Target Markets Meeting -- Arlington, VA
May 15-17, 2017
Ian Podmore will be attending.
Atlas Insurance Secures Captive Manager Approval in Texas
North Carolina captive insurance manager expands into 13th domicile
CHARLOTTE, N.C. (March 27, 2017) – Atlas Insurance Management (Atlas), a Charlotte-based captive insurance management firm, has received approval from the Texas Department of Insurance to act as a manager for captive insurance business in the state. Atlas will be working with Texas regulators to offer a viable domicile to companies for captive formation.
“Texas has a very business-friendly environment,” said Martin Eveleigh, Chairman of Atlas Insurance Management. “We look forward to giving companies headquartered in Texas the ability to be domiciled in their home state and provide an option for any companies looking to re-domicile their existing captive business.”
Texas is the second largest state in the country and houses millions of companies, including over 2 million small businesses. The Texas Department of Insurance is very proactive in encouraging businesses headquartered within the state to stay and do business in Texas. This is a great opportunity for Texas-based companies to form captives in their home state. Texas is sure to provide even more advantages over time as more businesses form captives.
Texas is the 13th domicile in which Atlas Insurance Management has been approved to act as a captive manager. At the beginning of the year, Atlas became the first North Carolina-based captive manager to be approved by Oklahoma and is pursuing further domicile approvals throughout 2017.
Atlas Chairman Recognized as Enterprise Risk Captive Pioneer
Martin Eveleigh recognized on Captive Review's 2016 award list
CHARLOTTE, N.C. (January 19, 2017) – Martin Eveleigh, Chairman of Charlotte-based captive insurance management firm Atlas Insurance Management (Atlas), has been recognized by Captive Review as an Enterprise Risk Captive (ERC) Pioneer for 2016. This is the second year that Eveleigh has been awarded this recognition.
2015 was the first year that Captive Review ran an ERC Pioneer list in addition to the publication’s highly-anticipated annual Power 50 list. The ERC Pioneers list recognizes 20 key influencers in the United States’ smaller captive industry.
“It is truly an honor to have made Captive Review’s Enterprise Risk Captive Pioneer list for 2016,” says Martin Eveleigh, Chairman of Atlas Insurance Management. “This recognition is not just about me; it’s also a direct reflection of the entire Atlas team that helps develop innovative approaches and deliver consistent performance in the new enterprise risk captive category.”
Enterprise Risk Captive Pioneers were nominated by their captive industry peers who believe they make considerable effort to influence and lead the industry from both within, and outside, of their every day job role.
Atlas Insurance Secures Captive Manager Approval in Oklahoma
Oklahoma approves its first North Carolina-based captive insurance manager
CHARLOTTE, N.C. (January 4, 2017) – Atlas Insurance Management (Atlas), a Charlotte-based captive insurance management firm, has received approval from the Oklahoma Department of Insurance to act as a manager for captive insurance business in the state. Atlas is the first North Carolina-based captive manager to be approved by Oklahoma.
“We are pleased to have received approval to do business in Oklahoma,” said Martin Eveleigh, Chairman of Atlas Insurance Management. “The state is a growing domicile, and we are looking forward to working with Oklahoma’s Captive Insurance Division. Atlas already has two captives that we will be managing in this new domicile.”
Oklahoma is one of the newer and more attractive on-shore captive domiciles. Due to recent legislation, Oklahoma boasts a captive statute that incorporates great flexibility, low rates and fees and a supportive regulatory environment. The most recent data published shows the state regulates 73 active captive insurance companies in its domicile.
In addition to Oklahoma, Atlas Insurance Management recently received approval to act as a captive insurance manager in South Carolina. The North Carolina-based captive insurance manager plans to pursue state approval in other U.S. captive domiciles throughout 2017.
Atlas Insurance Management Restructures Executive Leadership
Charlotte-based captive insurance manager reorganizes to accomodate growth
CHARLOTTE, N.C. (October 27, 2016) – Atlas Insurance Management (Atlas), a Charlotte-based captive insurance management firm, has restructured its executive management team to accommodate its increase in business demands and staffing within both its onshore Charlotte office and its offshore Cayman Islands office.
Reorganizing Atlas’s executive leadership team enables the independent captive insurance management firm to implement targeted strategies that will consider the significant growth and exciting opportunities that are happening for the company. It also continues to form a positive workplace environment for employees to best serve their clients.
Atlas Insurance Management’s onshore office in Charlotte appointed Ian Podmore as Senior Vice President of Business Development; Steve Coffield as Senior Vice President of Finance & Compliance; Donna Rinchisen as Vice President of Client Services; and Jeff Ellington, Vice President of Business Development & Marketing. In Atlas’s offshore Cayman Islands office, Elaine Tapp has been appointed as Executive Vice President of Group; Mark Kay is now Senior Vice President of Operations; and Beth Biega is Vice President of Client Services.
“It’s exciting to see how much Atlas has grown over the last 12 months,” said Martin Eveleigh, Chairman of Atlas Insurance Management. “Restructuring our leadership team allows us to continue to provide the best solutions and service to our clients while making Atlas the best place for our staff to work."
Atlas Insurance Management Secures Captive License in SC
South Carolina approves its first North Carolina-based captive insurance manager
CHARLOTTE, N.C. (September 6, 2016) – Atlas Insurance Management (Atlas), a Charlotte-based captive insurance management firm, has received approval from the South Carolina Department of Insurance to act as an insurance manager for captive business in the state. Atlas is the first North Carolina-based captive manager to be approved by South Carolina.
“We are truly pleased to have obtained approval to act as a captive manager in South Carolina,” said Martin Eveleigh, Chairman of Atlas Insurance Management. “The addition of South Carolina to our portfolio will expand the captive options available to our clients, and we look forward to working with such an established, well-respected domicile.”
The diligent work done by the Atlas team – coupled with the responsiveness of the South Carolina Department of Insurance – made the captive manager approval process very smooth and straightforward. Eveleigh noted, “The Captive Program Administrator, Jeffrey Kehler, and his entire team have been extremely responsive and flexible throughout the whole process.”
Since captive-enabling legislation was passed in 2000, South Carolina has focused on developing the infrastructure, resources and staffing to provide captive owners with a robust and thriving captive marketplace. The state is considered to be one of the top five mature domiciles in the Western Hemisphere. There are currently 165 active companies domiciled in South Carolina.
Atlas will attend the South Carolina Captive Insurance Association Conference (SCCIA) Sept. 13-15, 2016 in Charleston, SC.
Atlas Insurance Management Recognized at U.S. Captive Services Award Ceremony
Firm named 'Highly Commended' in category
CHARLOTTE, N.C. (August 9, 2016) – Charlotte-based captive insurance management firm Atlas Insurance Management (Atlas) was recognized as 'highly commended' in the Independent Captive Manager of the Year category of Captive Review’s U.S. Captive Services Awards. The award ceremony was held on August 8 in Burlington, Vermont.
Atlas was among eight captive managers to make the category’s shortlist of finalists; and although the firm did not take home the highest honor, it was the only one to receive Captive Review’s honorable mention of ‘Highly Commended Independent Captive Manager of the Year.’
“We are honored to have been named by Captive Review as a ‘highly commended’ captive manager,” says Martin Eveleigh, Chairman of Atlas Insurance Management. “This recognition is truly rewarding because it is a direct reflection of the Atlas team upholding our values of providing excellent client service, developing innovative approaches and delivering consistent performance.”
According to the award judges, Atlas impressed with their wide geographic reach and plethora of domicile and structural options they are able to offer clients. Captive Review’s judges also noted that Atlas has embraced the captive cell concept in North Carolina and contributed to the domicile’s strong growth, both by formation numbers and by actively engaging in the local captive association.
For a full list of winners of the 2016 Captive Review U.S. Captive Services Awards, visit captivereview.com.
Atlas Insurance Hires Seasoned Financial Executive
Atlas Welcomes Steve Coffield as Senior Vice President- Finance & Compliance
CHARLOTTE, N.C. (April 7, 2016) – Atlas Insurance Management (Atlas), a Charlotte-based captive insurance management firm, has added Steve Coffield, CPA, a successful financial executive, to the growing team. Coffield joins Atlas as Senior Vice President – Finance & Compliance.
Coffield possesses several years of experience as a Chief Financial Officer in a variety of industries. After graduating from Appalachian State University with a bachelor’s degree in Accounting, he began his career in public accounting where he worked for eight years. In his role as SVP- Finance & Compliance at Atlas, Coffield is responsible for the key areas of treasury management; corporate finance and tax; financial systems and controls; corporate secretarial; statutory, regulatory and legal compliance; risk management; human resources; and information technology.
“We are very pleased with the continual growth we are experiencing at Atlas,” says Martin Eveleigh, Chairman of Atlas Insurance Management. “This allows us to bring in experienced and talented individuals, like Steve Coffield, to assist in maintaining Atlas as a leader in the captive insurance industry.”
Most recently, Coffield worked with an industrial supply company with $23 million in revenue as a CFO Consultant. He provided CFO services to a manufacturer and a warehouse leasing company, as well as provided advice to companies that were considering selling their businesses. He also worked as Executive Vice President/Chief Financial Officer for American Broadband Communications, where he successfully closed a $220 million refinancing of the company from 2009 until 2013.
In addition to his many years of experience, Coffield is a Certified Public Accountant. He is also a member of two professional associations including the American Institute of Certified Public Accountants and the North Carolina Association of Certified Public Accountants.
Atlas Insurance Management Experiences Company Growth
Captive management firm develops a new program, expands offices and gains business
CHARLOTTE, N.C. (March 30, 2016) - Demand for captive insurance solutions continues to increase rapidly, which has led to a year of significant growth for Atlas Insurance Management. The captive insurance manager has appointed several new employees, added new business accounts and launched the Vortex risk exchange program.
This boom in business has translated to partnerships with a variety of new business clients across a wide range of industries, necessitating the addition of several new employees to its team. These new team members expand account service and management in the firm’s U.S. operations located in Charlotte, NC as well as the offshore office in the Cayman Islands.
In the past year, the Atlas Charlotte office has welcomed Stacey Oaks, Administrative Assistant; Lori Holford, Assistant Underwriter; Leah Covey, Account Manager; Melissa Smith, Underwriting Assistant; Lori McGee, Account Manager; Adam Perea, Business Development Manager; Morgan Weatherly, Account Manager; and Beth Sartori, Account Manager. Joining the Atlas team in the Cayman Islands office are Brenda Munnelly, Account Manager; and Deanna Thompson, Account Executive. Most recently, Steve Coffield, CPA was hired as Atlas’s SVP – Finance & Compliance.
“The addition of new business partnerships continues to catapult Atlas’s success and growth in the captive industry,” said Martin Eveleigh, Chairman of Atlas Insurance Management. “I am excited to do business with our new clients, work with our new team members and see them provide great solutions and great service.”
To further the growth of the business and meet the needs of many mid-sized employers suffering from the high cost of workers’ compensation insurance, Atlas recently introduced a new captive program called Vortex. Vortex is a workers’ compensation risk exchange developed for participating captive insurance companies to share a primary layer of risk. Each captive buys reinsurance for its own risk from Vortex Re, which in turn shares its assumed risk with the pool of participants by buying reinsurance from them. Financing retained risk in a captive insurance company can double the net benefit.
As evidence of the firm’s continual growth and foothold in the industry, Captive Review named Atlas as a finalist in the “Independent Captive Manager of the Year” category for their 2015 U.S. Captive Service Awards. The respected accolade honors individuals and firms that have excelled in the captive industry over the past 12 months.
For 2016, Atlas continues to see growth on the horizon. Businesses are becoming more cognizant of the opportunities captives offer in a changing world of risks. In particular, small and mid-size companies are finding there is a place for them in the captive space as well. With that, the need for an experienced captive manger to help them take advantage of these new opportunities continues be on the rise.
Atlas Insurance Opposes NAIC Legislative Change
CHARLOTTE, N.C. (November 23, 2015) - Atlas Insurance Management (Atlas), a Charlotte-based captive insurance management firm, has written to the Chair of the National Association of Insurance Commissioners' (NAIC) Reinsurance (E) Task Force to voice opposition regarding the proposed change to the Credit for Reinsurance Model Act, which would have an impact on captive insurance companies.
“The use of captive insurance companies increases competition, brings more capital into the market and allows insureds a measure of control over their risks and the financing of those risks that is not available in the commercial marketplace,” says Martin Eveleigh, Atlas Chairman. “Captive insurance complements the standard market and, in so doing, helps oil the wheels of commerce and is a broad economic good."
Eveleigh also states, “It is my concern that this proposal will have an adverse impact on a number of captive insurance companies. While the original intent may not be to ensnare all forms of captive reinsurance arrangements, its current wording has the clear potential to reduce the financial benefit a fronting company obtains from the credit for reinsurance when entering into a reinsurance transaction with a captive insurance company.”
Atlas Insurance Management Introduces Vortex
Captive manager develops workers' compensation risk structure
CHARLOTTE, N.C. (October 20, 2015) - Atlas Insurance Management (Atlas), a Charlotte-based captive insurance management firm, recently announced its new captive structure, Vortex, a workers’ compensation risk exchange. Vortex is operated by Vortex Re, a North Carolina-licensed reinsurance company.
In addition to providing reinsurance coverage, Vortex allows participating captives to pool their workers’ compensation risks in order to achieve risk distribution, a requirement for insurance company tax treatment. Each company buys reinsurance for its own risk from Vortex Re, which in turn shares its assumed risk with the pool of participants by buying reinsurance from them.
“Financing retained risk in a captive insurance company can not only lower your annual premiums but can also create a new stream of profit revenue,” said Martin Eveleigh, Atlas Chairman. “Vortex allows participating companies to retain the risk and reap the reward of their worker’s compensation programs.”
To qualify for Vortex, businesses should have a high-deductible or self-insured workers’ compensation program. In addition, companies should retain no less than the first $100,000 per loss occurrence, demonstrate financial strength and favorable cash flow, be committed to risk management and loss control, provide historical five-year loss and exposure data and show a willingness to form a captive or expand the use of an existing one.
Atlas Insurance Experiences Business Growth
Captive firm expands Charlotte and Cayman offices with new hires
CHARLOTTE, N.C. (September 1, 2015) – Atlas Insurance Management (Atlas), a Charlotte-based independent captive insurance management firm, today announced the appointments of six new employees to the firm’s U.S. operations in Charlotte, N.C. and offshore in the Cayman Islands.
Lori Holford joins the Atlas Charlotte team as Assistant Underwriter. Also new to the Charlotte office are Leah Covey, Account Manager; Stacey Oaks, Administrative Assistant; and Melissa Smith, Underwriting Assistant. Atlas expanded its Cayman Islands office with the hiring of Brenda Munnelly, Account Manager; and Deanna Thompson, Account Executive.
“Atlas Insurance has always sought to provide the highest standards of client satisfaction by employing the best talent possible,” said Martin Eveleigh, Atlas Chairman. “These new additions to our growing company will help us advance strategically in the captive insurance industry.”
As the demand for captive insurance solutions continues to increase rapidly, captive managers are becoming an essential part of the industry’s growth. This increased interest is bringing new clientele to Atlas and has created the need to expand both offices. While adding to their client roster, Atlas continues to seek the most talented people in alternative risk finance to best serve their clients.
Atlas Insurance Management Implements N.C. Code of Ethics
NCCIA develops code to maintain high-quality captive industry
CHARLOTTE, N.C. (July 23, 2015) – Atlas Insurance Management (Atlas), a Charlotte-based captive insurance management firm, implemented a newly stated Code of Ethics constructed by the North Carolina Captive Insurance Association (NCCIA). The code was introduced by the NCCIA in May 2015, and Atlas Chairman Martin Eveleigh signed a written pledge adhering Atlas to the 10 principles of the new code.
The NCCIA Code of Ethics is a model of North Carolina’s commitment to uphold the highest quality captive industry practices in the country. Atlas adopted the code to communicate to clients and the public that captives are managed ethically and responsibly at Atlas. The code also clarifies the expectations for captive professionals in North Carolina, building and strengthening trust in the captive industry’s ability to develop.
“The implementation of this Code of Ethics is a mark of responsibility for all NCCIA members, and Atlas encourages this accountability,” said Martin Eveleigh, Chairman of Atlas Insurance Management. “Atlas has always held itself to a higher standard, and by implementing the new code we hope to continue to revolutionize the captive industry in North Carolina.”
Believed to be the first Code of Ethics created specifically for the captive industry, NCCIA developed the document to provide guidelines regarding the ethical formation and operation of captive insurance companies. To read more information about the newly developed NCCIA Code of Ethics, please visit www.nccia.org.
Atlas Announces Upcoming Reputational Risk Webinar
Atlas and Anne Klein co-host third annual risk management discussion
CHARLOTTE, N.C. (July 29, 2015) — Atlas Insurance Management (Atlas) and Anne Klein Communications will host their third annual Reputational Risk Webinar on September 16 at 1:00 p.m. EST. This year’s webinar topic will focus on the devastating effects data loss can have on your company. The goal is to help participants better understand regulations governing communications after a crisis and to explain best practices for retaining customers and employees after a data loss event.
Reputational damage can affect a broad range of businesses. With many recent cases of corporations dealing with reputational risks, many prominent businesses are proactively instituting captive insurance programs to provide coverage for this potential damage. Atlas’s Reputational Risk Webinar will highlight awareness about the types of data loss that can affect a company while explaining the importance of developing a strategic crisis communications plan.
“For many years captives have helped cover risks resulting from reputational damage,” said Martin Eveleigh, Atlas Chairman. “Risk management programs utilizing captive insurance act as a vital defense in crisis communications. Reputational risks are considered a secondary risk to a larger primary risk, but can often be more costly than the primary risk.”
To participate in this year’s complimentary Reputational Risk Webinar: Data Loss, contact Karen Hobensack at 704.945.6620. The webinar is expected to last approximately 45 minutes, but may exceed time depending on the amount of questions at the end.
Atlas Insurance Named as Finalist for Captive Award
Firm on shortlist for 2015 US Captive Services Awards
CHARLOTTE, N.C. (July 21, 2015) — Atlas Insurance Management (Atlas) has been selected as a finalist for Captive Review's US Captive Services Awards in the "Independent Captive Manager of the Year" category. This award recognizes firms who have excelled in the captive industry over the last 12 months. Judging criteria included providing the highest standards of customer care and satisfaction, innovative ways of managing client risk and insurance structures, evidence of business growth and key staff playing an active role in industry discussions and setting the agenda for the broader industry.
The award ceremony will be held on August 10 in Burlington, Vermont prior to the Vermont Captive Insurance Association’s (VCIA) annual conference. The 2015 US Captive Services Awards are judged by risk and insurance professionals from seven American captive owning corporations. The full shortlist and list of judges are available here.
Atlas Insurance Management Opposes NAIC Proposal
Captive manager contests proposed accreditation requirements to captives
CHARLOTTE, N.C. (March 20, 2015) — Atlas Insurance Management (Atlas), a Charlotte-based captive insurance management firm, has written to the Chairman of the National Association of Insurance Commissioners' (NAIC) Financial Regulation Standards and Accreditation Committee to register its opposition to a draft proposal. The proposal would subject certain captive insurers to “Part A” accreditation standards, which would require them to abide by the same laws applicable to commercial insurers.
The NAIC proposals would apply to any property and casualty or life and health captive operating in at least one state other than its state of domicile. It would also apply to these captives reinsuring business that was directly written by a ceding insurer in at least two states.
“I firmly believe that captive insurance, just like commercial insurance, is a broad economic and social good, helping turn the wheels of commerce and allowing for-profit and not-for-profit entities to take and manage the risks inherent in the transaction of any business,” said Martin Eveleigh, Chairman of Atlas Insurance Management. “The adoption of this proposal would deny this good to many companies, including clients of Atlas, whose businesses operate across state lines.”
NCCIA Announces Martin Eveleigh as Chairman
President of Atlas Insurance Management elected to 2015 board
CHARLOTTE, N.C. (Feb. 24, 2015) — Martin Eveleigh was elected Chairman of the North Carolina Captive Insurance Association (NCCIA) at its annual meeting in December. Eveleigh has been a member of the NCCIA Board of Directors since 2013 and served as Chairman of the Annual Conference Committee in 2014.
“Martin Eveleigh is one of the best known individuals in the captive insurance community,” said NCCIA President and CEO Thomas Adams. “His election provides not only continuity but the strong leadership skills that will be necessary to continue North Carolina’s rise to becoming one of the top domiciles for captive insurance companies.”
Eveleigh is the President of Atlas Insurance Management (Atlas), a leading insurance management firm in Charlotte, which he formed in 2002. Atlas focuses on creating innovative captive insurance strategies for a wide variety of companies within U.S. and offshore domiciles. At Atlas, Eveleigh specializes in designing alternative risk transfer programs – particularly risk pools and captive structures.
“I am honored to be elected to lead the NCCIA Board as its Chairman,” said Eveleigh. “The past year and a half have been groundbreaking for captives in North Carolina, and 2015 holds much promise for more progress. I look forward to working with my fellow Board members to help support North Carolina captives and the expansion of the North Carolina captive program.”
Eveleigh will serve a one-year term as Board Chairman.
Nick Leighton Runs Cayman Marathon,
Donates to Cause
Nicholas Leighton, Group Managing Director at Atlas Insurance Management, recently completed the 2014 Intertrust Cayman Islands Marathon - Half Marathon in central George Town.
In a group of 700 runners, Leighton's finish time was two hours and 35 minutes. Running for a cause, Leighton raised a total of $3,000 from sponsors and donated the amount to Cayman Hospice Care's new facility. Leighton thanks all of the Atlas clients who generously donated to his cause-- including Duggan Bertsch, Steven Beeghly, SBOA TI Manager, SBOA TI Re, Rob Logan, Elaine Tapp, Rives & Associates, and Pinnacle Actuarial Resources, Inc.
Atlas Insurance Management Hires
Ian Podmore as Vice President
Atlas Insurance Management, an independent captive management firm, welcomes Ian Podmore as Vice President with responsibility for new business programs and development.
Previously engaged as an underwriter in the U.K. and Charlotte (Bank of America and AmTrust) as well as a captive manager in Bermuda and Vermont, Podmore brings nearly 30 years of insurance industry experience to Atlas. In his new position, Podmore will focus on cost-of-risk solutions for single insureds and groups and on profitable risk participation for agents and program managers. He is also charged with further developing Atlas’ relationships with carriers, reinsurers and intermediaries across the U.S..
“We currently are experiencing a very high level of demand for captive insurance solutions and adding Ian to our Charlotte team helps us provide broader professional expertise as we deliver those solutions,” said Martin Eveleigh, Chairman of Atlas. “In addition to the first class management services that our clients expect, Atlas is proud to also give them access to the brightest, most creative people in alternative risk finance.
Atlas Insurance Management Hires
Business Development Manager
Atlas Insurance Management, an independent captive management firm, welcomes Brian Flinchum as Business Development Manager.
In this role, Flinchum will focus his attention on bringing effective and fiscally efficient captive solutions to middle market businesses. Previously with Artex and Wilmington Trust, he comes to Atlas with a proven track record of business production, extraordinarily high levels of customer satisfaction and the endorsement of many clients’ professional advisors. Flinchum’s appointment follows closely on the expansion of Atlas’s client service team in Charlotte, NC with the recruitment in February of CPAs John White (formerly with AIG) and Ron Brotemarkle (formerly with Liberty Mutual).“We are building a team to provide clients with friendly professional expertise in the field of alternative risk transfer and first class captive insurance accounting and administration services,” says Martin Eveleigh, Chairman of Atlas. “I don’t think there has ever been a greater interest in the broad range of captive insurance solutions that we offer than there is today, and we will make sure that we realize this opportunity for growth by continuing to employ the best people.”
Atlas Insurance Management Secures First
Three Captive Licenses in NC
CHARLOTTE, N.C., Jan. 3, 2014 – Clients of Charlotte-based Atlas Insurance Management have been awarded the first three captive insurance company licenses to be issued by the North Carolina Department of Insurance. Of the three captives formed, two were for clients from outside the State while the third was for a North Carolina resident company. The licenses were issued on Dec. 30 and Dec. 31.
Martin Eveleigh, Chairman of Atlas Insurance Management, welcomed the news. “We are really pleased to have obtained the first three captive licenses to be issued by North Carolina, and I know our clients have got a buzz out of that; but what pleases me most is the way the Department of Insurance has worked with us to get this done,” Eveleigh said. “The Director of Captive Insurance, Debbie Walker, and her entire team have been helpful, responsive and flexible, and their approach has been completely business-friendly. This is exactly the sort of approach that clients want to see, and I know we shall have more clients wanting to form their captives here in North Carolina.”
As well as the work done by Atlas, lawyers and actuaries in the Charlotte area also were involved in getting the three companies licensed. Eveleigh noted, “State legislators were told that passing captive insurance legislation would bring economic benefits to the State and should be seen, in part, as an economic development measure. This has proven to be the case with fees already earned by professional service providers in the State and premium taxes soon to be due from these captive insurance companies.”
The North Carolina Captive Insurance Act was signed into law on June 19, 2013. After funding for the State’s captive program was appropriated by the General Assembly, Insurance Commissioner Wayne Goodwin declared North Carolina open for business as a captive domicile on Oct. 23.
Atlas Insurance Management Approved as
Captive Insurance Manager in NC
CHARLOTTE, N.C., Nov. 27, 2013 – The North Carolina Department of Insurance has approved the application of Atlas Management, LLC (DBA Atlas Insurance Management) to operate as a captive insurance manager in North Carolina.
This approval is a result of the June 2013 signing of the NC Captive Insurance Act, allowing North Carolina to become a captive insurance domicile. Prior to this legislation, NC captive insurance companies were required to be domiciled in another state that granted legal status or go offshore.
“After years of forming captives in other U.S. states, I’m very pleased to have the opportunity to now establish and manage them on our home turf,” said Martin Eveleigh, Chairman of Atlas Insurance Management. “Captives domiciled in North Carolina will benefit from reasonable capital requirements and competitive premium tax rates. Importantly, the regulatory team at the North Carolina Department of Insurance has already demonstrated its commitment to being flexible and business-friendly.”
A captive is an insurance company that is created and owned by a parent company to insure the risks of that parent. Essentially, it is a form of self-insurance and serves to cover the risk management needs of its owner or members. Captives provide significant tax and nontax advantages and can provide coverage when it’s unavailable or unreasonably priced. However, planning, forming and managing a captive is a complex undertaking, which is why finding the right captive insurance manager is so important.
NC Commissioner of Insurance Wayne Goodwin has added Atlas to the list of approved captive managers on North Carolina’s captive insurance website, www.nccaptives.com.