South Carolina Licensed 21 New Captive Insurance Companies in 2021

Road sign reading South Carolina against a blue sky with clouds

January 13, 2022

Road sign reading South Carolina against a blue sky with clouds

Amid tightening conditions in the traditional commercial insurance market, South Carolina licensed a large number of new captive insurance companies in 2021.

South Carolina licensed 21 captive insurance companies in 2021, bringing the state's total number of captives to 183.

"This was a great year for captive formations," said Greg Delleney, assistant director of captives for the South Carolina Department of Insurance in Columbia.

At the same time, Mr. Delleney noted, many existing captives expanded their coverages due to tightening conditions in the traditional market.

Looking ahead, 2022 should be "another strong year for captive formations," Mr. Delleney said, adding that South Carolina is a very mature domicile with a dedicated team of captive insurance professionals.

January 13, 2022