Wakefield becomes Tennessee’s second AM Best-rated captive

Wakefield Insurance Company, a Tennessee-based captive insurance company, has been awarded a financial strength rating of A- by AM Best.

It makes Wakefield, which provides property and liability insurance coverage to senior and affordable multifamily housing facilities with common management and ownership interests, the second Tennessee captive to receive an AM Best excellent rating.

Carter Lawrence, the Tennessee Department of Commerce and Insurance Commissioner, said the rating supports the state’s reputation as a domicile for quality captive insurers.

“We hold our captives in Tennessee to a high-quality standard and this rating emphasises our proclamation as the gold standard of the south,” he added.

Gary Osborne, insurance risk manager at Risk Partners, said: “This A- rating for a relatively young captive is a testament to the creativity of the risk team involved and also reflects strongly on the support and right-sized regulatory approach from the State of Tennessee.”