North Carolina formed 47 new captives in 2020, bringing their total number of captives to 250, the North Carolina Department of Insurance announced.

The domicile had a stellar year, seeing the formation of 35 pure captives, eight cell structures, and four special purpose captive insurers.

However, the state also had 31 captives surrender their licence in 2020, meaning the domicile increased its captive numbers by 16 in total.

North Carolina is now home to 250 captives, made up of 185 pure captives, 36 cell structures, seven risk retention groups and 22 special purpose captive insurers.

By comparison, in 2019 North Carolina had a net loss of 11 captives, after seeing 26 new formations but 37 licences surrendered.

North Carolina also saw 126 individual captive cells formed in 2020, bringing the total number of captive cells in the state up to 545.

“I am thrilled that NCDOI’s captive insurance program continues to draw companies from around the nation – even the world,” Insurance Commissioner Mike Causey said.

“This division is made up of highly skilled analysts who consistently provide top-notch customer service that, combined with the state’s business-friendly legislation, make North Carolina a welcoming state to call home.”