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Atlas Insurance Management has received approval from the Texas Department of Insurance to act as a captive manager in the state.
The Charlotte, North Carolina-based company will be working with Texas regulators to offer a viable domicile to companies for captive formation, Atlas said Tuesday in a statement.
“Texas has a very business-friendly environment,” Atlas Chairman Martin Eveleigh said in the statement. “We look forward to giving companies headquartered in Texas the ability to be domiciled in their home state and provide an option for any companies looking to re-domicile their existing captive business.”
Texas is the 13th domicile in which Atlas has been approved to act as a captive manager, with the company pursuing further domicile approvals throughout 2017.
SAN DIEGO — A significant majority of global companies that use captives or multinational pools to cover employee benefits risks achieve positive financial results via the arrangements, according to a study by Willis Tower Watson P.L.C.