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Tennessee Captives 2020: Domicile Facts, Figures and Milestones
Tennessee experienced exceptional captive insurance growth in 2020.
Continued growth in the captive industry remains a priority for TCIA who are working in partnership with Governor Lee, Commissioner Lawrence and the TDCI team to ensure a bright future for our domicile. Tennessee has emerged as a first choice for captives worldwide and the state has become known for its deep bench of knowledgeable and responsive professionals who serve the industry.
2020 Tennessee Captive Dashboard•720 Risk Bearing Entities: 212 Captives, 508 Cells•64% increase from 2019: 18 newly licensed captives, 41 new cells2020
Domicile and Captive Market Changes•Increased interest in captives for property & liability coverages•Increased interest from Tennessee owners looking to re-domesticate offshore captives and move their captives “home”
COVID19 Pandemic Impact•Pre-pandemic, TDCI had already transitioned to being fully electronic resulting in a seamless transition and no customer service impacts•Electronic document notary and virtual annual meetings were approved in response to remote work environments•Heightened “risk awareness” across many industries•Additional coverages added to operational captive programs to address gaps
2021 Tennessee Captive Outlook•New captives and cells already formed or underway•Continued growth due to the challenges of increasing traditional market rates, gaps in commercial coverage and businesses looking for more efficient means to finance risk•Net captive growth expected to continue with similar trend to 2020
TCIA welcomes Joshua Clark as the newly appointed Director of Business Development for the Tennessee Department of Commerce & Insurance (TDCI).
“We are very excited to welcome Josh to the Tennessee captive industry,” said TCIA president Kevin Doherty. “We look forward to working with him and the Tennessee Department of Commerce and Insurance to develop captive opportunities that will be productive for our State. The TCIA pledges to work closely with Josh to further our public/private partnership and to help ensure that Tennessee remains among the short list of preferred domestic domiciles for captives. ”
Clark is an insurance industry veteran with diverse experience. He most recently served as a consultant for EXL Loss Control. Clark’s expansive experience across the insurance industry equips him with valuable expertise and industry knowledge. He will bring his background of building, leading and enabling high performing teams while crafting and implementing successful strategies to drive productivity and strengthen relationships on behalf of Tennessee.
“I am incredibly honored to join TDCI as the new Director of Business Development for the Insurance Division,” said Josh Clark. “The TDCI Captive Section, led by industry veteran Belinda Fortman, is uniquely positioned to continue its reputation as a top tier global domicile of choice for businesses and I look forward to promoting our values of expertise, customer service and innovation within the captives space ”Tennessee continues to grow as a top tier domicile for captives with over 205licensed captive insurance companies and 471 approved cell companies for a total of 674 risk-bearing entities (RBEs), compared to 652 at the end of 2019.
The Tennessee Captive Insurance Association (TCIA) is a community of captive industry experts, owners and service providers engaged in advocacy, communication and education, committed to a strong captive insurance industry in Tennessee since 2011. Visit www.tncaptives.org for TCIA information and news. Follow #TCIA on Facebook, Twitter and Linkedin.
Click to see Full Coalition Brief
Amicus Coalition Release 7-23-20 Final.pdf
FOR IMMEDIATE RELEASE Contact: Kevin Doherty Phone: 615-620-1703 Mobile: 615-974-2587 Fax: 844-670-6009 Email: KDoherty@dickinson-wright.com
Groundbreaking Captive Insurance Industry Coalition Submits Arguments to U.S. Supreme Court
Tennessee Plaintiff
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