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The Captive Landscape: A Summary

Core Content

This report, The Captive Landscape, provides an overview of the growth and evolution of captive insurers globally, highlighting their increasing role in risk management and financial strategies. It is based on data from over 1,100 captives managed by Marsh and focuses on the geographic, industry, and risk-related trends in captive formation.

Main Points

• Global Growth: The number of captive insurers has grown from approximately 5,000 in 2006 to over 7,000 in 2016, a 40% increase. The majority of Fortune 500 companies now have captive subsidiaries.
• Diversification of Geography: Captives are now formed in Europe and Asia, addressing unique regional risks. While North America and Europe still lead in numbers and premiums, emerging regions like Latin America show significant growth.
• Risk Management Innovation: Captives are increasingly used to manage non-traditional risks such as cyber, employee benefits, and terrorism. They also help break down operational silos between risk management, HR, and business development.
• Tax and Regulatory Considerations: Tax benefits are a key driver for some captives, but operational risk management benefits are becoming more prominent. The US tax code has undergone changes, including the 831(b) election reform, which affects premium thresholds and risk diversification requirements.
• Industry Trends: Financial institutions and healthcare continue to lead in the number of captives, but other industries like manufacturing, retail, and technology are also growing in complexity and premium volume.
• Captive Structures: Single-parent captives dominate, but SPVs and group captives are also gaining traction. These structures offer flexibility in managing risk and accessing alternative capital.
• Captive Surplus: Captives contribute to a "war chest" of surplus capital, which is used to underwrite new risks, develop analytics, and fund risk management initiatives. The total shareholder funds exceed US$110 billion.
• Cyber Risk: Cyber liability captives have seen double-digit growth, with a 210% increase since 2012. They offer advantages in reinsurance access, policy customization, and risk consolidation.
• ILS Utilization: Captives are increasingly using insurance-linked securities (ILS) to access reinsurance and diversify their risk exposure, especially in markets with limited capacity.
• Size Distribution: The number of small captives has increased significantly, from 24% in 2012 to 44% in 2016. This reflects a shift in the industry landscape due to consolidation and the growth of midsize captives.

Key Information

Top Benefits Driving Captive Formation

• Funding corporate retained risk
• Acting as a formal, regulated vehicle to insure retained risk
• Centralizing global insurance procurement
• Designing and managing own policy forms
• Providing evidence of insurance for contractual and statutory obligations
• Writing third-party/unrelated risk
• Accessing national terrorism insurance
• Realizing tax benefits
• Obtaining commercial reinsurance directly

Top Industries by Number of Captives (2016)

• Financial Institutions (24%)
• Health Care (12%)
• Manufacturing (7%)
• Retail/Wholesale (6%)
• Communications, Media & Technology (4%)
• Transportation (4%)
• Power & Utility (4%)
• Other Services (3%)
• Energy (3%)
• Real Estate (3%)

Top Industries by Premium Volume (2016)

• Financial Institutions (US$24.59 billion)
• Life Sciences (US$9.49 billion)
• Communications, Media & Technology (US$8.37 billion)
• Manufacturing (US$8.06 billion)
• Food & Beverage (US$7.19 billion)
• Power & Utility (US$6.99 billion)
• Retail/Wholesale (US$6.49 billion)
• Chemical (US$4.37 billion)
• Health Care (US$3.83 billion)

Top Domiciles by Captive Growth (2016)

• Latin America (11% growth)
• Caribbean (including Bermuda)
• Middle East
• Asia Pacific
• Europe
• North America

US Tax Efficiency Changes

• The 831(b) election premium threshold increased to US$2.2 million.
• Additional tests are required to demonstrate appropriate risk diversification.
• Less than 50% of Marsh-managed captives in the US take a US tax position.

Captive Structures

• Single-Parent Captive: Dominant structure, controlled by one company.
• Special Purpose Vehicle (SPV): Used for asset-backed securitizations and financial risk protection.
• Cell Captive: Separate liability and asset structures, often used for risk segregation.
• Group Captive: Controlled by multiple companies.
• Risk Retention Group (RRG): Operates in all 50 US states, licensed only in its domicile.

Conclusion

Captives are evolving as a central component of risk management and financial strategy, driven by the need for more flexible and innovative approaches to managing both traditional and emerging risks. Their use is expanding across industries and geographies, with a growing emphasis on operational benefits and capital efficiency. As regulatory and tax landscapes change, captives continue to adapt, offering companies a versatile and strategic tool for managing risk in an increasingly complex and uncertain environment.