North Carolina Captive Insurance Sector Reports Strong 2025 Growth

North Carolina's captive insurance sector recorded another year of growth in 2025, with regulators licensing 21 new captive insurers and approving roughly 80 additional cells and series, according to Insurance Commissioner Mike Causey. The additions included both newly formed insurers and companies relocating their captive operations to the state from other domiciles.

"North Carolina is a great choice for captive owners to call home with its prudent regulation and dedicated team of financial analysts, examiners and actuaries," Mr. Causey said. "I strongly encourage businesses evaluating self-insurance options to consider North Carolina's business-friendly environment when choosing where to domicile their captive insurance company."

State officials say the framework established by the 2013 North Carolina Captive Insurance Act has supported industry growth by giving regulators flexibility to oversee captive insurers while accommodating evolving risk management strategies.

The North Carolina Department of Insurance said the captive sector has increasingly served as a testing ground for innovative approaches to emerging risks and new technologies. Officials also pointed to captives as a flexible risk transfer alternative to traditional insurance markets.

The newly licensed insurers in 2025 represent a range of industries, including financial services and insurance, transportation, healthcare, construction, and manufacturing.

By the end of 2025, the state's captive insurance market included 188 pure captive insurers, 48 protected cell captive insurers, 9 risk retention groups, and 18 special purpose captive insurers. In total, more than 1,000 risk-bearing captive insurance entities were regulated by the North Carolina Department of Insurance. That figure includes 263 captive insurers as well as 746 cells and series, including conditional licenses and approvals.

State regulators plan to discuss developments in the sector during the North Carolina Captive Insurance Association's annual conference, scheduled for Aug. 23–26 at the Le Méridien hotel in Charlotte. Department officials from the captive insurance regulatory team are expected to attend the event.

Businesses interested in learning more about North Carolina's captive insurance program can contact Deputy Commissioner Lori Gorman at the North Carolina Department of Insurance or visit the state's captive insurance program website.