USA Risk Group has been approved as an authorised captive manager by the Texas Department of Insurance (TDI) and will be operating under the name Lone Star Captive Management.
The group has stated that it is currently seeing significant interest from domestic Texas companies, which has been attributed to USA Risk’s strong commitment to “assisting with the growth and prosperity of this new captive domicile”.
The TDI rules and statute require that affiliated companies have significant operations in Texas in order to form or move a captive there.
Captive insurers licensed in the state can only insure operational risks of affiliated companies and controlled unaffiliated business.
The statute also prohibits captives from accepting insurance policy risks of an insurance affiliate.
USA Risk Group has captive management operations in Arizona, Barbados, Bermuda, the British Virgin Islands, Grand Cayman, Malta, North Carolina, South Carolina, Tennessee and Vermont, managing companies in 20 domiciles.
