Delaware Marks Licensing of 1,000th Captive

Delaware Gov. Jack Markell presented Insurance Commissioner Karen Weldin Stewart with a proclamation on Nov. 9 recognizing the Department of Insurance’s (DOI) licensing of its 1,000 captive insurer, AWI Inc. of Voorhees, New Jersey.

Delaware is currently the sixth-largest captive domicile globally, behind Bermuda, Cayman Islands, Vermont, Utah and Anguilla, and the third-largest nationwide. DOI’s captive bureau currently contributes an annual surplus of tax and fee revenue of over $3 million to the Delaware general fund.

“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. “Delaware’s unique Court of Chancery also deserves credit for establishing a stable and reliable legal environment in which captives can thrive.”

AWI’s parent company American Water is a publicly traded water and wastewater utility company. AWI received formal recognition as Delaware’s 1,000th captive at the Delaware Captive Insurance Association Fall Forum on Nov. 12 in Wilmington.