Mr. Ingram projected licensing at least 30 more captives in 2003. "That's taking into consideration good, quality licenses. If you look at what we've been presented and what we've ended up licensing, I think if we did 30 next year, that would be a good, conservative estimate."

The department easily could license 14 in the first quarter of 2003, he said. Currently three captives' licenses are in final process, three more are ready to license, and there are 11 more "that we've got commitments from," he added. "If things go the way I would like to see them go, we'll be issuing the 50^th license in June."

The main trend continues to be professional liability. However, he said, "we're seeing, again, what I would call a trend toward the classic captive?a single company insuring its own risk, it's own liabilities, workers' comp and property."

Mr. Ingram said finding fronting and reinsurance continue to be a problem. "It held a few up," he said. "It's been tough. They've both been problems, but it looks like reinsurance has been the tougher of the two."

Fronting has become available for those with "good solid programs," he said. "Reinsurance, for us at least, has been even tougher in the last six months and I don't know why."

The squeeze, however, "hasn't stopped anyone," he added, though it has "forced some to take lower limits and to change their business plans."