Standing out from the crowd
The captive insurance market in South Carolina is currently seeing steady and healthy with its portfolio of companies having grown due to the level of interest in placing captives here, Joe McDonald of the South Carolina Department of Insurance told Captive International in its US Focus edition.
McDonald wrote that as the global interest in alternative approaches to risk has increased, South Carolina has certainly benefited.
“The continued mutual support that exists between the public and private sectors in the captive insurance space in the state has done a lot to help drive business here,” he said. “That, along with the stability afforded by the continuity in the perspective of leadership has created a framework for captives and service providers to flourish and take advantage of how the global insurance market has impacted alternative risk.”
According to McDonald South Carolina offers many things, as it is a mature domicile with experienced regulators and a competitive statute and tax structure. He described the State’s attitude toward captives regulation as open-minded, but rigorous when necessary, with regulators applying a balanced approach that is thoughtful, consistent, and flexible.