Montana Records Robust Captive Growth in 2023

Montana licensed 46 captive insurance companies in 2023, bringing its total captive count to 263.

Included in Montana's 2023 captive license count are series business units, stand-alone/pure captives, incorporated protected cell captives, protected cell structures/cores, and series limited liability company structures/cores.

"Our staff does a great job. Captive managers know that and keep coming back," said Kari Leonard, chief examiner and captive coordinator in the Office of the Montana Commissioner of Securities and Insurance.

And captive growth in the domicile is continuing. "We have already licensed five captives this year. I would expect growth to be even better," Ms. Leonard said.

Montana legislators passed the state's captive statute in 2001.

Captive managers have credited Montana's captive growth to its top captive regulatory staff.

"Montana continues to be one of the top domestic domiciles we recommend for new captive formation and operation.  The captive regulatory team offers a firm but flexible approach on captives, is always responsive, and willing to hear out a new idea for a captive insurance program," said Joe Streck, assistant vice president, consulting and management, at Innovative Captive Strategies in Bigfork, Montana.