Tennessee


When signing the revised Captive Statute, which made the state’s existing captive insurance laws more effective, balanced, and flexible, did you expect it to be such a success?

We went in with one expectation: if we build a best-in-class captive regulatory department, sensitive to the needs of owners, managers and service providers, we will increase employment and investment in the State of Tennessee.

How has Tennessee changed as a domicile since 2011?

We have witnessed a significant evolution from four years ago. Starting with a staff of one, we have developed into a 12-member team of trained and experienced professional staff dedicated to the growth and development of Tennessee captives.

After reaching 100 licensed captives, what has been the key to Tennessee’s success?

Several factors come to mind, including: timely responsiveness to the needs of captive owners and service providers; both governor Bill Haslam and commissioner Julie Mix McPeak providing consistent support for improving and modernising the Captive Statute; and the strong geographic attractiveness of Nashville.

Was 2015 a good year for Tennessee? How many captives did you license and what types of captives did you sign up?
 
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. 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.

Being located in a highly competitive market for captive insurance, what separates Tennessee from competitors?

There are many great domiciles to choose from both domestically and internationally. Tennessee has great geographic location, top-draw regulatory staff, and an engaged and committed governor and commissioner. That combination offers a superior choice for anyone starting or moving a captive insurance company.

Looking to 2016, what plans do you have to ensure the growth of Tennessee continues?

We plan to ensure that staffing needs are adequate to meet the needs of the market. We will also work with the Tennessee Captive Insurance Association to coordinate the legislative packages that keep the statute up to date, and continue to communicate to the ever-growing captive insurance community that Tennessee is a great place to do business. CIT
Domicile profiles
The latest domicile profiles from Captive Insurance Times
Debbie Walker of the North Carolina Department of Insurance tells Becky Butcher why the state is among 2017’s standout performers
Experts convene to talk to Becky Butcher about the stability that Guernsey represents in a challenging financial and political environment
Asset Servicing Times

Visit our sister site
for all the latest asset servicing news and analysis

assetservicingtimes.com
In an era of increasing uncertainty, Tamatoa Jonassen suggests that the Cook Islands can be a bridge to financial security in a captive
With a dedicated captive plan in place, the Lone Star State is on the rise, says Josh Magden of the Texas Captive Insurance Association
After 36 years of captive business, Vermont boasts a culture of legislative change, and still has a few tricks up its sleeve. Dan Towle and David Provost explain
After a successful 2016 and the licensing of its first securitisation cell company, Malta insurance industry professionals are looking ahead to 2017
Missouri’s captive programme is approaching a decade in operation. John Talley explains how the state has made it to this milestone
Less than 10 years ago, the Bahamas was a virtually forgotten player in the external insurance marketplace, according to Tanya McCartney and Michele Fields. But today, the jurisdiction has a reputation as a market leader
Features
The latest features from Captive Insurance Times
What should a captive look for when hiring a firm to manage its portfolio? Stephen Nedwicki of Comerica Bank takes a look
US captive insurance association leaders discuss the present challenges and future of the business, as federal policy confuses and SME growth continues
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Becky Butcher finds out why captive insurance is such a natural fit for financial institutions and how they will continue to dominate the market
With London’s ILS hub set for an autumn launch, Guernsey Finance’s Dominic Wheatley shares his thoughts on what to expect
Guernsey’s hard work is paying off as China looks to stretch the boundaries of its captive strategies. Becky Butcher reports
Guernsey’s ILS numbers reveal a booming market made better by regulatory innovation. Becky Butcher reports
A bigger market means an improving financial performance, perhaps even higher returns. Marsh’s annual analysis of the captive insurance market, now in its tenth year, discovers that it also means change
Attendees of the European Insurance Forum in Dublin heard how insurance and reinsurance professionals are readying for turbulent times ahead
Interviews
The latest interviews from Captive Insurance Times