Jennifer Stalvey, the former head of the captive insurance department at the Tennessee Department of Commerce and Insurance, is moving to California to pursue creative projects.
Stalvey recently announced she was stepping down from her captive role, and is being replaced by Belinda Fortman.
Stalvey said she had been very fulfilled in her life as the director of captives, but noted that the time had come to change gears and spend more time being creative.
Stalvey described Fortman as “a true captive advocate who is passionate about the industry and known for her diligent work and professional style,” adding: “There is no one better to lead Tennessee and take us to the next level and I could not be more pleased with her selection.”
Tennessee passed its first captive legislation in 1978, the industry really took off after 2011, when it revised its statute in order to grow the captive insurance sector. Stalvey joined the captive department in 2012, when the state had 20 captives.
“I believed then, as I do now, that captive insurance would have a positive influence on my home state of Tennessee – creating valuable jobs and investment in the Volunteer State,” Stalvey said.
Tennessee has now authorised 203 captive companies and approved another 473 cell companies, between them writing over $1.5 billion in premium annually.
Jennifer Stalvey, Belinda Fortman, Tennessee Department of Commerce and Insurance