North Carolina 2023 Captive Insurance Company Formations on the Rise

The number of captive insurance company formations in North Carolina for 2023 was significant.

The number of pure captives jumped to 234, up from 215 in 2022, while the number of special-purpose captive insurers rose to 21, up from 18 in 2022.

"Since the passage of the Captive Insurance Act 10 years ago, North Carolina's program has experienced tremendous growth," said North Carolina Insurance Commissioner Mike Causey. "I am excited that the Department's Captive Insurance Program continues to attract business to our state."

In all, at the end of 2023, North Carolina had 234 pure captive insurers, 46 protected cell captive insurers, 21 special-purpose captive insurers, and 10 risk retention groups.

North Carolina captive regulators noted that captive growth came from both new captives and the transfer of captives to North Carolina from other domiciles.