(SOUTHERN PINES)…..North Carolina has had another year of dramatic growth in the number of captives choosing the state as their legal domicile.
State Insurance Commissioner Mike Causey announced that the number of risk- bearing captive entities licensed or approved (including conditional licenses and approvals) since inception through year-end 2020 exceeded the 1000 milestone rising to 1,081.
“I am thrilled that NCDOI’s captive insurance program continues to draw companies from around the nation – even the world,” said Commissioner Causey. “This division is made up of highly skilled analysts who consistently provide top-notch customer service that, combined with the state’s business-friendly legislation, make North Carolina a welcoming state to call home.”
During 2020, the program was also recognized for its achievements. It received the honor of “Captive Domicile of the Year” from Captive Review and “Highly Commended” from Captive International’s US Awards.
As of Dec. 31, 2020, 795 risk bearing captive insurance entities were under the regulation of the NCDOI, comprised of 250 captive insurance companies and 545 cells and series (including conditional licenses and approvals). Also, in 2020, 47 captive insurance companies were licensed and 126 cells and series were approved.
Early indications signify that 2021 will be another year of growth for North Carolina’s captive insurance industry. Since Jan. 1, the NCDOI has already licensed one captive insurer with six more captive insurer applications under review. In addition, six cells and series have received the NCDOI’s approval while 13 additional cells and series are under review.
The licenses granted by the state were for both new insurer formations as well as the transfer of captive insurers to North Carolina from other captive domiciles. These newly licensed captive insurers are primarily writing property and casualty lines of business, including but not limited to tenant liability, general liability, professional liability, commercial automobile liability, and workers compensation.
However, as in the past few years, the growth of captive insurers obtaining licenses to provide medical stop loss coverage continues. It was recently announced that BevCap Management formed a new medical stop loss captive, HatterasRe, LTD in the state in 2020.
For more info regarding the benefits of the domiciling your Captive Insurance Company in North Carolina, Contact:
151 Crest Road
Southern Pines, NC 28387