The South Carolina Department of Insurance (SCDOI) has licensed its 300th captive insurer.
The 300th captive to be licensed to Velocity Insurance Company, a risk retention group owned by various subsidiaries of Roadrunner Transportation Systems, located in Cudahy, Wisconsin.
The captive was formed to provide automobile liability coverage to the Roadrunner companies and will be managed by USA Risk Group.
Jay Branum, director of captives at the SCDOI, commented: “We are pleased to welcome Roadrunner to the growing list of impressive companies which have chosen to make South Carolina their captive home.”
“Captives provide substantial advantages to owners who want to take their risk management and risk financing programs to a higher level of sophistication and control.”
