Alberta has licensed 17 captive insurances companies in just two years and now rivals more established jurisdictions, the Canadian province’s finance minister has claimed.
In a statement last week, Nate Horner (pictured) credited the province’s six-week turnaround time for licence approvals and low costs as key reasons for its success since the introduction of captive insurance in 2022.
“I am proud that we are one of only two provinces to provide the captive insurance option,” Horner said. “Since becoming a captive jurisdiction in 2022, Alberta has licensed 17 captive insurance companies and is prepared to welcome more.
“Furthermore, it provides an additional insurance option for businesses that may struggle to find the right coverage at a manageable cost through traditional insurance providers.
“After less than two years, Alberta’s captive insurance programme now rivals those found in already established and globally recognised captive jurisdictions like Barbados, Bermuda and Vermont. In fact, only a few months after legislation was passed, a captive insurance company moved from Barbados to Alberta.”
Horner attributed the success to the province’s business-friendly…
