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Captive Insurance Industry Grows in Tennessee in 2015

Tennessee Flag
January 26, 2016

A total of 57 new captive insurance companies selected Tennessee as their domicile in 2015, according to data released January 26, 2016, by the Tennessee Department of Commerce & Insurance.

These new captives include 47 pure captives, 4 risk retention groups (RRGs), and 6 protected cell captives (containing 106 protected cells).

These 57 captives also include 7 "redomestications"—a term used when an existing captive moves from one captive domicile to another. This is the largest group of redomesticated captives to occur since Tennessee's captive insurance laws were revamped in 2011. The redomestications came from the following jurisdictions: Montana, Delaware, South Carolina, Nevada, South Dakota, Vermont, and St. Kitts in the Caribbean.

The addition of 57 new captives represented a 37 percent increase over last year, advancing Tennessee's overall number of captives to 126. Including cell companies, cumulative risk bearing entities (RBEs) will close calendar year 2015 with 430 RBEs, a 58 percent increase over cumulative calendar year 2014.

Four years ago, Tennessee only had two captive insurance companies.

"The Department welcomes the new captive insurance companies to Tennessee and we continue to maintain the proper regulation of the captive insurance market," said Julie Mix McPeak, TDCI commissioner, as quoted in the press release.

In 2011, Gov. Bill Haslam signed the revised state of Tennessee's captive statute, which made the state's existing captive insurance laws more effective, balanced, and flexible.

The Tennessee captive insurance industry has created numerous jobs and invested assets under management in Tennessee, including an estimated $2.6 million in revenues projected to be generated in fiscal year 2016.

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