Tennessee licensed a record number of 104 risk bearing entities in 2016, the Tennessee Department of Commerce & Insurance (TDCI) reported.
The new captives include 30 pure captives, five protected cell companies, one association captive, one risk retention group, and 67 new protected cells. Nine of the new captives were redomestications.
Last year’s licensed captives brings the state’s total to 159 captive insurance companies and 379 protected cells formed, totalling 538 risk-bearing entities.
Julie Mix McPeak, TDCI commissioner, said: “We are proud of the progress made last year to expand Tennessee’s captive insurance market. Forming over 100 risk bearing entities in 2016 and over 500 entities in five years is quite a feat. TDCI remains committed to its role of maintaining proper regulation of captive insurance in Tennessee.”
Michael Corbett, director of TDCI, added: “The redomestication of nine captive insurance companies to our state shows that more and more leaders in this industry are comfortable setting up their captives here. We especially appreciate the efforts of the Tennessee Captive Insurance Association in helping to make this growth happen.”
