Missouri Captive Insurance Industry continues substantial growth
It’s called “captive” insurance.
But no one is bound, gagged or handcuffed.
Captive insurance is generally defined as an insurance company that is wholly owned and controlled by its insureds; its primary purpose is to insure the risks of its owners, and its insureds benefit from the captive insurer’s underwriting profits.
The Missouri Captive Insurance Industry had another successful year in 2023 , increasing its gross written premium by a whopping 142%.
The amount of written premiums in the state last year was over $8.7 billion in 2023 compared to only $3.5 billion in 2022.
This growth is attributed to the quality and strength of the companies in Missouri, as well as the Missouri Department of Commerce and Insurance’s Captive Insurance Program’s hands-on support of Missouri captive clients.
While many state captive programs tout the number of clients they have as the mark of achievement, the department’s Captive Insurance Program takes a different approach – focusing on each captive’s quality and success. “The Missouri Captive Program continues to be driven by the success of our captives and not by the number of captives in our portfolio,” said Sam Komo, Missouri Captive Program Manager. “This is evident each year as this community continues to perform well above the industry average, but a 142% 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.”
John Rehagen, Director of the department’s Insurance Company Regulation Division, says the success of Missouri’s program is due, in large part, to the dedication and experience of the Missouri Captive Program team. “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,” Rehagen said.
More information about the department’s Captive Insurance Program can be found at insurance.mo.gov/captive.
DCI is charged with protecting Missouri consumers through oversight of the insurance industry, banks, credit unions, utilities and various professional licensees operating in the state. For more information about the department, please visit the Department of Commerce and Insurance at dci.mo.gov.