One of the US’s largest convenience store chains has formed a captive insurance company in North Carolina.
The Pantry, based in Cary, North Carolina, has formed Cellarium Insurance Company—a pure captive insurance company licensed by the North Carolina Department of Insurance (NCDOI) on 28 February 2014.
This is the first captive insurer to become licensed in North Carolina so far this year and the first in North Carolina to be owned by a publicly-traded corporation. As of 13 March 2014, The Pantry operated 1,537 convenience stores in thirteen states, including its primary operating banner Kangaroo Express.
Cellarium is managed by Beecher Carlson Insurance Services, LLC, and joins four other captive insurers that have formed in North Carolina since the state's Captive Insurance Act went into effect in October 2013.
The state’s insurance commissioner, Wayne Goodwin, commented: "Prior to having this captive insurance law, North Carolina businesses would have had to go to other states or jurisdictions to form a captive insurance company. I am proud that companies like The Pantry are realising the benefits of forming captives here in North Carolina. We are dedicated to helping companies meet their insurance needs and attracting new business to our state."
Lindsay Cunningham, vice president of risk management at The Pantry , said: "As a founding participant in North Carolina's new captive program, we are looking forward to the partnership with NCDOI. We have been fortunate to experience a very smooth and receptive transition with NCDOI."
