Citadel Risk has established a new cell captive company in Tennessee.
The captive, Citadel Tennessee Captive Insurance Company, is currently pending final approval by State regulators.
Furthermore, Citadel Management Bermuda, which Citadel Risk has a controlling share of, will become a licensed captive manager as part of this process.
"We chose Tennessee as the domicile for this new company because we’ve known the Tennessee regulators for many years and we were very comfortable with the fair and balanced oversight that they provide to the captive insurance industry there," said Tony Weller, group CEO of Citadel Risk.
“At the end of the day it’s about providing the best protective structure that we can for clients who would be interested in renting cells in the Tennessee company. With a protected cell structure and a separate incorporated legal identity for each cell it will be simple to make filings for 831(b) status for a cell.”
Weller continued: “Not only can the Citadel Risk Group provide consulting services and management services, its Citadel Re company can provide excess insurance placements and aggregate stop loss coverages. In some circumstances Citadel Risk can even provide fronting company services through one of its US admitted insurers.”
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Citadel Risk, Captive, North America