US convenience store, The Pantry, has formed a pure captive in North Carolina, the state’s first new entrant for 2014.
The new captive, the Cellarium Insurance Company, will provide coverage for the company’s 1,537 convenience stores, which operate across 13 US states including under its well-known Kangaroo Express brand.
Cellarium will be managed by Beecher Carlson and will join four other captives who have opted to domicile in North Carolina since it established captive legislation in October 2013.
Commenting on the latest entrant, insurance commissioner Wayne Goodwin said: “Prior to having this captive insurance law, North Carolina businesses would have had to go to other states or jurisdictions to form a captive insurance company.”
“I am proud that companies like The Pantry are realizing the benefits of forming captives here in North Carolina. We are dedicated to helping companies meet their insurance needs and attracting new business to our state.”
The Pantry’s vice president of risk management, Lindsay Cunningham added that “as a founding participant in North Carolina’s new captive program, we are looking forward to the partnership with NCDOI.”
“We have been fortunate to experience a very smooth and receptive transition with NCDOI.”
North Carolina, formation, The Pantry, Kangaroo Express, captive insurance