North Carolina attracts 26 new captives in 2019
The North Carolina Department of Insurance (NCDOI) licensed 26 new captive insurers and approved 61 new cells in 2019, according to figures published in its 2019 end-of-year report for its captive insurance program.
NCDOI predicted 2020 will be another positive year for the domicile. Since the start of the year it has already licensed two pure captive insurers and approved two cells, it said, with three additional license applications and one new cell business plan in the pipeline, awaiting approval.
The new captives took the number of licenses for captive insurers to 318 as at the end of 2019. NCDOI had also approved 592 cells and series by the end of 2019. This included provisional licenses and approvals.
There were 682 risk-bearing captive insurance entities under the regulation of NCDOI by the end of 2019, NCDOI said, including 235 active captive insurers and 447 active cells or series.
Of the 235 captive insurers in North Carolina, 178 are pure captive insurers; 29 are protected cell captives; eight are RRGs and 20 are special purpose captives.
Among the captives domiciled in North Carolina is WR Berkley’s captive, which supports the group medical stop loss program of Berkley Accident and Health.