Atlas Insurance approved as captive manager in Georgia
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The Georgia Insurance Department has approved Atlas Insurance Management to act as a manager for captive insurers domiciled in the state.
Georgia is the 14th domicile in which Charlotte, North Carolina-based Atlas Insurance Management has been approved to act as a captive manager, with the company receiving approval in Oklahoma and Texas earlier this year.
“Georgia is a very competitive and attractive captive domicile,” Martin Eveleigh, chairman of Atlas Insurance Management, said in a statement on Wednesday. “We look forward to being part of Georgia’s captive management landscape and joining one of the most business-friendly states in the country.”
In May, Georgia Gov. Nathan Deal signed a bill designed to make the state a more attractive and competitive captive domicile. The bill has three broad objectives: clarifying and updating the general definitions in the state’s captive law, streamlining the corporate formation of captive insurance companies and allowing captives to be limited liability companies.
Georgia had 28 captives in 2016, up from 16 in 2015 and 13 in 2012, according to Business Insurance data.
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