Tennessee Promotes Terrance McClain to Captive Section Lead Examiner

The Tennessee Department of Commerce & Insurance (TDCI) has promoted Terrance McClain to lead examiner in the Captive Insurance Section.

Mr. McClain recently served as captive insurance analyst 2 and has been with Tennessee's Captive Insurance Section for 6 years and has spent a total of 10 years working for the state.

In another Tennessee captive insurance news, TDCI recently announced that the state has licensed its 1,000th risk-bearing entity since the state began licensing captives.

"While Tennessee is one of the oldest domiciles in the United States, it wasn't until our captive insurance statutes were modernized in 2011 that the captive insurance market in Tennessee began to flourish," TDCI Commissioner Carter Lawrence said in a statement. "Since then, Tennessee's captive industry has grown both in company size, licensees, and professional captive service providers every year. The support of Governor Bill Lee, the Tennessee General Assembly, and the Tennessee Captive Insurance Association has enabled captive insurance to grow steadily in Tennessee, and I am proud TDCI has been able to facilitate that development."

"Businesses utilizing captive insurance pays dividends for all Tennesseans," TDCI Captive Insurance Section Director Mark Wiedeman said in the statement. "Captive insurance helps keep costs low, which in turn helps companies create new jobs and make new investments that create direct and indirect economic impact in the years ahead. Tennessee's reputation continues to rise among risk managers, captive managers, and other captive professionals. We are grateful and look forward to continuing to assist the industry by providing a balanced and predictable regulatory environment that allows for continued captive growth."

In 2022, Tennessee captives wrote $2.4 billion in premium, a 258 percent increase compared to 2015, when the state's captive premium volume was just under $670 million.