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The Tennessee Captive Insurance Association (TCIA) welcomes Carter Lawrence as the newly appointed Commissioner of the Tennessee Department of Commerce & Insurance (TDCI) announced today by Tennessee Governor Bill Lee.
“The captive industry is very pleased with the appointment of Carter Lawrence as Commissioner of the Tennessee Department of Commerce and Insurance by Governor Lee. TCIA has worked with him extensively in the past on captive insurance matters. I believe he will do an excellent job and is well qualified to lead the TDCI at this time. We look forward to working with Commissioner Lawrence,”- TCIA president Kevin Doherty.
Lawrence brings valuable expertise to the role having served as Chief Deputy Commissioner and Chief Operating Officer at the Department of Commerce & Insurance. He has also served on Tennessee’s Economic Recovery Group throughout the COVID-19 pandemic, assisting Governor Lee’s efforts to reboot the state’s economy.
Belinda Fortman, TDCI Captive Director said,“we in the captive division are thrilled to have Carter Lawrence promoted as the new TDCI Commissioner. Carter has been very supportive of captive insurance development in Tennessee. We look forward to his ongoing support for the captive industry and his continued leadership for our domicile.”
Michael Corbett, Tennessee’s former chief regulator and TCIA Board Member added, “The TCIA board of directors wishes to congratulate Carter Lawrence as the new TDCI Commissioner. Commissioner Lawrence has been a long-time supporter of captive insurance and his appointment will insure that Tennessee’s growth as a first tier domicile for the formation of captive insurance companies will continue to expand. As Tennessee nears the formation of its 700th Risk Bearing Entity (RBEs), strong support and leadership will be required for the next 700. The TCIA is confident that Commissioner Lawrence brings all of these attributes to the table.”
A lifelong Tennessean and Nashville native, Lawrence earned his Doctor of Jurisprudence and a Master of Business Administration at the University of Tennessee, Knoxville. Prior, he graduated from Wheaton College in Illinois. He currently resides in Nashville with his wife and three children and is a member of Nashville’s Church of the Redeemer.
“Carter is a proven public servant who has stewarded key priorities for the administration throughout his tenure and I’m confident he’ll continue to support Tennessee businesses and consumers with integrity,” said Governor Lee. “We appreciate his dedication to the Department of Commerce & Insurance and look forward to his continued service.”
Congratulations Carter!
The Tennessee Captive Insurance Association (TCIA) is a community of captive industry experts, owners and service providers engaged in advocacy, communication and education, committed to a strong captive insurance industry in Tennessee since 2011. Tennessee continues to grow in 2020 as a top tier domicile for captives with close to 700 risk-bearing entities (RBEs), compared to 652 at the end of 2019. Visit www.tncaptives.org for TCIA information and news. Follow #TCIA on Facebook, Twitter and Linkedin.
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
TCIA welcomes Joshua Clark as the newly appointed Director of Business Development for the Tennessee Department of Commerce & Insurance (TDCI).
“We are very excited to welcome Josh to the Tennessee captive industry,” said TCIA president Kevin Doherty. “We look forward to working with him and the Tennessee Department of Commerce and Insurance to develop captive opportunities that will be productive for our State. The TCIA pledges to work closely with Josh to further our public/private partnership and to help ensure that Tennessee remains among the short list of preferred domestic domiciles for captives. ”
Clark is an insurance industry veteran with diverse experience. He most recently served as a consultant for EXL Loss Control. Clark’s expansive experience across the insurance industry equips him with valuable expertise and industry knowledge. He will bring his background of building, leading and enabling high performing teams while crafting and implementing successful strategies to drive productivity and strengthen relationships on behalf of Tennessee.
“I am incredibly honored to join TDCI as the new Director of Business Development for the Insurance Division,” said Josh Clark. “The TDCI Captive Section, led by industry veteran Belinda Fortman, is uniquely positioned to continue its reputation as a top tier global domicile of choice for businesses and I look forward to promoting our values of expertise, customer service and innovation within the captives space ”Tennessee continues to grow as a top tier domicile for captives with over 205licensed captive insurance companies and 471 approved cell companies for a total of 674 risk-bearing entities (RBEs), compared to 652 at the end of 2019.
The Tennessee Captive Insurance Association (TCIA) is a community of captive industry experts, owners and service providers engaged in advocacy, communication and education, committed to a strong captive insurance industry in Tennessee since 2011. Visit www.tncaptives.org for TCIA information and news. Follow #TCIA on Facebook, Twitter and Linkedin.
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Amicus Coalition Release 7-23-20 Final.pdf
FOR IMMEDIATE RELEASE Contact: Kevin Doherty Phone: 615-620-1703 Mobile: 615-974-2587 Fax: 844-670-6009 Email: KDoherty@dickinson-wright.com
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