Saturday, June 15, 2024

Membership options

Sixty-two captives surrender their licence in Nevada in 2023

Nevada licensed seven new captives in 2023, while seeing 62 surrender their licence, taking the total number of captives in the domicile to 100.

There were 155 active captives at the end of 2022.

Of the seven new captives licensed in Nevada last year, five were single parent captives, one was a protected cell company (PCC), and one was a risk retention group (RRG).

The State also licensed 12 new individual cells in 2023, taking the total number of cells domiciled in Nevada to 57.

Of the 100 year-end total, 76 are single parent captives, five are cell companies, three are agency captives, eight are RRGs, seven are group or association captives, and one is a branch captive.

Nevada’s total gross written premium for 2023 was $370m, down from $483m in 2022.

In October, Nevada Insurance Commissioner Scott Kipper told Captive Intelligence he was “awfully bullish” on the future of captives in the State and believes it has an opportunity to put Nevada “back on map” as a top three or four domicile for US captives.