North Carolina licensed 49 new captives in 2023, while there were 32 surrendered licences, taking the total number of captives in the domicile to 311, compared to 294 in 2023.
There were also 28 new cells and series licensed by the State, taking the total to 758 compared to 730 in 2022.
The number of single parent captives increased by 19 to 234 in 2023, while the number of special purpose vehicles increased by three to 21. The number of protected cell companies declined from 51 to 46.
Of the 311 year-end total, 234 are single parent captives, 46 are protected cell companies, 10 are risk retention groups, and 21 are special purpose captives.
North Carolina’s total gross written premium for 2022 was $1.3bn. The 2023 figure will be available later this year.
“Since the passage of the Captive Insurance Act 10 years ago, North Carolina’s program has experienced tremendous growth,” said North Carolina’s Insurance Commissioner Mike Causey.
“I am excited that the Department’s captive insurance program continues to attract businesses to our state.”
The licences granted by the State during 2023 were both for new insurer formations as well as re-domestications to North Carolina from other domiciles.
Licenced captive insurers represent a wide variety of industries including healthcare, construction, financial services and insurance.