South Carolina welcomes 17 new captives
The South Carolina Department of Insurance licensed 17 new captive insurance companies last year, down by 13 compared to the 30 in 2015.
Out of the new captives, there were seven pure captives, four segregated portfolio companies, three risk retention groups, two incorporated cell companies and one sponsored captive.
As of the end of 2016, South Carolina was home to a total of 164 active captives.
In May last year, Jay Branum, director of captives at the South Carolina Department of Insurance, said: “Captives provide substantial advantages to owners who want to take their risk management and risk financing programmes to a higher level of sophistication and control.”