Advantage Insurance has formed a captive in South Carolina to write life insurance.
This is the first captive to be formed under new South Carolina law.
Domiciled and licensed in South Carolina, Advantage Life USA (ALUSA) offers traditional private placement life insurance policies and deferred variable annuities to qualified purchasers.
In anticipation of the growth of ALUSA and its other life insurance businesses, Advantage recently contributed over $30 million of new capital to Advantage Life & Annuity Company SPC, the parent company of ALUSA.
This new funding provides for both the required amount of regulatory capital for ALUSA to commence business, as well as additional surplus for the benefit of all Advantage life insurance clients.
Walter Keenan, Advantage chief executive officer, said, “We are very pleased to bring Advantage’s substantial private placement life insurance capabilities directly to the US market. South Carolina has proven to be the ideal location for ALUSA, thanks to its modern insurance regulation and business-friendly climate.”
Jay Branum, director of captives for the South Carolina Department of Insurance, added “the recently enacted updates to South Carolina’s captive insurance law have allowed companies like Advantage to expand their business here in South Carolina. We welcome ALUSA to our state and look forward to its future growth and success.”
At present, ALUSA polices may only be purchased by legal entities such as companies, partnerships and trusts established in South Carolina.
Advantage Insurance, South Carolina