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Member, Beacon International Group, Ltd.
The Tennessee Department of Commerce and Insurance licensed 57 captive insurers in 2015, bringing its year-end total to 126, state officials reported.
Of those new 57 new captives, 47 were single-parent captives, four were risk retention groups, and six were protected cell captives, the department said Tuesday in a statement.
The 57 new captives included seven redomestications, captives licensed in other domiciles that that moved to Tennessee in 2015.
“We welcome the new captive insurance companies to Tennessee, and we continue to maintain the proper regulation of the captive insurance market,” the department's Nashville-based commissioner, Julie Mix McPeak, said in a statement.
Tennessee, whose original captive statute goes back to 1978, has seen captive growth swell following the passage of legislation in 2011 that revamped the earlier law, making it more attractive for employers to set up captives in the state.
The Bermuda Monetary Authority registered 77 new insurance entities in 2015, including 22 captive insurers, up from 16 new captives in 2014.