Captive Insurance Company Formations in Utah Continue To Thrive

Captive insurance company formations in Utah continue to be at a high level.

In 2023, Utah licensed 50 captive insurers, which includes 38 stand-alone captives and 12 cell captives. That brought the domicile's total captive count to 433.

Utah captive regulators attribute that growth to hard conditions in the traditional market as well as Utah's appeal as a captive domicile.

"The persisting hard market factors in the traditional sector continue to drive growth in the alternative risk market of captives. Combine that with Utah's cost efficiency, regulatory responsiveness to remaining competitive, and our overall availability to communicate and respond to requests in a timely manner makes us a top domicile for any and all prospective companies to strongly consider," said Travis Wegkamp, captive insurance director at the Utah Insurance Department in Salt Lake City.