The Tennessee Department of Commerce and Insurance (TDCI) has named Belinda Fortman as its new captive insurance section director.
Fortman moved to Tennessee from Vermont in 2013 to support the growth of captive insurance in Tennessee and is a former director of the Tennessee Captive Insurance Association. She takes up her post on June 29 and replaces Jennifer Stalvey.
Fortman draws on decades of experience in the industry, having most recently led her own captive management firm. She has managed all forms of captive insurance companies including pure, association, agency, protected cell, special purpose, reciprocals and risk retention groups. She has worked closely with clients in financial services, healthcare, retail, manufacturing, faith-based and other sectors making her a perfect fit for Tennessee-based captives.
TDCI estimates that the captive insurance sector generates around $31 million in direct annual spending in Tennessee, and employs more than 100 full-time professionals.
TDCI Commissioner Hodgen Mainda said: “Captive insurance is a growing and important part of Tennessee’s thriving economy. [Fortman’s] decades of leadership and experience with captive insurance companies will help ensure Tennessee will continue to climb among the ranks of respected captive industry leaders.”
Fortman said: “Tennessee has grown to become one of the top-tier captive domiciles due to its business-friendly environment, responsive regulatory team, and low operating costs.”
Rachel Jrade-Rice, assistant commissioner of insurance at TDCI, said: “Tennessee is an attractive domicile because of our centralised location, flexible and stable regulatory environment, competitive premium tax rates, options for capitalisation, low operating costs, flexibility for investments and an experienced service infrastructure for captives including attorneys, accountants and actuaries.”
Tennessee Department of Commerce and Insurance, TDCI, Belinda Fortman, Hodgen Mainda, Rachel Jrade-Rice