The Arizona Department of Insurance and Financial Institutions licensed 17 new captives in 2023, compared to 14 in 2022, taking its year-end total to 176.
Of the 17 new captives licensed in Arizona in 2023, 15 are single parent captives, one is a Risk Retention Group (RRGs), and one is a group captive.
There were three captive dissolutions in 2023, compared to one dissolution in 2022.
The activity in Arizona translates to a net increase of 14 captives with the latest annual captive premium total now more than $10bn.
The State’s new captives were in a variety of industries, including health care, retail trade, energy, utilities, real estate and transportation.