July 2024 Edition

Happy Independence Day! I love this country, and it looks like our country loves Captives! I have highlighted a couple of articles this month that are a testament to how far this fantastic risk management strategy has come.

Top 3 Captive States in the first half of 2024:

Vermont: 26

Montana: 24

Utah: 11

Not only are the numbers substantial, but the peak of the captive season has yet to come. North Carolina has 7 licensed captives so far in 2024, with 7 applications pending at the time of this email.

If you have any questions about implementing a Captive, call me or visit our Captive 101 section on our website.

Sincerely,

Larry Papola

Lawrence J. Papola, Jr.

President

LPapola@US-Captive.com

1-833-US-CAPTIVE

(1-833-872-2784)

Michigan's Captive Insurer Program Sees 25 Percent Growth

Michigan's Department of Insurance and Financial Services (DIFS) reported that captive insurer premiums in the state exceeded $3 billion in 2023, marking a 25 percent increase from the previous year. The number of captive insurers rose to 26, demonstrating an increasing demand for alternative insurance options among businesses and organizations.

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Captive Education

Conferences & Webinars

Check out the Captive

Calendar of Events

Events & Webinars

VCIA Conference 2024

Join us August 12 – 14th

The VCIA Annual Conference is one of the captive industry’s most well respected and popular events. Known for its high quality captive education and excellent networking opportunities, this signature event is in its 39th year, and we are thrilled to deliver you the ultimate captive conference summer time experience in beautiful Burlington, Vermont!

Event Details

Insurance Premiums Rise for 25 Quarters, "Real" Growth in Question: MarshBerry

Since 2018, the insurance industry has experienced a consistent rise in premium costs due to inflation, stricter underwriting criteria, and reduced insurer capacity. By December 31, 2023, commercial property and casualty premiums had increased for 25 consecutive quarters, ending Q4 2023 with a 7 percent rise from the previous quarter, according to a recent MarshBerry Waypoint report providing industry insights.

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Captive Claim Highlight

Client Profile

Industry: Health Services

Specialty: Cardiac Device Monitoring & Management

Location: Maryland

Claim Information

Description: One of our Insureds became aware of a data breach which prevented them from accessing and monitoring some patient data stored within their system. The Insured hired legal representation, crisis communication expertise and a forensic IT service in order to investigate and resolve the incident. With their Captive's Actual Net Loss Insurance Policy "Breach/Release of Data related to Hacking and/or Virus Exposure" coverage they were able to recover their expenses associated with the event.

Line of Coverage: Breach/Release of Data related to Hacking and/or Virus Exposure

This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $35,000.

*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.

US Captive Insurance Growth

Surges in 2024

New captive insurance formations have been very major in many domiciles so far in 2024.

In Vermont, the largest US captive domicile, 26 captives were licensed through the end of May, bringing its total captive count to 690.

In addition, says Sandy Bigglestone, deputy commissioner of the Captive Insurance Division in Vermont's Department of Financial Regulation, more captives are expected to be licensed this year.

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Happening This month:

7/2: Made in the USA Day

7/4: Independence Day

7/7: World Chocolate Day

7/11: 7 Eleven Day

7/12: National Pecan Pie Day

7/15: National Pet Fire Safety Day

7/17: National Hot Dog Day

7/21: National Ice Cream Day

7/26: Summer Olympics begins

7/27: National Day of the Cowboy

7/28: Buffalo Soldiers Day

7/30: International Day of Friendship

This Month is Observed as:

National Parks Month

UV Safety Month

Nat’l Picnic Month

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

Get Your Insurance Quotes From The:

Insurance Experts provides expert knowledge and assistance to individuals, families, and business owners who are making decisions about the proper insurance coverage for their needs. We’re here to help you cover losses you shouldn’t have to on your own.

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

Life
Disability
Long-Term Care
Business
Personal
Captive
More...

Ask The Expert!

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48 South Service Road

Suite 400

Melville, NY 11747

Office: 1-833-US-CAPTIVE

(1-833-872-2784)

Fax: 1-888-929-6565

Michigan's Captive Insurer Program Sees 25 Percent Growth

Insurance Premiums Rise for 25 Quarters, "Real" Growth in Question: MarshBerry

US Captive Insurance Growth

﻿Surges in 2024

Surges in 2024