Mike Causey
31 January 2023Analysis

North Carolina records strong captive growth in 2022

North Carolina licensed 62 captive insurance companies and over 100 cells and series in 2022, bringing the total number registered in the state to 294 captives and 730 cells. North Carolina Insurance Commissioner Mike Causey said the numbers showed it remained among the world’s strongest domiciles.

In the decade since captives were introduced in NC, it has licensed or approved more than 1,400 risk-bearing captive entities. The current total includes 215 pure captive insurers, 51 protected cell captives, ten risk retention groups and 18 special purpose captive insurers.

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

“Our program’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. North Carolina is one of the top places for captive insurers to set up shop.”

The current year looks set to another with growth for the state’s captive insurance industry as insurance markets harden, a statement from the Department of Insurance added.