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Member, Beacon International Group, Ltd.
Another sign that the captive insurance industry continues in strong shape despite the weak economy and a soft traditional insurance market can be found in South Carolina, where the state is poised to license more new captives this year than it did in 2008.
The state has issued seven new licenses so far in 2009, and, according to Jeff Kehler, program manager of Alternative Risk Transfer Services in the South Carolina Department of Insurance, “I'm getting ready to do three more.”
“And we have more in the pipeline,” Mr. Kehler said. “So we're going to do more this year than we did last year.”
South Carolina licensed 11 new captives in 2008, bringing the total number of active captives there to 163 as of Dec. 31.
The South Carolina Captive Insurance Assn.'s annual conference is next Monday-Wednesday, and it looks like it could be a busy time for the state's regulators and captive managers.