| Applicable Law: | Arizona Revised Statutes §20‐1098 et seq. and other applicable parts of Title 20. | ||
|
Permitted Coverages: |
Commercial property and casualty, surety, life and disability |
||
|
Organizational Structures: |
Stock, mutual, reciprocal, nonprofit, or limited liability company |
||
|
Minimum Required Capital and Surplus: |
Pure captive |
$250,000 |
|
|
Association or industry group |
$500,000 |
||
|
Risk retention group |
$500,000 |
||
|
Pure reinsurers |
50% of the above‐ indicated amounts |
||
|
Agency captive |
$500,000 |
||
|
Protected cell captive |
$500,000 |
||
|
Fees: |
Initial captive license and per cell fee |
$1,000 |
|
|
Examiners’ Revolving Fund deposit |
$100 |
||
|
Charter document filing fee |
$75 |
||
|
Articles of Incorporation filing fee (payable to AZ Corporation Commission) |
$60 |
||
|
Captive license renewal / per cell (annual) |
$5,500 / $2,500 |
||
|
Financial examination, when required |
Varies ‐ Based on cost |
||
|
Captive Insurance Program Contacts: |
Email‐ [email protected] Victoria E. Fimea, Chief Captive Analyst Rae Hughes, Captive Analyst Samuel Ochsner, Captive Analyst Francine Juarez, Insurance Compliance Analyst Captive Insurance Division 100 North 15th Avenue, Suite 261, Phoenix, AZ 85007‐2630 (602) 364‐4490 |
||
- Flat rate fees provide cost effective application and regulation processes
- No insurance premium tax
- Small‐company exemption of annual actuarial opinion and audit requirements may apply
- No routine statutory exam for pure captives
- Pro‐business environment
- Balance between competitive law and appropriate regulatory oversight
- Experienced team of professionals with collaborative industry relationship
- Permissible lines of business with underwriting authority
- Payment of fees
- At least one Board meeting annually in Arizona
- Maintain principal place of business in Arizona
- Arizona captive manager
- Books and records in Arizona
- Minimum capital and surplus
- Resident statutory agent
- Financial reporting requirements
Cumulative Growth by Year as of December 31, 2022
|
Year |
Licenses Issued |
Licenses Terminated |
Change to Population |
Cumulative Count |
Population Growth % |
|
2022 |
14 |
1 |
13 |
162 |
9% |
|
2021 |
27 |
9 |
18 |
149 |
14% |
|
2020 |
12 |
9 |
3 |
131 |
2% |
|
2019 |
9 |
5 |
4 |
128 |
3% |
|
2018 |
8 |
5 |
3 |
124 |
2% |
|
2017 |
11 |
3 |
8 |
121 |
7% |
|
2016 |
7 |
4 |
3 |
113 |
3% |
|
2015 |
7 |
11 |
‐4 |
110 |
‐4% |
|
2014 |
13 |
5 |
8 |
114 |
8% |
|
2013 |
9 |
3 |
6 |
106 |
6% |
|
2012 |
8 |
6 |
2 |
100 |
2% |
|
2011 |
4 |
3 |
1 |
98 |
1% |
|
2010 |
8 |
10 |
‐2 |
97 |
‐2% |
|
2009 |
7 |
14 |
‐7 |
99 |
‐7% |
|
2008 |
18 |
5 |
13 |
106 |
14% |
|
2007 |
25 |
2 |
23 |
93 |
33% |
|
2006 |
21 |
4 |
17 |
70 |
32% |
|
2005 |
17 |
1 |
16 |
53 |
43% |
|
2004 |
24 |
2 |
22 |
37 |
147% |
|
2003 |
14 |
3 |
11 |
15 |
275% |
|
2002 |
4 |
0 |
4 |
4 |
|
|
TOTALS |
267 |
|
162 |
|
|
|
Type of Captive |
As of December 31, 2022 |
December 31, 2021 |
December 31, 2020 |
December 31, 2019 |
||||
|
|
Percent of Total |
|
Percent of Total |
|
Percent of Total |
|
Percent of Total |
|
|
Pure |
114 |
70% |
103 |
69% |
87 |
66% |
83 |
65% |
|
Pure ‐ Reinsurance |
24 |
15% |
23 |
15% |
23 |
18% |
23 |
18% |
|
Industry Group |
4 |
2% |
4 |
3% |
4 |
3% |
5 |
4% |
|
Association |
2 |
1% |
2 |
1% |
2 |
2% |
2 |
2% |
|
Agency |
3 |
2% |
2 |
1% |
0 |
0% |
1 |
1% |
|
Protected Cell |
5 |
3% |
5 |
3% |
5 |
4% |
3 |
2% |
|
RRG |
10 |
6% |
10 |
7% |
10 |
8% |
11 |
9% |
|
Totals |
162 |
100% |
149 |
100% |
131 |
100% |
128 |
100% |
|
Industry Classification |
As of December 31, 2022 |
December 31, 2021 |
December 31, 2020 |
December 31, 2019 |
||||
|
|
Percent of Total |
|
Percent of Total |
|
Percent of Total |
|
Percent of Total |
|
|
Health Care and Social Assistance |
26 |
16% |
25 |
17% |
24 |
18% |
28 |
22% |
|
Construction |
18 |
11% |
18 |
12% |
16 |
12% |
15 |
12% |
|
Finance and Insurance |
38 |
23% |
34 |
23% |
32 |
24% |
29 |
23% |
|
Transportation and Warehousing |
8 |
5% |
7 |
5% |
8 |
6% |
9 |
7% |
|
Manufacturing |
18 |
11% |
17 |
11% |
12 |
9% |
12 |
9% |
|
Retail Trade |
8 |
5% |
8 |
5% |
6 |
5% |
6 |
5% |
|
All Other |
46 |
28% |
40 |
27% |
33 |
25% |
29 |
23% |
|
Totals |
162 |
100% |
149 |
100% |
131 |
100% |
128 |
100% |
|
Industry Classification |
Non‐RRG Captives |
RRG Captives |
Total Captives |
Non‐RRG vs. RRG |
||||
|
|
Percent of Total |
|
Percent of Total |
|
Percent of Total |
RRG % |
RRG % |
|
|
Health Care and Social Assistance |
17 |
11% |
9 |
90% |
26 |
16% |
65% |
35% |
|
Construction |
18 |
12% |
0 |
0% |
18 |
11% |
100% |
0% |
|
Finance and Insurance |
38 |
25% |
0 |
0% |
38 |
23% |
100% |
0% |
|
Transportation and Warehousing |
7 |
5% |
1 |
10% |
8 |
5% |
88% |
13% |
|
Manufacturing |
18 |
12% |
0 |
0% |
18 |
11% |
100% |
0% |
|
Retail Trade |
8 |
5% |
0 |
0% |
8 |
5% |
100% |
0% |
|
All Other |
46 |
30% |
0 |
0% |
46 |
28% |
100% |
0% |
|
Totals |
152 |
100% |
10 |
100% |
162 |
100% |
94% |
6% |
ARS §20‐1098.23 allows the Department to release the name of the captive insurer, the date licensed, the type of captive insurer, the industry of the owners or members and the license status. Following is a list of captives holding an active license in the State of Arizona.
|
Captive’s Name |
Industry Group |
Year Licensed |
Captive Type |
|
1224 Insurance Company |
Transportation and Warehousing |
2018 |
Pure ‐ Reinsurance |
|
1873 Group, Inc. |
Construction |
2010 |
Pure |
|
Acressa Insurance, Inc. |
Finance and Insurance |
2015 |
Pure |
|
Advanced Providers Insurance RRG |
Health Care and Social Assistance |
2004 |
RRG |
|
Adventis Insurance, Inc. |
Arts, Entertainment, and Recreation |
2020 |
Pure |
|
Agensan Assurance, LLC |
Other Services |
2021 |
Pure |
|
Agroasfalisi Company |
Agriculture, Forestry, and Fishing |
2022 |
Pure |
|
Alaska Builders Captive Insurance Co. |
Construction |
2017 |
Industry Group |
|
ALohA Insurance Services, Inc. |
Manufacturing |
2021 |
Pure |
|
Allied Professionals Insurance Co. RRG |
Health Care and Social Assistance |
2003 |
RRG |
|
American Association of Orthodontists RRG |
Health Care and Social Assistance |
2009 |
RRG |
|
American Honda Insurance Corp. |
Manufacturing |
2007 |
Pure |
|
American Medical Insurance, Inc. |
Healthcare and Social Assistance |
2017 |
Pure |
|
American Pride Captive Insurance Company |
Health Care and Social Assistance |
2004 |
Pure |
|
Amherst Captive, LLC |
Real Estate Rental and Leasing |
2021 |
Pure |
|
Apple Insurance Company, Inc. |
Manufacturing |
2008 |
Pure |
|
Applied Medico‐Legal Solutions RRG |
Health Care and Social Assistance |
2003 |
RRG |
|
AquaGuardian Insurance Company, Inc. |
Construction |
2010 |
Association |
|
Arizona Children’s Risk Solutions |
Health Care and Social Assistance |
2008 |
Pure |
|
Arizona Health Reciprocal Insurance Company |
Health Care and Social Assistance |
2014 |
Industry Group |
|
Arrow Captive Insurance Company |
Accommodation and Food Services |
2021 |
Pure |
|
Associated Insurance Company for Excess (AICE) |
Administrative and Support |
2007 |
Pure |
|
Aviation Title Insurance (Arizona) Company |
Professional, Scientific & Technical Services |
2020 |
Pure ‐ Reinsurance |
|
AZ Captive Insurance LLC |
Healthcare and Social Assistance |
2020 |
Pure |
|
Azura Insurance Corporation |
Finance and Insurance |
2020 |
Pure |
|
Bentley Murray Insurance Corp. |
Arts, Entertainment, and Recreation |
2020 |
Pure |
|
Best Practices Re, Inc. |
Healthcare and Social Assistance |
2013 |
Pure ‐ Reinsurance |
|
Big Sky Reinsurance, Inc. |
Educational Services |
2014 |
Pure |
|
Biscayne Assurance Company |
Real Estate Rental and Leasing |
2017 |
Pure |
|
Black Diamond Insurance, Inc. |
Arts, Entertainment, and Recreation |
2009 |
Pure |
|
Brendan’s Journey Assurance, Inc. |
Retail Trade |
2015 |
Pure |
|
Broadway Insurance Company |
Manufacturing |
2018 |
Pure |
|
BRS Insurance Co. |
Accommodation and Food Services |
2010 |
Pure |
|
California Medical Group RRG |
Health Care and Social Assistance |
2004 |
RRG |
|
Cast Captive Insurance Co. |
Transportation and Warehousing |
2004 |
Pure |
|
Centurion Medical Liability Protective RRG |
Health Care and Social Assistance |
2004 |
RRG |
|
Charitable Service Providers Reciprocal Group Captive |
Health Care and Social Assistance |
2004 |
Industry Group |
|
Charter Life Insurance Co., Inc. |
Finance and Insurance |
2005 |
Protected Cell |
|
Cherokee Guarantee Company, Inc. A Risk Retention Group |
Health Care and Social Assistance |
2012 |
RRG |
|
Companion Reinsurance, LLC |
Finance and Insurance |
2017 |
Pure ‐ Reinsurance |
|
Crestmont Insurance Co. |
Membership Organizations |
2015 |
Pure |
|
CS Insurance Co. |
Finance and Insurance |
2017 |
Pure |
|
CS Life RE Company |
Finance and Insurance |
2014 |
Pure ‐ Reinsurance |
|
Curator MD Risk Retention Group, Inc. |
Health Care and Social Assistance |
2018 |
RRG |
|
Cypress Insurance Company |
Manufacturing |
2008 |
Pure |
|
Day One Insurance, Inc. |
Retail Trade |
2016 |
Pure |
|
DCS Risk Management, Inc. |
Professional, Scientific and Technical Services |
2022 |
Pure |
|
Diversified Insurance Co. |
Construction |
2006 |
Pure |
|
DMG Insurance Co. |
Health Care and Social Assistance |
2007 |
Pure |
|
Drake Property & Casualty Insurance Company |
Finance and Insurance |
2014 |
Pure ‐ Reinsurance |
|
EA Captive LLC |
Real Estate and Rental Leasing |
2021 |
Pure |
|
Earl Grey Insurance Company, Inc. |
Manufacturing |
2012 |
Pure |
|
Embassy Insurance Corp. |
Construction |
2005 |
Pure |
|
EQ AZ Life Re Company |
Finance and Insurance |
2018 |
Pure ‐ Reinsurance |
|
Escoba Insurance Company |
Construction |
2006 |
Pure |
|
Fairway Insurance Company |
Arts, Entertainment, and Recreation |
2005 |
Pure |
|
First Commercial Coverage USA Corporation |
Real Estate |
2021 |
Pure |
|
Flexcap, Inc. |
Finance and Insurance |
2021 |
Pure |
|
Fort Maitland Assurance, Inc. |
Construction |
2016 |
Pure |
|
Fort Pickens Assurance, Inc. |
Construction |
2021 |
Pure |
|
Foodservice Insurance Group |
Accommodation and Food Services |
2009 |
Industry Group |
|
Gibraltar Universal Life Reinsurance Company |
Finance and Insurance |
2017 |
Pure ‐ Reinsurance |
|
Global Mountain Risk Solutions, Inc. |
Arts, Entertainment, and Recreation |
2019 |
Pure |
|
GM Financial Insurance Company |
Finance and Insurance |
2022 |
Pure |
|
Guarantr Captive Insurance Company, Inc. |
Finance and Insurance |
2022 |
Agency |
|
Gulf Atlantic Casualty Insurance Co. |
Construction |
2014 |
Pure |
|
HBM Global Risk Corp. |
Accommodation and Food |
2015 |
Pure |
|
Healthcare Captive Insurance Co. |
Health Care and Social Assistance |
2004 |
Pure |
|
Healthcare Captive Solutions, Inc. |
Finance and Insurance |
2020 |
Pure |
|
HealthIQ Re, Inc. |
Finance and Insurance |
2018 |
Pure ‐ Reinsurance |
|
Hearing Protection Insurance Company |
Retail Trade |
2019 |
Pure ‐ Reinsurance |
|
Heartland Co‐Op Captive Insurance, LLC |
Agriculture, Forestry, and Fishing |
2022 |
Pure |
|
Heinz‐Noble, Inc. |
Manufacturing |
2014 |
Pure |
|
Hospitality Ins. Solutions, Inc. |
Accommodation and Food Services |
2006 |
Pure |
|
Humkind Insurance Company, LLC |
Transportation and Warehousing |
2022 |
Pure‐Reinsurance |
|
Huntington Captive Ins. Co. |
Finance and Insurance |
2006 |
Pure |
|
Hyundai Capital Insurance Company |
Manufacturing |
2012 |
Pure |
|
Independent Innovative Captive Insurance Company |
Retail Trade |
2005 |
Pure ‐ Reinsurance |
|
Innovation Partners Assurance, Ltd. |
Manufacturing |
2021 |
Pure |
|
Jameson Insurance Company |
Transportation and Warehousing |
2013 |
Pure |
|
Liberty Life & Benefits, Inc. |
Finance and Insurance |
2021 |
Agency |
|
Lock and Key Insurance Company |
Real Estate Rental and Leasing |
2021 |
Pure |
|
ManpowerGroup Captive Insurance, Inc. |
Administrative and Support Services |
2021 |
Pure |
|
Maricopa Captive Insurance Co., Inc. |
Construction |
2005 |
Pure |
|
Mariposa Insurance LLC |
Administrative and Support Services |
2021 |
Pure |
|
Martin Street Insurance Company, Inc. |
Construction |
2019 |
Pure |
|
MASA Captive Insurance Company, Inc. |
Finance and Insurance |
2021 |
Agency |
|
Maybrook Insurance Company |
Real Estate |
2020 |
Pure |
|
Med Realty Insurance, LLC |
Real Estate |
2017 |
Pure |
|
MG Health Assurance Company |
Finance and Insurance |
2022 |
Pure |
|
MG Insurance Captive, Inc. |
Finance and Insurance |
2019 |
Pure |
|
Mid‐Atlantic Underwriting, Inc. |
Food and Kindred Products |
2016 |
Pure |
|
Miranda Insurance Company, Inc. |
Real Estate |
2014 |
Pure |
|
Mohave Transportation Insurance Co. |
Transportation and Warehousing |
2006 |
Pure |
|
Moneta Surety LLC |
Manufacturing |
2021 |
Pure |
|
Nonstop Health Captive, LLC |
Finance and Insurance |
2021 |
Pure |
|
North American Assurance, Inc. |
Legal |
2022 |
Pure |
|
Northwestern Arizona Regional Insurance Co. |
Health Care and Social Assistance |
2007 |
Pure |
|
Novanta Insurance Company |
Manufacturing |
2021 |
Pure |
|
NW Re, Ltd. |
Wholesale Trade |
2009 |
Pure |
|
OHSU Insurance Company |
Health Care and Social Assistance |
2008 |
Pure |
|
Orange County Medical Reciprocal Ins. Co. RRG |
Health Care and Social Assistance |
2004 |
RRG |
|
Pacific Captive Insurance Co. |
Agriculture, Forestry, and Fishing |
2004 |
Industry Group |
|
Paragon Insurance Co. |
Construction |
2005 |
Pure |
|
PCR Insurance Co. |
Construction |
2008 |
Pure |
|
Peak Assurance, Inc. |
Agriculture |
2019 |
Protected Cell |
|
Pearl City Insurance Company |
Manufacturing |
2017 |
Pure |
|
Peconic Indemnity Co. |
Finance and Insurance |
2004 |
Pure |
|
Penn‐Ohio Life Insurance Co. |
Finance and Insurance |
2007 |
Pure ‐ Reinsurance |
|
Perimeter Insurance Company, Inc. |
Construction |
2008 |
Pure |
|
Pine Insurance Company |
Manufacturing |
2021 |
Pure |
|
Pleiades Insurance Co., Ltd. |
Manufacturing |
2019 |
Pure |
|
PRG Insurance, LLC |
Accommodation and Food Services |
2022 |
Pure |
|
Procap Life & Annuity Reinsurance Company, Inc. |
Insurance Carriers |
2022 |
Pure |
|
Providence Assurance LLC |
Health Care and Social Assistance |
2007 |
Pure |
|
Prudential Arizona Reinsurance Captive Co. |
Finance and Insurance |
2004 |
Pure ‐ Reinsurance |
|
Prudential Arizona Reinsurance Term Company |
Finance and Insurance |
2010 |
Pure ‐ Reinsurance |
|
Prudential Arizona Reinsurance Universal Company |
Finance and Insurance |
2011 |
Pure – Reinsurance |
|
Prudential Term Reinsurance Company |
Finance and Insurance |
2014 |
Pure ‐ Reinsurance |
|
Prudential Universal Reinsurance Company |
Finance and Insurance |
2013 |
Pure ‐ Reinsurance |
|
QCS Insurance Co. |
Wholesale Trade |
2006 |
Association |
|
Red Iron Insurance, Inc. |
Construction |
2020 |
Pure |
|
Red Rock RRG |
Transportation and Warehousing |
2010 |
RRG |
|
Risk Resources Ltd. |
Manufacturing |
2007 |
Pure |
|
Riverside Captive Insurance Company |
Retail Trade |
2004 |
Pure |
|
Roaring River II, Inc. |
Finance and Insurance |
2016 |
Pure ‐ Reinsurance |
|
Rocky Range, Inc. |
Finance and Insurance |
2018 |
Pure ‐ Reinsurance |
|
Roseburg Insurance Co. |
Manufacturing |
2022 |
Pure |
|
Royal Assurance, Inc. |
Transportation and Warehousing |
2008 |
Pure |
|
SageSure Anchor Re, Inc. |
Finance and Insurance |
2020 |
Protected Cell |
|
Saguaro National Captive Insurance Co. |
Administrative and Support; Waste Management and Remediation |
2004 |
Pure |
|
Salus Captive Company, Inc. |
Construction |
2021 |
Pure |
|
S&S Lock Insurance (Arizona) Co. |
Manufacturing |
2018 |
Pure |
|
SCOR Arizona Reinsurance Company |
Finance and Insurance |
2021 |
Pure ‐ Reinsurance |
|
Security Life of Denver International |
Finance and Insurance |
2013 |
Pure ‐ Reinsurance |
|
SIS Insurance, Inc. |
Professional, Scientific & Technical Services |
2015 |
Pure |
|
Soteria Captive Insurance Company, Inc. |
Retail Trade |
2021 |
Pure |
|
South States Insurance Company, Inc. |
Construction |
2009 |
Pure |
|
Spackler Insurance Company |
Professional Services |
2014 |
Pure |
|
SRP Captive Risk Solutions, Ltd. |
Utilities |
2003 |
Pure |
|
Standardbearer Insurance Company, Inc. |
Healthcare and Social Assistance |
2013 |
Pure |
|
Stantec US Insurance Group, Inc. |
Professional, Scientific & Technical Services |
2020 |
Pure |
|
Stewardship Risk Services, LLC |
Manufacturing |
2022 |
Pure |
|
STI Captive, LLC |
Real Estate |
2017 |
Pure |
|
Supplemental Re Company |
Finance and Insurance |
2018 |
Protected Cell |
|
SW Insurance Company |
Manufacturing |
2019 |
Pure |
|
Taylor Fresh Foods Captive, LLC |
Agriculture, Forestry, and Fishing |
2021 |
Pure |
|
TGG Captive Insurance Co. |
Health Care and Social Assistance |
2002 |
Pure |
|
TPC Insurance Services, Inc. |
Construction |
2009 |
Pure |
|
Transcontinental Surety, Inc. |
Transportation and Warehousing |
2017 |
Pure |
|
Trilogy Capital Insurance Company |
Finance and Insurance |
2022 |
Pure |
|
TrueNorth Alternative Risk Solutions Company |
Finance and Insurance |
2021 |
Protected Cell |
|
UB Insurance, Inc. |
Retail Trade |
2019 |
Pure |
|
Universal Prudential Arizona Reinsurance Company |
Finance and Insurance |
2006 |
Pure ‐ Reinsurance |
|
USFL Life Re Company |
Finance and Insurance |
2020 |
Pure ‐ Reinsurance |
|
VWFS Insurance Services, Inc. |
Manufacturing |
2016 |
Pure |
|
Wavy LLC |
Retail Trade |
2021 |
Pure |
|
Western Caregivers Insurance, LLC |
Healthcare and Social Assistance |
2021 |
Pure |
|
Wolff Captive Company, LLC |
Real Estate Rental and Leasing |
2022 |
Pure |
|
Xenia Assurance Company, Inc. |
Accommodation and Food |
2013 |
Pure |
|
Xpress Assurance, Inc. |
Transportation and Warehousing |
2007 |
Pure |
|
Yuma Regional Health System Insurance LLC |
Healthcare and Social Assistance |
2017 |
Pure |