Atlas Insurance Management has received approval from the Texas Department of Insurance to act as a manager for captive insurance businesses in the state.
According to Atlas, the company will be working with Texas regulators to offer a “viable domicile” to companies for captive formation.
Martin Eveleigh, chairman of Atlas Insurance Management, said: “Texas has a very business-friendly environment. We look forward to giving companies headquartered in Texas the ability to be domiciled in their home state and provide an option for any companies looking to re-domicile their existing captive business.”
The company suggested that the Texas Department of Insurance is “very proactive in encouraging businesses headquartered within the state to stay and do business in Texas” and that the approval provides “a great opportunity for Texas-based companies to form captives in their home state”.
Texas is the thirteenth domicile in which Atlas has been approved to act as a captive manager. Since the beginning of this year, Atlas has also been approved by North Carolina and Oklahoma.