Asia, LatAm and the Middle East ripe for captive growth: CICA board chair
From: Captive International, March 9, 2020
The number of captives in emerging markets could be set to grow in coming years, with countries in Asia, Latin America and the Middle East seeing an increasing number of launches, according to Steve McElhiney, senior vice president and director of reinsurance at Artex Risk Solutions and CICA board chair.
Steve McElhiney_WebMcElhiney said: “I am very excited about the prospects for captive growth in Asia, MENA, and certain countries in South America in particular. These regions exhibit all the characteristics for successful captive growth and should flourish.”
The US remains the world’s leading market for captive insurance, with these vehicles used extensively by up to 70 percent of the Fortune 500 companies, noted McElhiney. The US has 29 active domiciles, with competition between them, to attract captives to their state, constantly increasing. This is only likely to continue, with many states having many opportunities to broaden their market penetration and grow their captive industries, McElhiney said.