Home News Michigan's Captive Insurer Program Sees 25 Percent Growth

Michigan's Captive Insurer Program Sees 25 Percent Growth

And increasing bar graph sits on a boardroom table in front of a window that shows the city and water outside

June 25, 2024 |

And increasing bar graph sits on a boardroom table in front of a window that shows the city and water outside

Michigan's Department of Insurance and Financial Services (DIFS) reported that captive insurer premiums in the state exceeded $3 billion in 2023, marking a 25 percent increase from the previous year. The number of captive insurers rose to 26, demonstrating an increasing demand for alternative insurance options among businesses and organizations.

"Michigan's captive insurance program, administered by DIFS, provides an important way for businesses to obtain insurance coverage for certain types of risks," said DIFS Director Anita Fox. "With a nearly 25 percent increase in total captive insurer premiums, Michigan has continued the trend of attracting new captive formations to the state."

Michigan ranks in the top 10 US-based captive domiciles based on premium volume.

For more information about Michigan's captive insurance program, including details on forming a captive, contact Dave Piner, director of the captive program, at (517) 284–8759 or [email protected].

June 25, 2024