Corporations' captive insurance companies are increasingly being set up onshore, rather than making their homes in offshore locations such as Bermuda, according to an annual survey of the captive industry by Marsh Risk Solutions. The survey shows that 52% of captives established from 2001 to 2011 were set up onshore, vs. 27% of those established from 1991 to 2001.
Michael Cormier, CEO of Marsh Risk Solutions, says the shift reflects the maturation of the captive industry. And with more than 30 U.S. states now able to serve as captive domiciles, "there's more choice available onshore that meets the needs of our clients," he says.
Vermont, which is home to 57% of the captives owned by North American companies, remains the leading U.S. domicile.
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