Delaware leads Q4 captive formations, but global numbers decrease 

• Risk Management Advisors form majority of Delaware’s 14 new captives
• Q4 2025 saw a net decrease in the number of active captives
• CIC Services re-domiciles pure captives into Utah cell structure
• Guernsey, Luxembourg lead European activity

The global captive market, tracked by Ci DataHub, saw a net decrease in active captives during the fourth quarter of 2025, as more licences were surrendered than new ones were issued.

It was a mixed end to the year after four consecutive quarters of net growth. Among domiciles tracked by Ci DataHub, there were 85 new captive licenses issued during the last quarter of 2025, while 139 licences were revoked, producing a net loss of 54.