklahoma Insurance Department said in a statement Thursday.

Why Form a Captive?

There are numerous potential advantages to forming a captive insurance company. Captive insurance companies are formed for both economic and risk management purposes. By forming a captive insurance company, a business can dramatically lower insurance costs in comparison to premiums paid to a conventional property and casualty insurance company.

Captives 101

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Let our team of experts guide you through the daunting task of selecting the right insurance coverage for you or your business:

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48 South Service Road

Suite 400

Melville, NY 11747

Office: 1-833-US-CAPTIVE

(1-833-872-2784)

Fax: 888-929-6565