North Carolina Captives "Expanding Beyond Small Insurance Companies"
August 21, 2018
North Carolina is one of the fastest-growing captive insurance domiciles.
At the end of 2017, 233 captives were domiciled in North Carolina, up from just 52 four years earlier. A record 85 captives were licensed in 2016, followed by 66 new captives in 2017.
State regulators attribute that growth to several factors, including an up-to-date and attractive captive law and top customer service.
The North Carolina captive insurance conference kicked off Monday in Charlotte with a captives 101 session in the afternoon followed by an opening plenary session in the early evening.
Session attendee Dan Towle, president of the Captive Insurance Companies Association, remarked that he is "impressed with both the domicile's rapid growth and the North Carolina Department of Insurance commitment to a captive-friendly approach."
At the conference's opening plenary session, Jeremy Colombik, president of Management Services International, and Martin Eveleigh, chairman of Atlas Insurance Management, both received the distinguished service award for serving as chairmen on the North Carolina Captive Insurance Association (NCCIA) board of directors.
Lane Brown, NCCIA vice president for government affairs, said, "Martin Eveleigh served two terms and was instrumental in helping to develop many of the initial growth strategies for the association. He is well connected in the captive insurance industry and has brought a unique perspective with his prior service in the United Kingdom and in the 'islands.'"
Mr. Brown continued, "Jeremy Colombik has been very much on the cutting edge of micro-captive growth, and his firm was recently recognized as one of the top captive insurance managers in the country. Both have provided an invaluable service with their services on the NCCIA board."
Mr. Colombik said, "North Carolina has become a seasoned jurisdiction, which is why it is the fastest-growing domicile in the US. This trend will continue because North Carolina is expanding beyond small insurance companies into other markets. As long as it continues in this direction and the NCCIA continues to support a diverse board of directors, North Carolina will continue to be one of the top domiciles in the country."
Mr. Eveleigh said, "I have enjoyed serving on the NCCIA board, and I am both thrilled and amazed to witness the extraordinary growth that the North Carolina captive insurance program has had. I am very confident that this growth will continue as the board changes, and I know that the association will continue to develop a great relationship with the department of insurance and to make sure that North Carolina's legislative environment remains very friendly to captive insurers."
Morgan Weatherly, senior account manager at Atlas Insurance Management, will take up a position on the NCCIA board beginning January 1, 2019.
Anne Marie Towle, executive vice president and consulting practice leader of JLT Insurance Management, will also serve on the NCCIA board beginning January 1, 2019. Ms. Towle said, "I am excited to be part of one of the fastest-growing domiciles in the US and look forward to collaborating with the North Carolina Department of Insurance Captive Division's senior deputy commissioner, Debbie Walker, and her customer-focused captive team."
Click on the image below to visit Captive.com's North Carolina captive domicile page!
Pictured above, from left, at the North Carolina captive conference, are Leon Rives, NCCIA board chairman; Tom Adams, NCCIA president and CEO; Martin Eveleigh, chairman of Atlas Insurance Management; and Jeremy Colombik, president of Management Services International.
August 21, 2018