South Carolina Expands Captive Insurance Division Amid Domicile Growth

The South Carolina Department of Insurance has expanded its Captives Division as the state continues to record growth in captive formations, licensing 15 new captives in 2025 and 14 since the beginning of 2026.

The division's expanded staff includes financial analysts Colin Anderson and Ryan Borkowski and license coordinator Ann Cunniffe. South Carolina, which has more than 25 years of experience as a captive domicile, said the additional staffing will help the department keep pace with growth in captives and risk retention groups (RRGs).

Financial analysts review insurer financial statements, conduct solvency analyses, and monitor captives and RRGs for compliance. The department said the role has become particularly important because of an increase in RRGs in South Carolina during the past year.

"With the addition of Ryan, Colin, and Ann to the Captives Division, the Department will continue to offer captive owners, managers, and service providers the high degree of professionalism that South Carolina has offered over the last 25 years. South Carolina maintains a strong and respected captive program, and we are keeping pace with the renewed interest in South Carolina domiciled captives by expanding our team," Andy Noga, director of captives, said.

Ms. Cunniffe joined the department as license coordinator for the Captives Division in October 2025. She serves as a point of contact for captive applicants and has assisted in reviewing 12 captives and 7 RRGs that were ultimately licensed by the department. Before joining the department, Ms. Cunniffe practiced business and real estate litigation on behalf of business owners and developers at a Charleston, South Carolina, law firm. She is a graduate of the University of Virginia and the University of South Carolina School of Law and is pursuing the Associate in Captive Insurance designation through the International Center for Captive Insurance Education.

Mr. Anderson joined the division as a financial regulation and solvency intern in 2025 and began working full time as a financial analyst in July 2026. He graduated from the University of South Carolina's Darla Moore School of Business, where he studied finance and risk management and insurance, with a concentration in business analytics. His previous experience includes an accounting internship with FinTech company Payroc.

Mr. Borkowski joined the Captives Division as a financial analyst in June 2026. He graduated from the University of South Carolina's Darla Moore School of Business with a bachelor's degree in business administration, majoring in finance and risk management. Before joining the department, Mr. Borkowski completed two internships at AgFirst Farm Credit Bank, serving as a risk rating review intern and later as a credit information and servicing intern.