The North Carolina Department of Insurance has confirmed that it has issued four captive insurance company licenses since the state's captive insurance legislation was enacted in October 2013.
The companies are West & Joyce, Cade Reassurance and SR Insurance, which are managed by Atlas in the state, and Synergy Insurance which is managed by Synergy Captive Strategies in Las Vegas.
Insurance commissioner Wayne Goodwin said: "North Carolina is off to a strong and promising start as a captive domicile," said Goodwin. "With our state-of-the-art law and commitment to the success of captives, I am confident we will become one of the most desirable states in the country for the formation and re-domestication of captive insurers."
North Carolina signed its Captive Insurance Act into law on 19 June 2013.
At a captive seminar in December, Goodwin expressed his appreciation to the North Carolina Captive Insurance Association for its efforts to draw business to North Carolina and his optimism about the future of captive insurance in the state.
Goodwin said: "North Carolina has a law that makes us competitive with the most successful captive domiciles in operation. We will use a consistent and sensible approach to regulation, always remaining responsive to the needs of the captive industry."
