North Carolina nears 100 captive benchmark

We are pleased to congratulate the North Carolina Department of Insurance, which recently announced that North Carolina’s captive insurance program now oversees nearly 100 captive insurance companies.

For 2015, North Carolina Department of Insurance approved 44 new captive insurance companies, bringing the total number of captives domiciled in North Carolina to 96. Additionally, certain of those captive are licensed protected cell companies housing 240 cells or series. In the prior year, 2014, North Carolina grew by 49 captives.

Insurance Commissioner Wayne Goodwin reported that "From the start, we have been committed to growing and continually improving the captive insurance program in North Carolina.” He continued by saying “I am proud that, in such a short time, we have become one of the fastest growing states for captive insurance in the country.”

With two great successive years of 44 and 49 formations, North Carolina is rapidly becoming a presence in the captive insurance industry. For comparison, South Carolina gained 20 captives in 2014 and 30 in 2015.