Delaware licences 1,000th captive
Delaware’s Department of Insurance has announced that the State has licenced its 1,000th captive insurance company.
Governor Jack Markell presented Insurance Commissioner Karen Weldin Stewart with a proclamation recognising the Department of Insurance’s licensing of its 1,000 captive insurance company AWI, which is based in Voorhees, New Jersey.
“When I took office in 2009, Delaware was home to only 38 captive insurance companies, I immediately saw the revenue potential for growing our captive insurance business,” said Commissioner Stewart. “I promptly formed the Bureau of Captive and Financial Insurance Products. Since then the bureau has generated more than $11 million (£7.3 million) in revenue.”
“I want to thank the Governor and the General Assembly for their continued cooperation in making Delaware a friendly place for corporations around the country and the world to do business,” said Stewart. “Of course Delaware’s unique Court of Chancery also deserves credit for establishing a stable and reliable legal environment in which captives can thrive.”
“In the future, I intend to reach out around the world to new markets for captive insurance and continue to increase the number of captive insurance entities domiciled in Delaware.”
AWI‘s parent company, American Water, was founded in 1886 and is a large and geographically diverse publicly traded water and wastewater utility company in the United States.
