Tennessee Grows Captive Count in 2023

Tennessee licensed 25 new captives in 2023, as well as 66 new cell captives, bringing its captive count to 164 active captives and 555 active cell captives, marking a 37 percent overall rise in its number of risk-bearing entities.

Moreover, the state witnessed growth in its number of pure or single-parent captives, which grew by nearly 12 percent to 163.

Premiums rose in 2023 to $2.41 billion compared to $2.12 billion that was collected in 2022.

"The growth we saw in Tennessee in 2023 is a direct result of fantastic team of analysts, our focus on customer service, and connecting with prospective customers," said Mark Wiedeman, captive insurance section director at the Tennessee Department of Commerce and Insurance (TDCI) in Nashville.

"Taken together with our central location and our network of first-class service providers, Tennessee continues to prove to the world why we are a first choice when establishing a captive insurance domicile," added TDCI Commissioner Carter Lawrence.

Tennessee is one of the older US captive domiciles. Its captive law was enacted in 1978. Since then, the law has been updated many times.