The District of Columbia (DC) welcomed eight new captives last year, according to the DC Department of Insurance, Securities and Banking’s 2017 year-end figures.
Last year’s figures, which showed the fewest formations in a year since 2013, were made up of four standalone captives and four cell captives.
The statistics also revealed there were three captive closures, meaning as of 31 December 2017 there were 140 active captives domiciled in the district–100 standalone captives and 40 cell captives.
Sean O’Donnell, director of financial examination at the DC Department of Insurance, Securities and Banking, explained that though the domicile had seen a slow-down during 2017 they are expecting the market to bounce back this year.
He said: “DC expects an increase in applications and new formations in 2018. We currently have applications pending for four risk-bearing entities.”
“We have also had a number of enquiries recently from prospects that we believe will result in applications in the first and second quarters.”
