20/11/2009
Missouri has licensed its fifth captive insurance company for leading 'private label' (store brand) food supplier Ralcorp Holdings.
The pure captive is to insure unspecified risks for the St Louis-based holding company and subsidiaries Ralston Foods, Bremner, Nutcracker/Flavor House, Ralcorp Frozen Bakery Products and Carriage House.
"We are pleased to welcome Ralcorp to the ranks of companies with captives in Missouri," said John M. Huff, director of the Department of Insurance, Financial Institutions and Professional Registration (DIFP).
"Captive insurance companies have a positive impact on the state's economy by reducing costs for businesses while keeping tax revenue for the state and creating jobs," he added.
Ralcorp Holdings announced net sales of $2.8bn for the 2008 fiscal year 2008, compared with $1.3bn in 2003.
Missouri Governor Jay Nixon signed House Bill 577 back in July 2009 with the intention of simplifying the process for redomesticating offshore captives to Missouri and making it more attractive for companies based outside Missouri to set up captives in the domicile.
Since its original captive legislation was introduced in August 2007 the captive insurance programme in Missouri has seen written premiums grow from $30m in 2007 to $123m.
The DIFP estimates that Missouri captive premiums will reach approximately $1bn by the end of 2009.
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WELCOME TO THE Captive Review Cell Company Handbook 2009 – the second edition of our global directory of cell company jurisdictions. Since we last published this directory, the general attitude toward cell companies seems to have shifted up a gear. Whereas single-parent companies have long ruled the captive roost, a slight uptick in the formation of pure captives at the beginning of this year can’t hide the fact that growth in this market is still sluggish.
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