As a captive insurance domicile, Delaware is growing. The number of captive insurers in the state surged in 2013 and as described by Commissioner Karen Weldin Stewart, it is a powerhouse in the captive insurance industry.
“Delaware service providers, such as attorneys and accountants, are providing services to the captive insurance industry at a greater rate than at any other time in the department’s history. This shows that the captive bureau is meeting, and even exceeding, its statutory mission of expanding economic development.” (Source: News.Delaware.gov)
No other jurisdiction integrates business and corporate laws with alternative risk transfer like Delaware. Its dedication to regulatory standards, sophisticated corporate laws, and judiciary and financial infrastructure make it the premier jurisdiction for captive operations. Delaware continues to garner recognition for its efforts.
In 2013, Captive Review magazine named Delaware as the 2013 U.S. onshore captive insurance domicile of the year as part of its annual U.S. Captive Service Awards. The judges remarked that Delaware is a well-regulated domicile and that it continues to stay innovative and competitive by updating its captive statute on a regular basis.
Delaware Captive Insurance Manager - Capstone Insurance Management, Ltd. (CIMA)
CIMA is both a licensed Delaware captive insurance manager and a licensed management company. It facilitates captive planning in the U.S. or offshore. Today, CIMA is among the largest and most active captive insurance managers in the state of Delaware.
"Capstone is recognized as among the top captive management firms licensed by the State of Delaware, where our captive legislation is tailored for middle market captives," said Mary Jo Lopez, former Director of Business Development for the Delaware Department of Insurance. “Capstone is among the most active Delaware captive managers, having licensed numerous captives in the State, representing insureds throughout the United States.”
Delaware has long enjoyed a reputation as the premier U.S. domicile for corporate formations. Today over 900,000 companies representing 63% of the Fortune 500 and 50% of companies traded on the NYSE and NASDAQ are incorporated in Delaware.
Delaware enacted legislation in 2005 modernizing state law regarding the formation of captives and positioning Delaware as home to the growing number of captive insurance companies being created by companies worldwide. Delaware has long been home to major insurance companies such as Aetna, Allstate, MetLife, GenRe, MunichRe, and AIG’s former Asian insurer (now part of MetLife), Alico. The state of Delaware is a trusted choice for many mid-market companies as well.