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16th of May 2012

Utah reports captive growth

Vicky Beckett 23/01/2012

Utah has licensed 69 captives, its highest number yet, in 2011.
 
The captive parent companies are located across 28 different states, primarily from the western USA.
 
“The flow of captives coming to Utah over the past four years has been impressive,” said Utah insurance commissioner, Neal Gooch.
 
“In 2007 we had 93 active captives, by the end of 2011 we had a total of 239. That is a 27% growth rate making us one of the fastest growing captive domiciles in the country.”
 
Ross Elliott, director of the captive division, said: “We have a young and well-educated workforce, a transportation hub, great snow and some of the most extensive genealogy resources in the world.
 
“These reasons alone wouldn’t draw captives to Utah if we couldn’t provide the service they need,” said Elliott.
 
“With the passage of the Captive Insurance Companies Act, the legislature authorised a dedicated funding mechanism for its implementation. This has made it possible for us to hire good people. Without them we couldn’t respond in a timely manner to the flow of paper, client calls, or reviews of the required audits.
 
“Even with our great staff we have to call on others in the department for help during the last two months of the year when the majority of the applications come in.
 
“The fastest growing industry segments during 2011,” said Elliott, “were healthcare, manufacturing, and financial services. All were formed as ‘pure’ captive structures except one, which was formed as a sponsored captive.”

Tags: Captive, Growth, Insurance, Neal Gooch, Ross Elliott, USA, Utah

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Jirawan 22/02/2012 6:31am

I do not ualulsy find this type of data interesting, but you have proven that a talented writer can take information that is often considered dull and make it pop.

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