Protected Cell Captive Insurer Formed by W.R. Berkley in North Carolina

On November 25, the North Carolina Department of Insurance (NCDOI) licensed Oak Harbor Reinsurance Company (Oak Harbor Re), a protected cell captive insurance company formed by W.R. Berkley Corporation.

Oak Harbor Re will provide a domestic captive alternative for the group medical stop loss program of Berkley Accident and Health, a Berkley company.

North Carolina Insurance Commissioner Mike Causey said of the transaction, "We welcome Oak Harbor Re to North Carolina, and I am confident the company will enjoy superior customer service and reap the benefits of our vibrant captive insurance regulatory environment created by the NC General Assembly and NCDOI staff."

Captive manager Strategic Risk Solutions will oversee management of captive insurers licensed for Oak Harbor Re in North Carolina.

North Carolina's captive-enabling legislation went into effect in October 2013, and during the last 6 years, North Carolina has established itself as a leading captive insurance domicile.

The state's success as a captive domicile can be attributed to many factors, including its modern captive insurance legislative framework, low regulatory costs for forming and operating captive insurance companies, top-level regulatory team, and active captive insurance association.

Scott Bailey, communications chair with the North Carolina Captive Insurance Association (NCCIA) said the following of the Oak Harbor Re arrangement.

The NCCIA is pleased to see North Carolina continue to grow as a domicile of choice for captives and the investment by W.R. Berkley Corp. in the state. The NCCIA is committed to supporting our captives and captive owners in the pursuit of ethical, transparent, and profitable insurance practices. We encourage those with an interest in captive insurance or who are evaluating domiciles to observe the Oak Harbor Reinsurance Company formation as a strong case for considering North Carolina.