NU Online News Service, Nov. 1, 3:39 p.m. EDT
Atlas Insurance Management, a leading captive insurance management and consulting firm, announced it has been approved as a captive manager in the State of Montana.
Montana provides a captive domicile that will appeal particularly to clients in the West, Atlas said.
Martin Eveleigh, Atlas chairman, said in a statement, "Montana's insurance regulators are enthusiastic about the captive business, and we are delighted to have the opportunity to form and manage captives there. This western domicile allows us better to serve clients across the country, offering them an ever wider choice."
He added that along with the establishment earlier this year of the company's U.S. headquarters in Charlotte, N.C., "this move demonstrates our commitment to providing a full range of captive management services in the United States."
Atlas Insurance Management is an independent captive manager that provides captive insurance company consulting, formation and management services in a choice of United States domiciles, as well as offshore in the Cayman Islands, Anguilla, the Bahamas and Nevis.
Montana passed captive legislation in 2001.
According to the Montana captive website, 38 captive insurers have been formed in the state, with 26 licensed since 2005. Captives domiciled in Montana provide insurance to rural hospitals, nursing homes, doctors, commercial trucking companies, contractors and others.
The anticipated premium tax collection in fiscal year 2009 was about $350,000, the website said.
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