Oklahoma has added 14 new captives so far this year, increasing its number of licensed captives by 25%.
The State has also had three dissolutions for a net gain of 11 new captives, with the total number of active captives standing at 55 for 2023.
In 2022, Oklahoma’s captive insurers generated $297m in direct and assumed premium, representing a 39% increase from $214m in 2021.
There are currently 30 pure captives, one association, 15 special purpose captives, two sponsored captives, four incorporated cells, one protected cell, and two series captives licenced in the state.
Captive Intelligence published a long-read in June, highlighting Side A D&O and cannabis insurance as potential captive growth areas for the state.
“While I am very pleased with the level of captive growth, I am equally aware of Oklahoma’s prominent role in the captive insurance industry,” said Oklahoma Insurance Commissioner Glen Mulready.
“Whether it involves submitting written comments to the Internal Revenue Service or providing verbal comments at an IRS hearing, Oklahoma consistently takes a decisive stance.
“In the realm of captive insurance, Oklahoma has emerged a principal voice of advocacy and leadership.”
Renea Louie, COO at Pro Group Captive Management Services, and a new Oklahoma Captive Association (OCIA) board member told Captive Intelligence in May that Oklahoma is a “sleeping giant” as a captive domicile.
In December last year, Steve Kinion, Okhaloma’s captive director outlined his ambitions for the state as a captive domicile, in an exclusive interview.