Tennessee-domiciled captive insurance companies have created an estimated $436 million economic impact through direct and indirect spending related to new jobs, investments and deposits, according to a survey.
The survey, produced the Tennessee Department of Commerce and Insurance’s (TDCI) captive sector, was completed by 176 captive insurance professionals.
It found a total direct capital investment of $410 million; a total direct and indirect spending exceeding $25 million; and the creation of 82 full-time jobs in Tennessee.
The results are based on information up to the end of 2015.
Michael Corbett, captive insurance director for TDCI, attributed Tennessee’s success to the state’s governor Bill Haslam and commissioner Julie McPeak, who amended the captive legislation in 2011.
Corbett said: “The Captive Insurance Survey offers conclusive proof that Tennessee continues to see direct and long-lasting benefits from that decision five years ago.”
