Dover – Delaware Insurance Commissioner Karen Weldin Stewart announced today the re-domestication of a new captive insurer to Delaware.  Marathon Financial Insurance Company, a risk retention group formerly domiciled in South Carolina, maintains its business operations and headquarters in O’Fallon, Illinois.  Marathon is in the vehicle service contract business and has an A+ rating from the Better Business Bureau.  Commissioner Stewart said, “The addition of Marathon continues the steady and significant growth of our Captive Insurance Program and its important contribution to the economic development of our state.  Following 2009 when Delaware had the one of the highest net captive growths of any captive domicile in the United States, Delaware’s Direct Captive Total Reported Premiums rose as follows:

Total Reported Captives Premiums
Calendar Year Total Premiums
2007 $431,785,398.00
2008 $631,751,812.00
2009 $642,737,199.00

The Commissioner concluded, “The steady growth in premiums written by our captive entities from 2007 to 2009 as reported on Captive Annual Premium Tax and Fees Report is an extremely encouraging indicator that our program is realizing the economic development potential that was envisioned when we invested resources to accelerate its maturity.  While this is gratifying, we cannot rest on our laurels if we want to sustain this continued expansion.” 

The Delaware Department of Insurance (“DOI”) consists of five divisions: (1) the Bureau of Company Examination, Rehabilitation & Guaranty: (2) the Consumer Services & Investigations Division; (3) the Producer Licensing & Continuing Education Division; (4) the Fraud Prevention Bureau; and (5) the Bureau of Captive Insurance and Financial Products.  The DOI is tasked with ensuring reliable insurance coverage at reasonable rates for Delaware consumers.  The DOI is an entirely self-funded agency with a yearly contribution to the Delaware General Fund that is approximately five times the amount of its annual operating budget.

 

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Contacts:
Elliott Jacobson (302) 674-7303; (202) 294-3266 cell
Michael Gould (302) 674-7304