North Carolina Captives Celebrate Another Successful Year

During the winter meeting held at the Le Méridien Hotel in Uptown Charlotte on January 12, the North Carolina Captive Insurance Association (NCCIA) board of directors announced that Ron Adams, president of Baker Roofing, was elected as chair, marking the first time in NCCIA history that a captive owner would lead the organization. Other elected officers include Aoife Taylor as vice chair, Lea Riddle as secretary, and Scott Bailey as treasurer. Scott Bailey also serves as the chair of the Annual Conference Committee.

The board welcomed three new members for 3-year terms, including Andy Rennick from Womble, Scott Bailey from Carr Riggs & Ingram, and Jordan Mosher from Huntington Bank. Paige Bell of Lockton was elected to an unexpired 2-year term.

"Ron Adams has been invaluable to the board with his long experience as a captive owner. I am confident that under his and the board's leadership, the domicile will continue to thrive," said outgoing chair Nate Reznicek.

In another update, Lori Gorman, head of the North Carolina Department of Insurance (NCDOI) Captives Division, reported to the board that the North Carolina captive domicile had another successful year. A total of 30 new captive insurance companies were licensed in 2023, with 19 additional applications pending. The captive domicile's premium taxes have reached $4 million a year, and written premium exceeds $3.4 billion.

The North Carolina Captive Insurance Association (NCCIA) has also opened early bird registration for its 2024 Annual Conference. The event is scheduled to take place from April 28 to May 1 at the Marriott Renaissance Hotel in Asheville. This year's conference theme will celebrate the NCCIA's decade of service to the captive industry, highlighting its growth as the third-largest domicile in the United States.

For more details on the conference program, visit the NCCIA website's conference page.