The Tennessee Department of Commerce and Insurance (TDCI) has estimated that 2015 saw 56 new captives licensed in the state.
Michael Corbett, director of the captive insurance section at the TDCI, commented: “The count is not yet final; however, preliminary estimates are that 2015 saw 56 new captives licensed, which was a 37 percent increase over 2014 results. This will bring the total number of captives at calendar year end 2015 to 126.”
He added: “Cumulative risk bearing entities will close 2015 at 430, a 58 percent increase over cumulative calendar year 2014. These figures are comprised of six protected cell captives, including 102 new cell companies, 46 pure captives and four risk retention groups.”
The TDCI recently announced the licensing of its 100th captive insurance company, Iroquois Captive Services.
Iroquois Captive Services, which launched in Nashville in 2013, manages the 100th captive insurance company formed in Tennessee.
Governor of the TDCI, Bill Haslam, said at the time: “We’ve worked hard to make Tennessee an attractive place for businesses of all sizes. In 2011, we enhanced the state’s captive insurance statute and that has resulted in huge growth for Tennessee’s captive insurance market.”
