The Alberta Department of Insurance licensed 15 new captives in 2023, with captive premium rising to C$54m (US$40m), compared to C$2.1m (US$1.6m) in 2022.
Alberta’s year-end total was 16, compared to one at the end of 2022, with the Energy Province introducing its captive legislation in July of that year.
Of the 15 new captives licensed in Alberta in 2023, 13 are single parent captives, one is a group or association captive, and one is an industrial insured.
Of the 16 year-end total, 14 are single parent captives, one is a group or association captive, and one is an industrial insured.
Alberta’s total gross written premium for its captives for 2023 was C$54m (US$40m), compared to C$2.1m (US$1.6m) in 2022.
Captive intelligence published an article in December highlighting that a large number of prospective captive owners are expected to pick the domicile over the more traditional offshore domiciles, which have historically been popular with Canadian businesses.
In episode 97 of the Global Captive Podcast, Rick Da Costa, partner and national leader for corporate and regulatory insurance & reinsurance at Borden Ladner Gervais LLP, discussed Alberta’s appeal as a new captive domicile for Canadian businesses.