Brisk Pace of New Captive Insurance Formations Continues in Utah
January 27, 2022
New captive insurance company formations in Utah are continuing at a high level.
Last year, Utah licensed 52 captive insurance companies, contributing to a total of 384 captives at the end of 2021. That compares to 39 captives licensed in 2020 and 42 in 2019.
Utah captive regulators expect that strong growth to continue this year.
"My expectation would be more of the same, somewhere in the 40–50 range," said Travis Wegkamp, captive insurance director with the Utah Insurance Department in Salt Lake City.
Utah has already licensed one captive this month, and there are seven new formations pending that are expected to be finalized by the end of January or early February, Mr. Wegkamp said.
January 27, 2022
