Tennessee Reaches Licensing Milestone with 1,000th Risk-Bearing Entity

Tennessee has just licensed its 1,000th risk-bearing entity, which includes captive insurance companies, the Tennessee Department of Commerce and Insurance (TDCI) has announced.

"This is a defining achievement for Tennessee and shows how the hard work of the domicile and everyone involved has helped to create dramatic growth over the last 12 years," Tennessee Captive Insurance Association President Kevin Doherty said in a statement.

"Tennessee's reputation continues to rise among risk managers, captive managers, and other captive professionals. We are grateful and look forward to continuing to assist the industry by providing a balanced and predictable environment that allows for continued captive growth," Mark Wiedeman, the director of the TDCI Captive Insurance Section, said.

Tennessee has seen tremendous growth as a captive domicile. For example, in 2022, Tennessee captive insurance companies produced $2.4 billion in gross written premiums, up from $2.1 billion in 2021 and just $1.2 billion in 2018.

In addition, Tennessee's 2022 captive count was 150, up from 136 in 2018.