Missouri Captive Program: 2023 Sees Strong Premium Growth

In a recent statement, the Missouri Department of Commerce and Insurance (DCI) said the state's captive insurance industry reported a 142 percent increase in gross written premiums for the year 2023. The growth saw premiums rise from $3,543,681,320 in 2022 to $8,600,492,937 in 2023.

According to the statement, this performance is attributed to the quality and resilience of companies operating in Missouri, supported by the hands-on assistance provided by the Missouri Department of Commerce and Insurance's captive insurance program. The program's commitment to individualized support for Missouri's captive clients has played a role in fostering this growth.

Sam Komo, Missouri captive program manager, highlighted the program's focus on the quality and success of each captive. "The Missouri Captive Program continues to be driven by the success of our captives and not by the number of captives in our portfolio. This is evident each year as this community continues to perform well above the industry average," stated Mr. Komo.

"I am very proud of my team's ability and expertise in understanding the complexities of the captive industry and staying true to our goal of helping businesses find great solutions," emphasized John Rehagen, director of the department's insurance company regulation division.

Mr. Komo added, "A 142 percent increase in gross written premium for a single year is a true testament to our commitment to captive growth. Even as complex issues arise, we confront them by collaborating with our partners to ensure success is protected well into the future. Our focus is to ensure captives' strength and success; we encourage captives to come to Missouri where 'captives grow strong.'"