The Tennessee Department of Commerce & Insurance (TDCI) has announced that 2024 marks the fifth consecutive year of growth in the captive insurance sector within the state. This growth includes an increase in both active cells and risk-bearing entities. TDCI Commissioner Carter Lawrence attributes this success to a combination of responsible regulation, a modern captive insurance statute, and a dedicated team of professionals.
Captive insurance provides businesses an alternative to traditional insurance by allowing them to underwrite their own coverage. This method offers financial control and risk management benefits. As of the end of 2024, Tennessee had licensed 11 new captives and 94 new cells, bringing the total to 182 captives and 657 active cells. The state experienced a 17% increase in active cells and a 14.7% overall growth in risk-bearing entities from the previous year. Additionally, premiums rose to $2.9 billion in 2024, compared to $2.41 billion in 2023.
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Mark Wiedeman, TDCI Captive Section Director, praised the team’s efforts in customer service and outreach, highlighting the importance of relationships and connectivity with clients in driving growth. Since modernizing its captive statutes in 2011, Tennessee has witnessed significant expansion in the sector.
For more information, TDCI can be contacted online, by phone at (855) 809-0069, or via email at captive.insurance@tn.gov.
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