North Carolina “exceeded expectations” in terms captive insurance growth in 2016, Mike Causey, the state’s insurance commissioner, has reported.
Last year, the number of captives insurers in North Carolina more than doubled, and the number of cells/series approved increase by more than 50 percent.
The state, which is now in its third full year of operation, has over 550 risk-bearing captive insurance entities under the regulation of the North Carolina Department of Insurance, as of 23 January this year.
Of the total number of captive insurance entities, 190 are captive insurers that are licensed or provisionally licensed, and 363 cells or series’ are approved or provisionally approved.
Of the standalone captives, 150 are pure captives, 23 are protected cell captives, 12 are special purpose captives and five are risk retention groups.
The department of insurance attributed the growth to both new captive insurer formations and captive insurer redomestications from other US and offshore domiciles.
While the growth of small captive insurers continues to be strong, the state is also experiencing growth in larger captive insurers and risk retention groups.
Causey said: “North Carolina continues to prove to be a great place for captive insurers and I look forward to what is in store for 2017.”