Oklahoma Captive Program Reports 25% Net Gain of Captive Insurers in 2023

The Oklahoma Insurance Department’s Captive Insurance Division reported a 25% net gain in captive insurers for 2023.

As of September 30, the state has licensed 11 new captive insurers for the year. There are 55 actively licensed captive insurers, along with one dormant captive insurer.

Oklahoma’s captive insurance program has 30 pure captive insurers, one association captive insurer, 15 special purpose captive insurers, two sponsored captive insurers, four entity protected (incorporated) cells, one protected cell, and two series captive insurers, the insurance department said.

In 2022 Oklahoma saw captive insurers generate $297 million in direct and assumed premium, up 39% from 2021.

Oklahoma Insurance Commissioner Glen Mulready said the state has emerged as a principal voice of advocacy and leadership for captive insurance.

“While I am very pleased with the level of captive growth, I am equally aware of Oklahoma’s prominent role in the captive insurance industry,” Mulready said. “Whether it involves submitting written comments to the Internal Revenue Service or providing verbal comments at an IRS hearing, Oklahoma consistently takes a decisive stance.”