This past week several events focused on Delaware’s fastest growing financial services industry- captive insurance. On Monday, November 9th, Governor Jack Markell issued a proclamation honoring the growth of Delaware’s captive industry. Under Insurance Commissioner Karen Weldin Stewart’s leadership, the number of Delaware active licensed captive companies has grown from 38 in 2009 to over 1,000 today. Delaware presently is the third largest captive domicile in the United States and also ranks as the sixth largest domicile in the world.
On November 11th and 12th, the Delaware Captive Insurance Association held their annual forum. The DCIA, a private industry group, is comprised of service providers (attorneys, accountants, and captive managers) for our captive industry. The forum held at the Chase Center, drew approximately one hundred fifty attendees.
As part of the forum, Commissioner Stewart recognized Delaware’s 1,000th active licensed captive – AWI, Inc. Its’ parent company- American Water is a publicly traded company (NYSE: AWK) founded in 1886. American Water is the largest publicly traded water and wastewater utility company in the United States, employing almost 7,000 professionals, serving the needs of 15 million customers in 47 states and Canada.
In her remarks, Commissioner Stewart noted that American Water- already incorporated in Delaware- chose to form its captive insurance company here due to the professionalism and accessibility of the Insurance Department’s Captive Bureau staff and Delaware’s reputation as a business – friendly jurisdiction. Deb Degillio, President of AWI, Inc. proudly accepted the honor of being Delaware’s 1,000th captive insurance company.