Cell Captives Made Up Most of Nevada's 29 New Formations in 2022

Nevada licensed 29 new captive insurance companies—most of them cell captives—in 2022.

According to the Nevada Division of Insurance, of the 29 new captives, 25 were protected cell captives and 4 were single-parent captives.

Including cell captives, Nevada had 299 captives at the end of 2022, up from 295 in 2021. Excluding cell captives at the end of 2022, Nevada had 155 captives in 2022, down from 161 in 2021.

In addition, excluding cell captives, 45 percent of Nevada captives have been formed by parents in the banking, finance, and insurance industries; 15 percent of the state's captive insurance companies were formed by industrial companies, which includes agricultural, transportation, and manufacturing companies; 10 percent were formed by healthcare companies; and 5 percent were formed by sales companies.

Nevada lawmakers first authorized the formation of captive insurance companies in the state with the passage of captive legislation in 1999.