Captive Review, an insurance trade publication, has named Insurance Commissioner Karen Weldin Stewart to its first Enterprise Risk Captive Pioneers list, which recognizes 20 of the “key influencers” in the smaller-captive industry.
“Commissioner Stewart has been the driving force behind Delaware’s rapidly growing captive industry and has taken a strong interest in the facilitation of captives for small and medium-sized businesses,” the magazine said.
Enterprise Risk Captives have played a significant role in Delaware’s captive growth. In July 2009, when Commissioner formed the Bureau of Captive and Financial Insurance Products, Delaware only had 38 captive insurers. In a little more than five years, Delaware became the world’s sixth largest and the country’s third largest captive domicile.
“I’m honored to be included on this list of small captive insurance industry trailblazers,” said Stewart. “When I first became commissioner, I was determined to grow our captive program. Of course, my hard-working captive division staff has really gotten down in the trenches and worked with our ERCs (enterprise risk captives) to make sure they make use of all the advantages Delaware’s favorable business climate provides. And my captive director Steve Kinion especially has become a respected champion for small market captives.”
Captive insurance companies are owned by the entities they insure, and are formed by businesses who wish to manage the cost and administration of their own risk. Delaware updated its laws regarding the formation of captives in 2005, and became a preferred domicile for the growing number of captive insurance companies being created by companies worldwide.
For more information, please visit http://captive.delawareinsurance.gov/