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Texas licenses first captive insurer

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Texas licenses first captive insurer

Texas has licensed its first captive insurer with the redomiciling of CART Assurance Co. Inc. from Arizona.

The Texas Department of Insurance issued the license Monday.

In discussing the decision to move the captive from Arizona, Irving Pozmantier, president of CART Assurance and a partner at Pozmantier Williams Insurance Consultants L.L.C. in Houston, said, “It's certainly more convenient for us to have it here in Texas with Austin being only a short distance from Houston.”

Mr. Pozmantier also cited the insurance expertise that exists in Texas as another aspect of the domicile's appeal.

A statement Wednesday from the Austin-based Texas Captive Insurance Association said “several more” captive applications are nearing approval by the state insurance department.

Texas adopted its captive insurance law last year.