Sunday, April 21, 2024

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Sixty-two new captives for North Carolina in 2022

The North Carolina Department of Insurance (NCDOI) licensed 62 new captives in 2022, while more than 100 cells and series were also approved.

The licences were a combination of new formations and the transfer of existing captive insurers to North Carolina from other captive domiciles.

A variety of industries are represented in the new cohort of captive owners, including healthcare, construction, financial services and insurance.

Mike Causey, North Carolina Insurance Commissioner, said: “We are excited by the continued success of our captive programme here in North Carolina as we approach the 10th anniversary of the passage of the Captive Insurance Act in 2013.

“Our programme’s growth is fuelled by helping meet the risk management needs of captive owners and members with business-friendly regulation and a focus on professional, responsive customer service.”

There was a total of 1,024 risk bearing captives under the regulation of the NCDOI as of 31 December 2022, comprised of 294 captive insurance companies and 730 cells and series. These numbers include conditional licences and approvals.

Of the 294 active captives at year-end 2022, 215 are pure captives, 51 protected cell captives, 10 risk retention groups and 18 special purpose captive insurers.

The department said that all indications signify that 2023 will be another year of growth for North Carolina’s captive industry as companies of all sizes “seek increased flexibility and lower costs while managing their risk profiles in the hardening market”.