The Pantry, Inc., based in Cary, North Carolina, has formedCellarium Insurance Company, Inc., a pure captive insurance companylicensed by the North Carolina Department of Insurance.

This is the first captive insurer to become licensed in NorthCarolina in 2014 and the first in North Carolina to be owned by apublicly-traded corporation. As of March 13, 2014, The Pantry – oneof the nation's largest convenience store chains – operated 1,537convenience stores in 13 states, including under its primaryoperating banner, Kangaroo Express.

Cellarium Insurance Company is managed by Beecher CarlsonInsurance Services, LLC, and joins four other captive insurers thathave been formed in North Carolina since the state's CaptiveInsurance Act went into effect in late October 2013.

“Prior to having this captive insurance law, North Carolinabusinesses would have had to go to other states or jurisdictions toform a captive insurance company,” Insurance Commissioner WayneGoodwin said. “I am proud that companies like The Pantry arerealizing the benefits of forming captives here in North Carolina.We are dedicated to helping companies meet their insurance needsand attracting new business to our state.”

“As a founding participant in North Carolina's new captiveprogram, we are looking forward to the partnership with NCDOI,”said Lindsay Cunningham, vice president of risk management at ThePantry. “We have been fortunate to experience a very smooth andreceptive transition with NCDOI.”

Learn more: www.nccaptives.com.

Editor's note: Steven A.Meyerowitz, Esq., is a director of FC&S Legal. FC&S andPC360 are both owned by Summit Professional Networks.

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