For Immediate Release: January 2, 2014
North Carolina Issues First Captive Insurance Company Licenses
RALEIGH -- Insurance Commissioner Wayne Goodwin announced today that the North Carolina Department of Insurance has issued four captive insurance company licenses since the state's Captive Insurance Act went into effect in late October 2013.
The new North Carolina-domiciled captive insurance companies are:
- West & Joyce Insurance Company, a pure captive insurance company licensed Dec. 30, 2013, and managed by Atlas Management, LLC of Charlotte
- Cade Reassurance, LLC, a pure captive insurance company licensed Dec. 31, 2013, and managed by Atlas Management, LLC of Charlotte
- SR Insurance, Inc., LLC, a pure captive insurance company licensed Dec. 31, 2013, and managed by Atlas Management, LLC of Charlotte
- Synergy Insurance, Inc., a protected cell captive insurance company licensed Dec. 31, 2013, and managed by Synergy Captive Strategies, LLC of Las Vegas
"North Carolina is off to a strong and promising start as a captive domicile," said Goodwin. "With our state-of-the-art law and commitment to the success of captives, I am confident we will become one of the most desirable states in the country for the formation and re-domestication of captive insurers."
Captive insurance is typically a form of self-insurance in which an insurance company is formed by one or more non-insurance companies to insure the risks of the parent company and affiliated companies. Captives are used as a risk management tool to meet or assist in meeting the needs of the captive's owners; they do not offer insurance to the public.
Captives create jobs for those who form and perform services for the captive, and they generate premium tax revenues for the state or jurisdiction in which they are established.
To learn more about captives and North Carolina's captive insurance law, visit www.nccaptives.com.