South Carolina Signs 25th Captive Insurer

By Caroline McDonald

NU Online News Service, Dec. 6, 12:44 p.m. EST,Charleston, S.C.?South Carolina announcedyesterday that it had licensed its 25^th captive insurersince the state became a captive domicile two years ago.

Clayton Ingram, South Carolina Department of Insurance managerof risk development, alternative risk transfer services, said thecaptive program commenced with two captives and last year finishedup with 12 captives.

"By the end of this year you're going to see some good, strongnumbers and some very strong captive organizations," he told anaudience at the third annual conference of the South CarolinaCaptive Insurance Association, Inc. here.

The latest addition, he said, is a pure captive named MeetingStreet Management, established by Pinkney Insurance Co. "This isone of our newer companies here in South Carolina," he said, whichhas offices and staff in Charleston. "This is exactly the kind ofgroup that we like to see."

Reflecting the state's growth as a captive domicile, the SCCIAconference this year attracted 200 attendees, according toconference staff. Last year's conference attracted 130 and in itsfirst year, 65 attended.