30th of July 2010
03/03/2010
The captive insurance market in Missouri reached an annual premium volume of just over $1bn in 2009, according to the state's Department of Insurance (DoI).
The Missouri DoI licensed three new captives in 2009, raising its premium volume from $123m in 2008. The DoI attributed the expansion of its captive sector to its new omnibus insurance bill.
"The new state law has worked as designed: to encourage more captive formations in Missouri," said John M Huff, director of the Department of Insurance, Financial Institutions and Professional Registration (DIFP).
"$1bn in premium volume shows we have a well established captive programme in Missouri and that it's a priority for our department."
Missouri Governor Jay Nixon signed HB577 in July 2009, simplifying the process of moving offshore captive operations to Missouri.
The omnibus insurance bill makes also makes it easier for companies to redomicile to Missouri by removing certain financial and investment restrictions for captives.
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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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