Nevada Licensed 26 New Captives—Most of Them Cell Captives—in 2023

Of the 26 new captive insurance companies, 19 were protected cell captives, 5 were pure captives, 1 was an association captive, and 1 was a sponsored captive, according to the Nevada Department of Insurance.

Including cell captives, Nevada had 254 captives at the end of 2023, down from 299 in 2022. Excluding cell captives, Nevada had 100 captives in 2023, down from 155 in 2022.

In addition, excluding cell captives, 27 percent of Nevada captives have been formed by sales- and service-related industries; 24 percent have been formed in the banking and financial services industries; 17 percent were formed by industrial companies, which includes agricultural transportation and manufacturing companies; 9 percent by healthcare companies; and 6 percent by public utilities and government entities.

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