South Carolina Licensed 21 New Captive Insurance Companies in 2021
January 13, 2022
Amid tightening conditions in the traditional commercial insurance market, South Carolina licensed a large number of new captive insurance companies in 2021.
South Carolina licensed 21 captive insurance companies in 2021, bringing the state's total number of captives to 183.
"This was a great year for captive formations," said Greg Delleney, assistant director of captives for the South Carolina Department of Insurance in Columbia.
At the same time, Mr. Delleney noted, many existing captives expanded their coverages due to tightening conditions in the traditional market.
Looking ahead, 2022 should be "another strong year for captive formations," Mr. Delleney said, adding that South Carolina is a very mature domicile with a dedicated team of captive insurance professionals.
January 13, 2022
