North Carolina Licenses Four Captives

North Carolina Insurance Commissioner Wayne Goodwin said his agency has issued four captive insurance company licenses since the state’s Captive Insurance Act went into effect in late October 2013.

The new North Carolina-domiciled captive insurance companies are:

• West & Joyce Insurance Company, a pure captive insurance company licensed Dec. 30, 2013, and managed by Atlas Management, LLC of Charlotte
• Cade Reassurance, LLC, a pure captive insurance company licensed Dec. 31, 2013, and managed by Atlas Management, LLC of Charlotte
• SR Insurance, Inc., LLC, a pure captive insurance company licensed Dec. 31, 2013, and managed by Atlas Management, LLC of Charlotte
• Synergy Insurance, Inc., a protected cell captive insurance company licensed Dec. 31, 2013, and managed by Synergy Captive Strategies, LLC of Las Vegas

“North Carolina is off to a strong and promising start as a captive domicile,” said Goodwin. “With our state-of-the-art law and commitment to the success of captives, I am confident we will become one of the most desirable states in the country for the formation and re-domestication of captive insurers.”