TDCI Captive Growth Update and New Additions to Captive Team

According to a recent newsletter update from the Tennessee Department of Commerce and Insurance (TDCI), in 2023, the domicile licensed 25 new captives and 66 new cells, bringing the state's total to 164 active captives and 555 active cells. The number of risk-bearing entities grew by 37 percent in 2023, reaching a total of 719 entities. Pure or single-parent captives experienced a 12 percent growth, reaching 163 entities by the end of 2023. Premiums collected in 2023 amounted to $2.41 billion, reflecting an increase from the $2.12 billion collected in the previous year.

In the update, Commissioner Carter Lawrence attributed Tennessee's attractiveness as a captive insurance domicile to its strategic location and the expertise of its professionals.

Mark Wiedeman, director of the Captive Section at TDCI, announced the addition of two new members to the captive team for 2024.

Abdul Fathi, who assumed the role of captive insurance specialist in March, has a background in accounting and fraud investigation. With 18 years of service to the State of Tennessee, Mr. Fathi has held roles in the internal audit divisions of various state agencies. He holds a master of accountancy degree from Strayer University and is a Certified Fraud Examiner.

Christopher Shortt, appointed as an administrative service assistant in February, brings over 21 years of military experience to the team. His distinguished career in the army includes serving in multiple roles, such as senior infantry noncommissioned officer and infantry officer. Mr. Shortt retired from the 101st Airborne Division in May 2023 and holds a bachelor's degree in criminology.