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North Carolina licences five new captives

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North Carolina has licensed five new captives so far this year, filings show.

By Fraser Irving, Captive Review

North Carolina has licensed five new captives so far this year, filings show. The new formations include three pure captives, an 831(B) and a protected cell company. CapCare, Inc, ACRE Captive Inc, Citadel Assurance Corporation, Marietta Insurance Inc and Skyline Insurance Company, Inc, were all licensed between January and May 2019, the statistics show.

North Carolina Captive Insurance Association (NCCIA) president and CEO Tom Adams said: “The NC Captive Insurance Association is excited by North Carolina’s growth in the first part of 2019. With three regular captives, an 831(b) and a protected cell it demonstrates the type of diverse growth that we want to define our domicile. With a number of other approvals pending, NC is seeing strong growth in medical stop-loss, tenant liability, and P&C captives. We are on our way to another great year and we’ll talk more about that at our annual conference between August 21-23 in Charlotte.”

The state has grown considerably as an onshore domicile since its captive statute was introduced five years ago. At year-end 2018, it was home to 244 captives, not including cells, according to statistics compiled by Captive Review.

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