U.S. Captives Grow Despite Softening Market
Although the insurance market has softened, reducing rates for even tough coverages, captives appear to be as popular as ever in domiciles in the United States. Insurance buyers are more sophisticated and are becoming adept at tapping the alternative market for difficult exposures. They are also "tinkering" with their captive programs, taking higher retentions and adding new coverages, according to captive regulators.
Leonard Crouse, Vermont's deputy commissioner of captive insurance, reported to National Underwriter in January that despite the softening market, it licensed 43 new captives in 2004, making it "the fourth best year ever for the captive domicile of Vermont."
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