North Carolina licensed 47 captive insurance companies and approved 126 cells and series in 2020, according to the North Carolina Insurance Commissioner Mike Causey.
At the end of 2020, North Carolina had a total of 795 risk bearing captive insurance entities under the regulation of the North Carolina Department of Insurance (NCDOI), composed of 250 captive insurance companies and 545 cells and series.
Out of the 250 captive insurance companies there were, 185 pure captive insurers, 36 protected cell captive insurers, seven risk retention groups (RRG) and 22 special purpose captive insurers.
The licenses granted by the state were for both new insurer formations as well as the transfer of other captive insurers to North Carolina from other captive domiciles.
The newly licensed captive insurers were primarily written for property and casualty lines of business, including; tenant liability, general liability, professional liability, commercial automobile liability, and workers compensation.
The figures showed an increase from 2019’s year-end figures where NCDOI reported a total of 682 risk-bearing captive insurance entities, including 235 active captive insurers and 447 active cells or series.
The state has revealed it 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 an additional 13 cells and series are under review.
Growth of captive insurers obtaining licenses to provide medical stop-loss coverage is continuing within the state, the NCDOI states.
Recently, BevCap Management, an alternative risk programme manager with captives domiciled both on and offshore, created HatterasRe, an on-shore domiciled option for BevCap Health’s medical stop-loss programme, domiciled in North Carolina.
Commenting on the growth, North Carolina Insurance Commissioner Causey, says: “I am thrilled that NCDOI’s captive insurance programme continues to draw companies from around the nation – even the world.”
He adds: “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.”
The North Carolina Captive Insurance Association conference is scheduled for 29 August to 1 September at the Washington Duke Inn and Golf Club in Durham.
