The number of risk-bearing captive entities licensed or approved in North Carolina since inception has reached more than 1500, according to year-end 2023 data from the North Carolina Department of Insurance (NCDOI).
The department says this is evidence that the state, with its strong economy and business-friendly environment, continues to be a leading domicile for captive insurance companies.
The state reports that risk bearing captive insurance entities under the regulation of the NCDOI totaled 1069, as of 31 December 2023. The entities include 311 captive insurance companies and 758 cells and series.
In the same year, the NCDOI licensed or conditionally licensed 49 captive insurance companies, with nearly 100 cells and series approved or conditionally approved.
As of year-end, captive insurers were composed of the following: pure captive insurers: 234, protected cell captive insurers: 46, risk retention groups: 10 and special purpose captive insurers: 21.
The licences granted by the state during 2023 were both for new insurer formations as well as the transfer of other captive insurers to North Carolina from other captive domiciles. Licensed captive insurers represent a wide variety of industries including healthcare, construction, financial services and insurance.
North Carolina’s success as a captive domicile is expected to continue with its portfolio of licensed captive insurers expanding in size and diversity throughout 2024.
Congratulating the state’s captive insurance programme, NCDOI’s commissioner Mike Causey says: “Since the passage of the Captive Insurance Act 10 years ago, North Carolina’s programme has experienced tremendous growth.”
He adds: “I am eager to see what the next decade means to the industry and North Carolina’s captive insurance programme.”
