Montgomery, AL – For the third consecutive year, Alabama was recognized on the shortlist for Domicile of the Year in the US Captive Awards by Captive Review. This shortlist nomination follows Alabama’s achievement of winning Domicile of the Year in the 2019 US Captive Awards.
This award includes domiciles that are home to less than $5 billion of gross written premium, whether onshore or offshore, and are serving US-Parented captives. Judges look for evidence that the highest standards of regulation are implemented, alongside an established insurance framework. Innovation in regulatory acts passed during the judging period and new formations are also considered.
For the fourth consecutive year, Alabama placed in the Top 5 nationally in net captive formations and continues to push the industry forward with industry-leading updates to the Alabama Captive Act. Alabama has approximately 80 captives and Alternative Risk-bearing entities currently active in the domicile. Alabama has established itself as a respected jurisdiction with a willingness to work with prospective and licensed captive companies.
Alabama’s last year has included several monumental milestones, including:
- The creation of a new industry-first, multi-entity Risk Management internship program, Risky Business, with the Alabama Captive Insurance Association, Arsenal, and Troy University to recruit the next generation of high-quality talent into the Insurance industry. The Risky Business Internship Program also received a shortlist nomination in the 2020 US Captive Awards in the category of Top Next Generation Initiative.
“We are pleased that Alabama has been recognized again for the strong domicile that it is,” said Alabama Captive Insurance Association President Norman Chandler. “Led by Sean Duke at the Alabama Department of Insurance, Alabama has become a leading force for innovation and economic development as a domicile in the U.S.”
The Alabama Captive Insurance Association will host its annual conference September 16-18, 2020 in Birmingham, Alabama at The Westin Birmingham. For more information, visit www.ALCaptives.org.