13 January 2016Actuarial & underwriting

Thirty new captives licensed in South Carolina in 2015

The US state of South Carolina has announced that it has licensed 30 new captives in 2015.

The latest activity puts the total captives licensed in the state at 295 since 2000.

“The state of the captive insurance industry in South Carolina has never been stronger, as evidenced by this growth,” says Megan Ogden, head of JLT Towner Insurance Management’s South Carolina office.

“Because regulators understand captive insurance and legislators recognise the importance of the industry to the state, I expect this growth to continue in 2016.”

In 2015, South Carolina Department of Insurance licensed 12 pure captives, three risk retention groups, three special purpose captives (SPCs), three sponsored captives and nine incorporated cells.