Tennessee Captive Insurance Section Reports Record Growth in 2024

In its latest update, Mark Wiedeman, director of the Tennessee Department of Commerce and Insurance (TDCI) Captive Insurance Section, highlighted the team's achievements and provided news on Tennessee's continued growth as a leading captive domicile.

For the first time since Mr. Wiedeman joined the department, the captive insurance section is fully staffed, with a team of 17 dedicated regulators. This year, the team has added 52 new risk-bearing entities (RBEs), including all types of captives as well as individual cells, bringing the total number of RBEs under Tennessee's jurisdiction to 767—a year-to-date increase of 14 percent.

The update highlighted growth across various captive types, including a 6 percent increase in pure or single-parent captives and an 8 percent rise in protected cells. This growth reflects the expansion of risk-bearing entities, each contributing to the industry's overall development. Mr. Wiedeman attributed this progress not only to the efforts of the regulatory team but also to the robust network of service providers and the Tennessee Captive Insurance Association (TCIA), which has played a pivotal role in promoting Tennessee as a leading domicile.

As 2024 winds down, the Tennessee Captive Insurance Section is preparing for another productive year, with plans to kick off 2025 by attending the World Captive Forum in February.