TDCI: 2024 Marks Fifth Consecutive Year of Captive Insurance Growth

NASHVILLE – The Tennessee Department of Commerce & Insurance’s (TDCI) Captive Insurance Section proudly announces that 2024 was the fifth consecutive year that Tennessee saw gains in the numbers of active cells and risk-bearing entities.

“By combining responsible regulation, a modern captive insurance statute, and a team of customer-focused professionals, Tennessee continues to distinguish ourselves among captive domicile managers as the perfect place to call home when establishing a captive insurance domicile,” said TDCI Commissioner Carter Lawrence. “I am optimistic that the growth trend we’ve seen in the past half-a-decade will continue into the future as Tennessee’s reputation as a first-in-class choice for captive domicile managers grows.”

TDCI’s Captive Insurance Section is responsible for regulating the Tennessee captive insurance industry. Captive insurance represents an option for businesses that want to take financial control and manage risks by underwriting their own insurance coverage rather than paying premiums to third-party insurers.

The highlights in 2024 for TDCI’s Captive Insurance Section include:

• At the end of 2024, 11 new captives and 94 new cells were licensed in Tennessee. Tennessee currently has 182 total captives and 657 active cells.
• Tennessee had 645 cells and 176 captives at the end of 2024.
• Tennessee saw a 17% growth in active cells and a 14.7% overall growth in risk-bearing entities from 2023 to 2024.
• Premiums rose in 2024 to $2.9 billion compared to $2.41 billion in 2023.

“I commend our fantastic team of analysts who made customer service and connecting with prospective customers their focus in 2024 and beyond,” said TDCI Captive Section Director Mark Wiedeman. “I firmly believe that sustained year-over-year growth, good relationships, and connectivity with our customers will continue to incentivize other companies to use establishing a captive in Tennessee for their risk-financing needs.” 

After a significant modernization to Tennessee’s captive statutes in 2011, Tennessee has seen steady and significant growth in the captive market.

For details, contact us directly online, by phone at (855) 809-0069 or email at captive.insurance@tn.gov.

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