Utah added 38 new captives to its ranks in 2023, taking the total number of captives in the domicile to 376, compared to 365 at the end of 2022.
There were 27 captives that surrendered their licences in 2023.
All 38 of the new captives licensed in Utah in 2023 were single parent captives.
The State also licensed 12 new individual cells in 2023, taking the total number of cells domiciled in Utah to 57.
Of the 376 year-end total, 361 are single parent captives, eleven are cell companies, two are agency captives and two are group or association captives.
Utah’s total gross written premium for 2022 was $2.2bn and its assets under management (AuM) is $8.3bn. The 2023 figures will be available later this year.
In December, Mike Kreidler, Insurance Commissioner for Washington State, fined Utah-domiciled, Geoduck Insurance Group, Inc $10,000 for transacting insurance business in the State without being registered with the Office of the Insurance Commissioner (OIC).
Captive Intelligence reported in July that Kreidler had fined Utah captive Drico Insurance Company $1,000 for transacting insurance while unauthorised.