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Captive Insurance Association Members in South Carolina Receive Regulatory Update at Conference Opening

South Carolina Map
September 22, 2015

The South Carolina Captive Insurance Association (SCCIA) opened its 16th Annual Executive Educational Conference on September 22, 2015, with a joint presentation by Ray Farmer, director of the South Carolina Department of Insurance; Rep. Bill Sandifer, chairman of the South Carolina House Labor, Commerce and Industry Committee; and Jay Branum, director of captives at the South Carolina Department of Insurance.

The event, being held in Charleston, South Carolina, attracted 240 attendees, which is a new record.

In his opening remarks, Mr. Farmer noted that 2014 was a breakout year for South Carolina, and 2015 is on record to surpass 2014. He commented that competition between captive domiciles has increased, and South Carolina encourages competition as long as it is fair and balanced.

Rep. Sandifer noted that South Carolina is potentially privatizing its workers compensation system similar to what has occurred in Oklahoma and Texas. If this becomes law, it would open up future opportunities for captives.

Mr. Branum closed the presentation by providing some statistics and metrics for South Carolina, as follows.

  • Since last year’s conference, South Carolina has licensed 18 new captives.

  • There are 161 active captives in South Carolina.

  • Currently, the department is working on 18 to 20 new captive applications.

  • Four new managers have been approved.

  • Six sponsored captives and cells have been approved since the passage of S. 909, with nine more pending.

  • The top 10 captives in South Carolina wrote $903 million in gross written premium in 2014.

  • The average gross written premium for all captives in 2014 was $8 million.

  • The top 20 captives in South Carolina have total capital and surplus of $1.32 billion.

Mr. Branum also outlined the vision and philosophy for the state's captive division, as follows.

  • Be best-in-class over the long term.

  • Practice prudence, professionalism, and pragmatism.

  • Focus on across-the-board excellence, and emphasize execution.

  • Be business savvy.

  • Practice a collaborative approach to the industry, owners, and stakeholders.

At the conclusion of his remarks, Mr. Branum was named the SCCIA's Captive Person of the Year.

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