The Tennessee Department of Commerce & Insurance (TDCI) licensed 25 new captives and 66 cells in 2023, taking the total number of risk bearing entities, including cells, in the domicile to 719.
Tennessee currently has 164 active captives and 555 active cells.
The active captives in the jurisdiction include 97 pure captives and 57 protected cell companies (PCCs), in addition to several risk retention groups (RRGs) and association captives.
Total Gross Written Premium (GWP) increased in 2023 to $2.41bn, up from $2.12bn in 2022.
“In Tennessee, our focus on responsible regulation, our modern captive insurance statute, and our roster of seasoned professionals continues to create a difference for captive domicile managers who might not find that combination when looking elsewhere,” said TDCI Commissioner Carter Lawrence.
“Taken together with our central location and our network of first-in-class service providers, Tennessee continues to prove to the world why we are a first choice when establishing a captive insurance domicile.”
At the end of 2022, Tennessee had 100 pure captives, 411 individual cells and 42 PPCs.