Captive Structure type filter selection
Learn more about Captive structures and how to choose the right one
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Alabama
2006
Unavailable
Unavailable
Unavailable
15-30 days
Unavailable
Average Cost
Commissioner discretion based on type / nature / volume of business; Single-Parent, $250,000; Association, $500,000; Industrial, $500,000; Cell, $250,000; Reciprocal, $1,000,000
Commissioner discretion based on type / nature / volume of business
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Reinsurance; Reciprocal
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-86.79113
32.806671
us-onshore
Text Link
Anguilla
Unavailable
Unavailable
$705,175,654
Unavailable
3-4 weeks
Unavailable
Unavailable
Unavailable
1.9:1
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies;
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-63.068615
18.220554
us-offshore
Text Link
Arizona
2002
Unavailable
$11,960,000,000
Unavailable
30-45 days
No routine exams except for Captive RRGs (generally every five years)
Varies
Single-Parent, $250,0000; Group, $500,000; Association, $500,000; Agency, $500,000; Protected Cell, $500,000
Varies based on risk profile
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups
176
151
5
10
Unavailable
5
-111.093735
34.048927
us-onshore
Text Link
Arkansas
2001
Unavailable
$397,454,000
$1,037,000,000
30 - 60 days
Unavailable
Unavailable
Association, $400,000; Industrial Insured, $200,000; Single-Parent, $100,000; Special Purpose, $300,000; Sponsored, $250,000; Producer Reinsurance, $300,000
Single-Parent and Industrial Insured not subject to any restrictions on allowable investments; Single-Parent, $150,000; Association (Stock), $350,000; Mutual insurer, $750,000; Industrial Insured, $300,000 (Stock), $500,000 (Mutual); Special Purpose, $300,000; Sponsored, $250,000; Producer Reinsurance, $300,000
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
16
12
Unavailable
Unavailable
Unavailable
2
-92.289597
34.746483
us-onshore
Text Link
Australia
Unavailable
Unavailable
Unavailable
Unavailable
3 months
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
133.775136
-25.274398
international
Text Link
Bahamas
Unavailable
Unavailable
Unavailable
Unavailable
30 - 60 days
Unavailable
Unavailable
General Insurance Business, B$100,000; Long-Term Insurance Business: B$200,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-77.39628
25.03428
us-offshore
Text Link
Bailiwick of Guernsey
Unavailable
5
Unavailable
Unavailable
4 - 6 Weeks
Unavailable
Unavailable
General Business, €100,000; Long Term Business, €250,000
Risk-based solvency regime tailored to Captives
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
Unavailable
138
Unavailable
Unavailable
123
61
-2.58949
49.448196
international
Text Link
Barbados
Unavailable
Unavailable
Unavailable
Unavailable
3 weeks
Unavailable
Unavailable
Class 1 (related risks), $125,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-59.543198
13.193887
us-offshore
Text Link
Bermuda
1978
16
$28,271,000,000
$144,744,000,000
2-4 weeks
Unavailable
Unavailable
Single-Parent (Class 1), $120,000; Group/SPC (Class 2, with <20% Third-Party business), $250,000; SPC/Group/Association/Agency (Class 3, with 20% to 50% Third-Party business), $1,000,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-64.75737
32.321384
us-offshore
Text Link
British Columbia
Unavailable
Unavailable
Unavailable
90 days or less
Unavailable
Unavailable
Single-Parent/Association/Sophisticated, CAD300,000
Unavailable
Single-Parent; Association
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-127.647621
53.726669
international
Text Link
British Virgin Islands
Unavailable
Unavailable
Unavailable
Unavailable
3-6 weeks
Unavailable
Unavailable
Property & Casualty Insurers, $100,000; Life & Health Insurers, $200,000
Property and Casualty Insurers (<$500,000 in new written premiums), $100,000; Property and Casualty Insurers ($500,000-$5,000,000 in new written premiums), 20% of NWP; Property and Casualty (>$5,000,000), $1,000,000 + 10% of the difference between NWP and $5,000,000); Life and Health Insurers, $250,000
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-64.639968
18.420695
us-offshore
Text Link
Cayman Islands
Unavailable
41
$14,100,000,000
$48,600,000,000
6 weeks or less
Unavailable
Unavailable
Class B(i) (At least 95% related business premium), $100,000; Class B(ii) (Over 50% related business premium), $150,000; Class B(iii) (50% or less related business premium), $200,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
Unavailable
286
127
Unavailable
Unavailable
154
-81.2546
19.3133
us-offshore
Text Link
Colorado
Unavailable
Unavailable
Unavailable
Unavailable
90 days
Unavailable
Unavailable
Single-Parent, $500,000 (may require additional)
Captive Return Premium Exemption (Section 10-6-128(1) C.R.S.) and Captive Receipt of Assets Exemption (Section 10-6-128(2)(e) C.R.S.)
Single-Parent; Group; Risk Retention Groups
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-105.782067
39.550051
us-onshore
Text Link
Connecticut
2012
10
$801,141,643
$3,248,835,378
1-4 weeks
Unavailable
Unavailable
Commissioner authority to reduced capital amounts based on Captive risk profile; Single-Parent/Special Purpose Financial, $250,000; Sponsored/Sponsored (Licensed as Special Purpose Financial Vehicle), $225,000; Association/Industrial Insured, $500,000; Risk Retention Group, $1,000,000;
Commissioner authority based on Captive risk profile
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
53
31
Unavailable
2
24
17
-73.087749
41.603221
us-onshore
Text Link
Curaçao
Unavailable
Unavailable
Unavailable
Unavailable
60 days or less
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent; Group; Risk Retention Groups
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-68.990021
12.16957
international
Text Link
Delaware
1984, rewritten in 2005
Unavailable
$4,307,000,000
$47,798,000,000
60 days or less
Unavailable
Unavailable
Must be maintained in as cash, irrevocable letter of credit, or any assets as approved by the Commissioner who has discretion to prescribe additional capitalization; Single-Parent, $250,000; Agency, $250,000; Association, $250,000; Branch, $250,000; Special Purpose, $250,000; Industrial Insured, $500,000; Sponsored, $500,000; RRG, $1,000,000;
Maintained in as cash, irrevocable letter of credit, or any assets as approved by the Commissioner who has discretion to prescribe additional surplus
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
670
262
50
1
353
Unavailable
-75.52767
38.910832
us-onshore
Text Link
Denmark
Unavailable
Unavailable
Unavailable
Unavailable
180 days
Unavailable
Unavailable
Long-Term (Direct), €3,200,000; Other (Direct): €2,200,000; Reinsurance Captive: €1,000,000; Reinsurance company: €3,000,000
Unavailable
Single-Parent
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
9.501785
56.26392
international
Text Link
District of Columbia
2000, rewritten in 2004
Unavailable
Unavailable
Unavailable
20 days or less
Unavailable
Unavailable
$100,000 for all companies
Single-Parent, $150,000; Association (Stock), $300,000; Agency/Rental/(Mutual) Captive, $500,000; Protected Cell/RRGs, 3:1; Higher for other Captives
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
194
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-77.03637
38.89511
us-onshore
Text Link
Dubai
Unavailable
1
$71,000,000
$550,000,000
Unavailable
Unavailable
Unavailable
Class 1 (Single-Parent), $150,000; Class 2 (20% unrelated), $250,000; Class 3 (Group), $1,000,000; PCC, $50,000 per Cell
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose
Unavailable
5
Unavailable
Unavailable
Unavailable
Unavailable
55.296249
25.276987
international
Text Link
Egypt
Unavailable
Unavailable
Unavailable
Unavailable
4 weeks
Unavailable
Unavailable
Unavailable
Unavailable
Risk Retention Groups
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
30.802498
26.820553
international
Text Link
Federated States of Micronesia
Unavailable
Unavailable
Unavailable
Unavailable
30 days
Unavailable
Unavailable
Single-Parent (with or without third party risk), $100,000; Multiple Corporate (modified PCC), $1,000,000 Core and $100,000 Cell
1.3 to 1
Single-Parent; Group; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
150.550812
7.425554
international
Text Link
Florida
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent, $250,000; Industrial, $500,000
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-81.760254
27.994402
us-onshore
Text Link
France
Unavailable
6
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
15
Unavailable
Unavailable
Unavailable
Unavailable
1.888334
46.603354
international
Text Link
Georgia
1989, updated in 2019
Unavailable
$7,100,000,000
Unavailable
30 days or less
Unavailable
Unavailable
Single-Parent, $250,000; Association, $500,000; Agency, $250,000; Industrial Insured, $500,000; and Risk Retention Group, $500,000
Unavailable
Single-Parent; Association; Protected Cell/Segregated Portfolio companies; Risk Retention Groups
56
46
9
Unavailable
Unavailable
1
-82.900075
32.165622
us-onshore
Text Link
Germany
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Non-Life insurers, €2,500,000 (except third-party liability, credit and deposit risks); Non-Life insurers, €3,700,000 (if third-party liability, credit and deposit risks); Life insurers, €3,700,000; Captive Reinsurers, €1,200,000; Life and Non-Life insurance business, €6,200,000 (EU Solvency II Directive)
Unavailable
Single-Parent
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
10.451526
51.165691
international
Text Link
Gibraltar
Unavailable
Unavailable
Unavailable
Unavailable
2-3 months
Unavailable
Unavailable
Solvency II in Financial Services Act 2019 and the Financial Services (Insurance Cos.) Regulations 2020; General Business (by class of business), £2,500,000 or £3,700,000; Long-Term Business, £3,700,000
Directive 2009/138/EC of the European Parliament and of the Council (Solvency II Directive)
Single-Parent; Group; Protected Cell/Segregated Portfolio companies; Special Purpose
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-5.353585
36.140751
international
Text Link
Guam
Unavailable
Unavailable
Unavailable
Unavailable
30-45 days
Unavailable
Unavailable
Single-Parent, $50,000; Group, $100,000; Industrial Insured (Stock), $150,000; Protected Cell, $150,000
Single-Parent, $100,000; Group (Stock), $150,000; Industrial Insured/Group (Mutual insurer)/Protected Cells, $200,000
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
144.793731
13.444304
international
Text Link
Hawaii
1987
14
$17,410,794,567
$34,500,000,000
30 days or less
Unavailable
Unavailable
Single Owner (Reinsurance only), $100,000; Single Owners (Direct & Reinsurance), $250,000; Multi-Owner (Association or Risk Retention), $500,000; Sponsored, $500,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
263
237
Unavailable
16
9
10
-155.582782
19.896766
us-onshore
Text Link
Hong Kong
Unavailable
Unavailable
HK$1,754,000,000
Unavailable
Unavailable
Unavailable
Unavailable
HK$2,000,000
Greatest of HK$2,000,000 OR 5% of the net premium income OR 5% of the net claims outstanding
Single-Parent
Unavailable
4
Unavailable
Unavailable
Unavailable
Unavailable
114.169361
22.319303
international
Text Link
Illinois
Unavailable
Unavailable
$5,900,000
Unavailable
Varies
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent; Association
2
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-89.398528
40.633125
us-onshore
Text Link
Ireland
Unavailable
Unavailable
€1,800,000,000
€7,900,000,000
6 months
Unavailable
Unavailable
Set by Solvency II directive based on the outcome of the Solvency II Own Risk and Solvency Assessment
Set by Solvency II directive based on the outcome of the Solvency II Own Risk and Solvency Assessment
Single-Parent
Unavailable
64
Unavailable
Unavailable
Unavailable
Unavailable
-8.24389
53.41291
international
Text Link
Isle of Man
Unavailable
Unavailable
£1,000,000,000
Unavailable
Approximately 8 - 12 weeks
Unavailable
Unavailable
Revised risk-based methodology; Restricted, £50,000 + 10% of net written premium up to £2,000,000 + 5% net written premium after £2,000,000; Reinsurance, £100,000; General, Greater of £150,000 or 15% of net written premium
Revised risk-based methodology; Restricted, £50,000; Reinsurance, £100,000; General, £150,000;
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
Unavailable
87
Unavailable
Unavailable
7
3
-4.548056
54.236107
international
Text Link
Jersey
Unavailable
Unavailable
Unavailable
Unavailable
6 weeks
Unavailable
Unavailable
£100,000 or at discretion of regulator
Property/Casualty, 17.5% of net premiums; Life, 2.5% of long-term business fund
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-2.13125
49.214439
international
Text Link
Kansas
1988
Unavailable
Unavailable
Unavailable
90 days or less
Unavailable
Unavailable
Single-Parent, $100,000; Industrial (Stock), $200,000
Single-Parent, $150,000; Industrial (Stock) $300,000; Industrial (Mutual) $500,000
Single-Parent; Association; Risk Retention Groups; Special Purpose Financial
1
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-98.484246
39.011902
us-onshore
Text Link
Kentucky
2000, updated in 2005
Unavailable
$129,000,000
$77,300,000
3 months
Unavailable
Unavailable
Single-Parent, $250,000; Consortium/Association, $500,000; Industrial Insured, $500,000; Sponsored, $500,000; Agency, $500,000; Special Purpose, $250,000
3:1
Single-Parent; Association; Group; Risk Retention Groups; Special Purpose
32
23
6
3
Unavailable
Unavailable
-84.27002
37.839333
us-onshore
Text Link
Labuan
Unavailable
5
$624,600,000
Unavailable
30 days
Unavailable
Unavailable
A paid-up capital of a Labuan company unimpaired by losses for the following:; Single-Parent/Group/Association/Multiple, RM 300,000; Rent-A-Captive/Cell, RM 500,000
General, The greater of surplus of assets over liabilities equal to or more than the working funds OR 20% of the net premium income for the preceding year; Life, The greater of surplus of assets over liabilities equal to or more than the working funds OR 3% of latest actuarial valuation of the liabilities
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose
Unavailable
37
Unavailable
Unavailable
26
32
115.2305
5.28311
international
Text Link
Liechtenstein
Unavailable
Unavailable
Unavailable
Unavailable
3 months
Unavailable
Unavailable
Premium $146,316,000
$13,600,000 by Solvency II requirements
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
9.555373
47.166
international
Text Link
Louisiana
2008
Unavailable
$424,164,915
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent: $500,000; Association: $1,000,000
Unavailable
Unavailable
3
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-91.962333
30.984298
us-onshore
Text Link
Luxembourg
Unavailable
5
Unavailable
Unavailable
3-6 months
Unavailable
Unavailable
Reinsurance Captives, €1,200,000; Commercial Reinsurer, €3,600,000
Unavailable
Single-Parent; Group
195
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
6.129583
49.815273
international
Text Link
Maine
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent, $200,000; Industrial Insured, $500,000; Association, $750,000; Risk Retention Group, $1,000,000; Sponsored Cell, $750,000
None
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups
3
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-69.445469
45.253783
us-onshore
Text Link
Malta
1997, updated in 2009
Unavailable
Unavailable
Unavailable
10 weeks
Unavailable
Unavailable
Solvency margin set in accordance with European Union directives
Solvency II requirements
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
14.375416
35.937496
international
Text Link
Mauritius
Unavailable
Unavailable
Unavailable
Unavailable
2 weeks
Unavailable
Unavailable
Single-Parent, MUR 3,000,000 (US $86,750); Class 1, MUR 5,000,000(US $144,600); Class 2 & 3, MUR 10,000,000 (US $290,000)
Unavailable
Single-Parent; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
57.552152
-20.348404
international
Text Link
Michigan
2008
Unavailable
$3,020,174,788
Unavailable
30 days
Unavailable
Unavailable
Single-Parent, $150,000; Single-Parent (Non-Profit), $250,000; Association/Group (Stock), $400,000; Association/Group (Mutual), $750,000; Industrial, $300,000; Homogenous Cells, $500,000 ($150,000 if <10); SPFV, $250,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
26
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-85.602364
44.314844
us-onshore
Text Link
Missouri
2007
4
$8,600,000,000
$16,300,000,000
30 days or less
Unavailable
Unavailable
Single-Parent, $250,000; Industrial Insured, $500,000; Association, $500,000; Branch, $250,000; Special Purpose Life Reinsurance, $250,000; Sponsored, $500,000
Discretion of regulator
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose Financial
55
44
1
Unavailable
1
1
-91.831833
37.964253
us-onshore
Text Link
Montana
2001
Unavailable
$508,760,000
Unavailable
2-4 weeks
Unavailable
Unavailable
Single-Parent, $250,000; Association/Industrial Insured, $500,000; Single-Parent Reinsurance, $125,000; Protected Cell (Homogenous), $500,000 ($150,000 if <10); Special Purpose (Commissioner’s discretion)
Series Captives only, 4:1 premiums to surplus
Single-Parent; Association; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose
262
84
Unavailable
7
154
17
-110.362566
46.879682
us-onshore
Text Link
Nebraska
Unavailable
Unavailable
Unavailable
Unavailable
30-45 days
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-99.901813
41.492537
us-onshore
Text Link
Nevada
1999
7
$380,000,000
Unavailable
30 days or less (if not RRG)
Unavailable
Unavailable
Single-Parent, $200,000; Association/Sponsored, $500,000; Agency, $600,000; Rent-a-Captive, $800,000; RRG, $1,000,000 (preferred minimum)
Unavailable
Single-Parent; Association; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; MicroCaptives set up using 831(b) regulations
254
76
7
8
154
5
-116.419389
38.80261
us-onshore
Text Link
Nevis
Unavailable
Unavailable
Unavailable
Unavailable
10-14 days
Unavailable
Unavailable
Single owner, $10,000; Multiple Owners (2-4), $20,000; Multiple Owners (5+), $50,000
Unavailable
Single-Parent; Association; Group
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-62.5833
17.15
us-offshore
Text Link
New Jersey
Unavailable
Unavailable
Unavailable
Unavailable
30 days
Unavailable
Unavailable
Single-Parent, $250,000; Association, $750,000; Industrial, $500,000; Sponsored, $500,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-74.405661
40.058324
us-onshore
Text Link
New York
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
$250,000.00
Unavailable
Single-Parent; Risk Retention Groups
Unavailable
37
Unavailable
Unavailable
Unavailable
Unavailable
-74.005974
40.712776
us-onshore
Text Link
New Zealand
Unavailable
Unavailable
Unavailable
Unavailable
20 weeks
Unavailable
Unavailable
Only permits NZ based Captive insurers with insurance business in NZ.
Unavailable
Single-Parent
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
174.885971
-40.900557
international
Text Link
North Carolina
2013
49
$1,600,000,000
Unavailable
2-4 weeks
RRGs examined by NCDOI no less than every 5 years; Other Captive insurers: Not subject to an NCDOI examination schedule (NCDOI uses annual audit reports completed by independent CPAs). Non-RRG Captive insurers, NCDOI's examines when issues can not be resolved through other means.
Travel expenses of examiners
Single-Parent, $250,000; Association/Group, $500,000; RRG, $1,000,000; Cell, $250,000; SPFV, $250,000
Automobile Liability Writers, NCDOI maximum limit of 2:1 premiums to surplus; Other Insurers, Requirement varies depending on business plan
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
311
234
Unavailable
10
730
46
-79.0193
35.759573
us-onshore
Text Link
Norway
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
8.468946
60.472024
international
Text Link
Ohio
2014
Unavailable
$3,556,000,000
$6,200,000,000
30 days
Unavailable
Unavailable
Single-Parent, $250,000; Protected Cell, $500,000
Based on business model
Single-Parent; Protected Cell/Segregated Portfolio companies; Special Purpose Financial
Unavailable
8
Unavailable
Unavailable
Unavailable
Unavailable
-82.907123
40.417287
us-onshore
Text Link
Oklahoma
Unavailable
Unavailable
$403,240,000
Unavailable
Under 30 days
Unavailable
Unavailable
Single-Parent, $250,000; Association, $750,000; Industrial Insured, $500,000; Sponsored, $500,000; RRG, $1,000,000; Special Purpose & Branch, $250,000 (or determined by the Insurance Commissioner)
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
60
34
1
Unavailable
8
2
-97.092877
35.007752
us-onshore
Text Link
Oregon
2012
Unavailable
$1,082,000,000
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent, $250,000; Association, $750,000; Captive Reinsurer, $300,000,000
Unavailable
Single-Parent; Association
14
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-120.554201
43.804133
us-onshore
Text Link
Panama
Unavailable
Unavailable
Unavailable
Unavailable
90 days
Unavailable
Unavailable
General Terms, $150,000; Long-Term risks or both, $250,000
Unavailable
Association; Group
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-80.782127
8.537981
international
Text Link
Puerto Rico
Unavailable
Unavailable
Unavailable
Unavailable
20 days
Unavailable
Unavailable
Class 1 Single-Parent, $500,000; Class 2 Association, $500,000; Class 3 Protected Cell companies, $500,000 Preferred (No statutory requirement)
Single-Parent (Class 1), 5:1 or amount adjustable by surplus premium relationship to exposure; Association (Class 2), 5:1 or 3:1 regarding third party risk; Protected Cell company (Class 3), 3:1
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-66.590149
18.220833
us-offshore
Text Link
Rhode Island
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent, $100,000; Association, $400,000; Industrial, $200,000
R.I. Gen. Laws § 27-43
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-71.477429
41.580095
us-onshore
Text Link
Singapore
Unavailable
3
Unavailable
Unavailable
6 to 8 weeks
Unavailable
Unavailable
SG$400,000 (US $285,000)
Offshore General and Life Business, Assets must not be less than liabilities; Onshore General Business, Surplus of assets over liabilities equal to the highest of SG$400,000 OR 20% previous year's net premiums OR 20% previous year's claims liabilities
Single-Parent
87
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
103.819836
1.352083
international
Text Link
South Carolina
2000
Unavailable
$3,500,000,000
Unavailable
30 days or less
Unavailable
Unavailable
Single-Parent, $250,000; Industrial Insured, $500,000 (Stock); Mutual Surplus, $500,000; Association, $500,000 (Stock); Mutual surplus, $750,000; Sponsored, $250,000
Typically 3:1, not greater than 5:1. Depends on the nature, scale, and complexity of the insured risks.
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
221
73
1
48
29
13
-81.163725
33.836082
us-onshore
Text Link
South Dakota
Unavailable
Unavailable
Unavailable
Unavailable
30 days or less
Unavailable
Unavailable
Trust Captive, $100,000; All other Captive types, $250,000
Trust Captive, $100,000; All Other Captive types, $250,000
Single-Parent; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-99.901813
43.969515
us-onshore
Text Link
St. Lucia
Unavailable
Unavailable
Unavailable
Unavailable
60 days
Unavailable
Unavailable
Class A(1), Greater of $100,000 and 10% of net retained annual premium; Class A(2): Greater of $150,000 and 20% of the first $5,000,000 of net retained annual premium + 10% of any net retained annual premium in excess of $5,000,000; Class B, $150,000; Class C(1), Sum of the margin required for Classes A(1) and B; Class C(2), Sum of the margin required for Classes A(2) and B
Unavailable
Single-Parent; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-60.978893
13.909444
us-offshore
Text Link
Sweden
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
18.643501
60.128161
international
Text Link
Switzerland
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent; Group
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
8.227512
46.818188
international
Text Link
Tennessee
1978, rewritten in 2011
Unavailable
$2,410,000,000
Unavailable
Less than 30 days
5 years, reduced if unaudited.
Unavailable
Single-Parent, $250,000; PCC, $100,000; Association/Industrial Insured, $500,000; RRGs, $1,000,000
No statutory guidance
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
165
97
2
9
555
57
-86.580447
35.517491
us-onshore
Text Link
Texas
2013
Unavailable
$11,800,000,000
$34,400,000,000
60-120 days
Unavailable
Unavailable
$250,000
Unavailable
Single-Parent
79
77
Unavailable
Unavailable
Unavailable
Unavailable
-99.901813
31.968599
us-onshore
Text Link
Turks & Caicos Islands
1989
Unavailable
Unavailable
Unavailable
4 weeks
Unavailable
Unavailable
$100,000 + Adjustment for company size/business line
Unavailable
Single-Parent; Group; Protected Cell/Segregated Portfolio companies; MicroCaptives set up using 831(b) regulations
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-71.797928
21.694025
us-offshore
Text Link
U.S. Virgin Islands
Unavailable
Unavailable
Unavailable
Unavailable
45 days
Unavailable
Unavailable
Single-Parent, $75,000; Industrial Insured (Stock), $100,000; Industrial Insured (Mutual), $100,000; Association International (Stock), $125,000; Association International (Insurer), $125,000
Single-Parent, $100,000; Industrial Insured (Stock), $125,000; Industrial Insured (Mutual), $125,000; Association International (Stock), $125,000; Association International (insurer), $250,000
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-64.896335
18.335765
us-offshore
Text Link
Utah
2003
38
$3,000,000,000
$7,073,725,450
1-2 weeks (initial review). Certificate of Public Good issued while process is completed.
5 years; All may qualify for audit-in-lieu of examination.
Unavailable
Single-Parent, $250,000; Industrial Insured, $700,000; Association, $750,000; Sponsored, $500,000 with $200,000 from Sponsor/Core
Traditional insurance guidance recommended as a best practice
Single-Parent; Group; Protected Cell/Segregated Portfolio companies; MicroCaptives set up using 831(b) regulations
439
361
2
Unavailable
57
11
-111.093731
39.32098
us-onshore
Text Link
Vanuatu
Unavailable
Unavailable
Unavailable
Unavailable
2 weeks to 3 months
Unavailable
Unavailable
General insurance classes, $100,000; Life and Long-Term insurance classes, $250,000
Ratio of premium to capital, 3/4 to 1.
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
166.959158
-15.376706
international
Text Link
Vermont
1981
38
$31,000,000,000
$231,000,000,000
30 days or less (45 for SPFI)
5 years or more frequently as needed
Unavailable
Single-Parent, $250,000; Sponsored, $100,000; Association/Industrial Insured, $500,000; RRG, $1,000,000; SPFI, $5,000,000
No firm rules. Starts with 3:1 with explanation if different leverage is appropriate.
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose
659
405
15
85
534
62
-72.577841
44.558803
us-onshore
Text Link
Virginia
Unavailable
Unavailable
Unavailable
Unavailable
90 - 120 days
Unavailable
Unavailable
Stock companies, $1,000,000
Non-Stock companies $4,000,000
Single-Parent; Association
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-78.656894
37.431573
us-onshore
Text Link
West Virginia
Unavailable
Unavailable
Unavailable
Unavailable
60 days
Unavailable
Unavailable
Single-Parent, $100,000/$150,000; Association, $350,000/$350,000; Association (Mutual), $0/$600,000; Industrial Insured, $250,000/$250,000; Industrial Insured (Mutual), $0/$400,000
Unavailable
Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-80.454903
38.597626
us-onshore
Text Link

What Is Fronting Insurance for Captives?

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Captives 101
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What Is Fronting Insurance for Captives?

In the insurance industry, the term "Paper" is often used to describe both the insurance policy itself and the carrier underwriting that policy.
Judah Max Dobrinsky
|
March 27, 2024
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Fronting and Insurance "Paper"

When considering retaining risk via a Captive, a key consideration is the "paper" on which the policy is written. This isn’t the actual paper, but something referred to as Insurance Paper.

In the insurance industry, the term Paper is often used to describe both the insurance policy itself and the carrier underwriting that policy. This concept becomes particularly interesting when we delve into how an insurance company’s paper can be used, as well as the structure and operations of insurance companies that support such usage. 

The Structure of Insurance Companies

Many insurance companies own multiple subsidiary insurance carriers, which function much like shell corporations. Each of these carriers is essentially an entity with a license to underwrite insurance business.

Companies may apply for licensure for different carriers to serve various lines of business or other purposes, but all these entities operate under the same overarching umbrella or parent company. As a result, these carrier shells can sometimes be bought and sold quite frequently.

For example, Travelers, a prominent insurance company, operates several carriers such as: 

  • Travelers Casualty & Surety
  • Standard Fire Insurance Company,
  • Travelers Excess & Surplus Lines Company, and
  • U.S. Fidelity & Guaranty Company, among others 

This means that even though an insurance policy might be issued through Travelers, the name of the insurance carrier on the policy may not necessarily be "Travelers." The carrier that is named on the actual policy is whose paper it is.

The use of multiple carriers provides insurance companies with the flexibility to operate in different states and write different lines of business. 

For instance, Standard Fire Insurance Co. is often utilized by Travelers for personal lines business, while Travelers Casualty & Surety typically focuses on Admitted Commercial Lines. 

Insurance Requirements & Considerations 

This separation allows for different rate filings, policy forms, and other requirements for each carrier, enhancing the company's ability to tailor its offerings to specific market segments.

Oftentimes insureds have specific requirements that dictate a variety of considerations, such as: 

  • What type of insurance they need to carry
  • The limits of that insurance
  • What type of insurer is providing the coverage 

Our focus in this article is centers on the "type of insurer” portion.

Types of Insurers and Related Requirements

The “type of insurer” can vary:

  • Admitted as opposed to Non-Admitted, or Excess & Surplus (E&S)
  • Rated vs. Non-Rated

Whether it be by contract covenant or statutory requirement, many insureds are required to carry coverage specifically by an insurer that is Rated (typically A- AM Best of equivalent) or on Admitted Paper.

  • Insurance Ratings are stamps of approval from independent Rating Agencies that attempt to give transparency into the Financial Stability of the insurer. Regulators and insureds want to be sure that if a claim were to arise, that the insurer is able to pay that claim. The main rating agency for Insurance Carriers is AM Best. Demotech is another, but is often considered of lower reliability and many times is not accepted by banks or other contracted parties with insureds.
  • Admitted Insurers are insurers that file and comply with rate and form filings from the state in which they are authorized to write business. These restrict the carrier to certain rates based on their actuarial and projected filings submitted to the state, and require them to use approved policy forms (typically industry-standard forms with slight deviations). 

By complying with the state regulations, an admitted insurer garners the benefit of being partially backstopped by the State Insurance Fund. If an admitted insurer were to fail, a portion of their liabilities would be paid out by the state fund. 

  • E&S Carriers on the other hand, do not comply with Rate & Form and as a result don’t have State Fund backing. As a result, E&S insurers are seen as “less stable”. E&S carriers typically work through Excess & Surplus Lines Agents (wholesalers) and focus on more complex commercial risks that admitted carriers might find unprofitable due to rate limitations. While E&S carriers are not regulated in the same way as Admitted carriers, each state has a Surplus Lines Authority that does still oversee them, to a certain extent.

How Captives Can Meet Insurance Coverage Requirements

There are different situations in which an insured would be required to be covered by admitted paper. For example, NY Auto Liability or Workers Compensation. 

If an insured is required to have Rated and/or Admitted paper, how is it even possible for a captive (which almost certainly does not carry such designations at its onset) to support the coverage it needs? 

There are different ways around the issues presented.

If the issue is purely one of rating, it is possible to have the Captive Cell/Facility rated by AM Best or Demotech. AM Best requirements tend to be very steep and as such, typically only very well capitalized insureds, like Fortune 500 companies, are able to achieve that success. Demotech ratings, however, are more plausible and can present a solution to the issue.

But, in a situation where rating the Captive is not possible, a Demotech rating won’t be accepted by the contracted party, and/or admitted paper is required, “Fronting” is the common solution. 

How Fronting Insurance Works

On a basic level, Fronting Arrangements function by allowing an Insurance Carrier (whether they be rated, non-rated, admitted, or E&S) to charge a fee for “lending” their paper to a group, which can then present it to their contracted parties. On paper, it appears as if this carrier is insuring them, however, behind the scenes really it’s the insured's (in our situation, the captives) own capital backing this policy.

At first blush, this arrangement might seem to be, at best, a willful misrepresentation. 

In fact, the practice is perfectly legal, universally accepted, and a very common structure within the insurance space. It’s quite possible that you were issued a policy that used a front of some sort. MGA’s, MGU’s, Programs, and even true Carriers use fronts for different purposes. Whether that be to access admitted paper, access a different state, or be a pass through for risk retention, Fronting Arrangements are a fundamental aspect of the Insurance Ecosystem.

On a deeper level, Fronting is actually a Reinsurance structure. Technically speaking, the fronting insurer is on-risk, meaning they are responsible for the risk written into the policy they front, but cedes the entirety of the risk to the reinsurer (the Captive, in our case). This is what actually allows the Front to occur. In exchange for a fee, the Fronting carrier is allowing the risk to “pass-through” from their balance sheet to the Captives balance sheet.

As it is truly a Reinsurance agreement, there are some complexities that come along with such arrangements.

Behind Fronting Insurance: Risk, Capital, and Collateral 

When booking the business, since the Fronting Carrier is technically on-risk, they have to enter a liability on their balance sheet to account for that risk. Then, the risk can be transferred off their balance sheet as "Reinsurance Ceded".

Cashflow through captives, frontend carriers and reinsurance

Even though the risk transfer passes through and the Fronting Arrangement contemplates that the Fronting Carrier is wholly indemnified by the Captive for any losses, when push comes to shove, if the insured/captive were to go bankrupt there is precedent for the Fronting Carrier to be liable for any losses.

This leads to two main challenges: 

  • Credit Risk
  • Statutory Risk

In an effort to mitigate Credit Risk, that is the risk that the insured/captive defaults and leaves the Fronting Carrier on the hook, Fronting carriers will require collateral from the Captive/insured to protect against this outcome. Collateral provides a safety net for the Fronting Carrier. In a worst case scenario, the Fronting Carrier can draw from the collateral to minimize their exposure.

Many times this collateral is calculated as what’s called “gap” collateral. The fronting carrier will make a calculation of the gap between the Aggregate Attachment Point (the captive's ultimate exposure) and the capitalization of the captive itself. Whatever the difference is between the two, will typically be the required collateral size. This however can vary from carrier to carrier and Coverage type to Coverage type.

From a Statutory Risk perspective, the Fronting Carrier has true risk transfer flowing through their balance sheet. Insurers are required to file Annual Statutory Filings to their state regulator. Part of the Statutory Filings is the Schedule F, Reinsurance Assumed & Reinsurance Ceded. This Schedule breaks-down reinsurance premiums by:

  • The Reinsurer and the Reinsured
  • Reinsurance recoverables from authorized and unauthorized reinsurers, and
  • A restatement of the balance sheet gross of reinsurance ceded 

Those last two points are of note because of their implications. That is: 

  • Reinsurance ceded impacts the carrier’s surplus
  • Reinsurers must be designated as “authorized

An insurance entity has to be licensed and approved to write reinsurance business, which a captive is likely not. Since Reinsurance ceded impacts surplus, regulators require that reinsurance be ceded to authorized reinsurers. 

As we discussed that with a fronting arrangement the Fronting Carrier is ceding reinsurance to an unauthorized reinsurer (the captive), there is a statutory accounting adjustment that prevents insurers from taking credit for this type of ceded reinsurance. This adjustment ends with a net reduction to statutory surplus, called the Schedule F Penalty. 

Nobody likes to be penalized and so there’s a way around it.

Insurers can take credit for ceded reinsurance to an unauthorized reinsurer if the reinsurer provides collateral in an approved manner, in an amount equal to or greater than those reinsurance reserves.

In cases of both Credit & Statutory Risk, collateral helps mitigate issues and provide the needed buffer layers to get deals done. 

So, while collateral needs to mitigate credit risk are at the discretion of the fronting carrier, in order to avoid incurring a surplus penalty, the statutory collateral required will be driven by regulators.

Types of Collateral

Now that we know what the collateral is for, how can we do it?

Collateral is typically approved by Fronting Carriers in the following forms:

Cash is king. No fronting carrier will decline an upfront cash payment.

However, as Cash is not often the most feasible way to collateralize, a Letter of Credit (a letter issued by the insureds bank with an evergreen clause) can be used to fulfill collateral needs. There are costs to having an LoC issued and related interest rates typically vary. In higher interest rate environments, this option can be expensive. 

Additionally, some groups opt to either send money to the fronting carrier to a separate Funds Withheld account, which, depending on the situation, can potentially sit in an interest bearing account to offset the opportunity cost of those dollars.

Last is a Regulation 114 Trust, also known as Reinsurance Trust, or a NY Trust. These are Trust structures where the bank acts as the trustee, the captive deposits cash or approved securities into the trust, and the fronting carrier serves as the beneficiary of the trust. These trusts have the ability to earn interest, and be posted in allowable securities, not just straight cash. 

Funds Held and 114 Trusts have become a popular choice for their ability to generate interest income, and their relative ease of use for the fronting party for the purposes of reinsurance collateral. In cases of need, the fronting carrier can easily call/transfer the securities/cash to meet the captives obligations for capitalization and collateralization as per the fronting/reinsurance agreement. Additionally, in cases where there are losses and there is a need to top off a loss fund, this can mitigate having to pull and transfer funds from elsewhere.

Fronting Arrangements and their related collateral requirements play a significant role in many Captives, depending on the type of coverage involved, contracted insurance requirements, and the regulatory environment in which the captive is domiciled. But suffice it to say, without the ability to Front, many captives simply wouldn’t be able to include the types of risk in their policies that make captives attractive options in the first place. 

The XN Captive Team can guide you through your needs and specific risk situation during a free consultation. For more information on XN Services related to Fronting Arrangements, visit our Services page.

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