17 October 2023Analysis

A decade of captive growth

North Carolina is celebrating its 10th anniversary of being a captive domicile and Lori Gorman and Jackie Obusek of the North Carolina Department of Insurance explained to Captive International why the State went into captives and how it has developed over the past decade.

“We expect that North Carolina will continue to experience growth in its captive insurance programme and attract new business to our state,” they told Captive International in our US Focus edition. “With the continued hardening of market conditions and newly emerging risks, businesses of all sizes are turning to captives as an alternative to the commercial insurance market.”

In addition, they said, captive owners are seeking to manage their risks and control costs by accessing the reinsurance market and customising coverages to fill gaps not readily available in the traditional marketplace.

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