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Tennessee Captives 2020: Domicile Facts, Figures and Milestones

Tuesday, December 08, 2020 11:55 AM | TCIA Administrator (Administrator)

Tennessee Captives 2020: Domicile Facts, Figures and Milestones

Tennessee experienced exceptional captive insurance growth in 2020.

Continued growth in the captive industry remains a priority for TCIA who are working in partnership with Governor Lee, Commissioner Lawrence and the TDCI team to ensure a bright future for our domicile. Tennessee has emerged as a first choice for captives worldwide and the state has become known for its deep bench of knowledgeable and responsive professionals who serve the industry.

2020 Tennessee Captive Dashboard
•720 Risk Bearing Entities: 212 Captives, 508 Cells
•64% increase from 2019: 18 newly licensed captives, 41 new cells2020

Domicile and Captive Market Changes
•Increased interest in captives for property & liability coverages
•Increased interest from Tennessee owners looking to re-domesticate offshore captives and move their captives “home”

COVID19 Pandemic Impact
•Pre-pandemic, TDCI had already transitioned to being fully electronic resulting in a seamless transition and no customer service impacts
•Electronic document notary and virtual annual meetings were approved in response to remote work environments
•Heightened “risk awareness” across many industries
•Additional coverages added to operational captive programs to address gaps

2021 Tennessee Captive Outlook
•New captives and cells already formed or underway
•Continued growth due to the challenges of increasing traditional market rates, gaps in commercial coverage and businesses looking for more efficient means to finance risk
•Net captive growth expected to continue with similar trend to 2020

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