The Tennessee Department of Commerce & Insurance (TDCI) has promoted Michael Schulz to the role of director of business development for the TDCI’s insurance division.
Schulz has served as executive director for six regulatory programmes within TDCI’s division of regulatory boards since joining the department in 2020.
Schulz will succeed Joshua Clark, who is returning to the private sector after joining TDCI in 2020.
In his new role, Schulz will focus on expanding the use of captive insurance companies as a risk management solution for businesses, as part of a wider effort to attract new captives to Tennessee.
Prior to joining TDCI, Schulz worked in the insurance and financial services industries, simultaneously holding a Tennessee insurance producer’s license as well as Financial Industry Regulatory Authority Series 6 and 63 licenses.
Schulz also worked as the marketing director for brokerage firm LocalShares where he managed the brokerage’s outreach, including supervising its marketing and advertising efforts. Additionally, he served as the firm’s liaison to the U.S. Securities and Exchange Commission.
Schulz spent more than a decade working with former Tennessee Senator Lamar Alexander, first in Alexander’s Washington DC office as assistant press secretary and legislative correspondent, and then to assume operations of Alexander’s Nashville district office as field representative in Tennessee.
As part of his new role, Schulz will work closely with the TDCI to help the group further promote captive insurance within the state.
Currently, Tennessee is ranked as the tenth largest captive domicile worldwide and is the sixth largest captive domicile in the US with more than 500 active risk-bearing entities and an annual gross written premium exceeding US$2.1 billion.
Commenting on Schulz’s appointment, Kevin Doherty, president of the TDCI, says: “I am extremely confident in Michael’s ability to continue with the recent successes that Tennessee’s captive insurance sector has seen. I look forward to working with him and continuing to grow Tennessee’s reputation as one of the premier captive domiciles in the world.”
Schulz adds: “I am humbled by this opportunity to serve Tennesseans and continue to contribute to our state’s prosperity in this new role, and there is no question that I have big shoes to fill with Joshua’s departure.
“My background, knowledge, and experiences have put me in a great position to meet the challenges ahead and bring positive attention across the US and beyond to captive insurance in Tennessee.”
