The captive insurance market in Missouri has seen explosive growth in the past year, with annual premiums soaring past the $1 billion mark in 2009–up from just $123 million a year earlier, according to the state's insurance department.
The department said that while it licensed only three new captives in 2009, the industry has expanded largely because of a new law simplifying the captive formation process.
Gov. Jay Nixon signed HB577 in July 2009, simplifying the process of moving offshore captive operations to Missouri. The omnibus insurance bill makes it easier for companies to bring their captive operations to the state by removing certain financial and investment restrictions and expanding organizational options for captives.
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