Wednesday, July 24, 2024

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Texas licence seven new captives in 2023 taking total to 77

Texas licensed seven captives in 2023, while there were 2 dissolutions, taking the total number of captives in the jurisdiction to 77.

All seven new captives licensed in Texas were single parent captives.

The Lone Star State first introduced captive legislation in 2013 with 13 captives formed by the end of 2014.

Total captive premium in the jurisdiction increased slightly to $9.3bn in 2023, compared to $9bn the year previous.

Assets under Management (AuM) increased to $34.4bn in 2023, up from $27.8bn in 2022.

The Texas Department of Insurance (TDI) re-hired Robert Rudnai as a captive specialist in October, where he is responsible for licensing and monitoring Texas-domiciled captives.