skip to main content
Receive client alerts and/or Silicon Valley e-News in your inbox.
RALEIGH, N.C.—Womble Carlyle is pleased to congratulate the North Carolina Department of Insurance, which just announced that North Carolina’s captive insurance program exceeded expectations during its first full year of operation.
The North Carolina Department of Insurance approved 49 new captive insurance companies in 2014, bringing the total number of captives domiciled in North Carolina to 53. Of those, 11 are licensed protected cell companies housing more than 120 cells.
Insurance Commissioner Wayne Goodwin reported that “When captive insurance companies form in or relocate to North Carolina, they create jobs, generate premium tax revenue and bring business to the hospitality industry in our state . . . . I am proud of our progress toward becoming a leading captive domicile and look forward to what I'm confident will be another successful year.”
Womble Carlyle has been active in the North Carolina captive industry from nearly the beginning. The firm is a Founding Member of the North Carolina Captive Insurance Association, a trade association which promotes North Carolina as a leading captive insurance domicile and serves as a voice for its members in the legislature and with regulators. Jonathan Reich recently began his second year of service on the Board of Directors of the association. Garth Gersten currently serves as the Chair of the Government Affairs subcommittee.
Reich remarked that “This is really a great accomplishment for our Department of Insurance and for North Carolina business. Other leading domestic domiciles, such as Vermont and South Carolina, each formed less than 20 new captive insurers in 2014. Bermuda, Vermont, and South Carolina combined for 52 new captives in 2014. For North Carolina to already be at 53 is great news.”
“Clients are continuing to reevaluate how they handle cyber liability, data breaches, and privacy issues. With all options on the table, captives are a way to gain broader coverage than what is available in the commercial market or to supplement existing coverage,” said Womble Carlyle attorney Cal Adams, Vice-Chair of the Insurance Section of the North Carolina Bar Association.
Reich, Gersten, and Adams are active members of the North Carolina Captive Insurance Association. Feel free to contact them if you have questions about captive insurance in North Carolina or any other insurance matters.
Cal Adams has tried more than thirty jury trials in state and federal courts. His experience includes insurance coverage litigation, large-scale class action cases and managing diet drug product liability litigation. Mr. Adams also has experience in construction defect coverage and litigation, directors’ and officers’ liability coverage and litigation, complex claims against agents and brokers arising from insurance procurement practices, and providing coverage analysis for corporate clients. He is currently the Vice-Chair of the Insurance Section of the North Carolina Bar Association and is slated to become the Chairman in 2015. He practices in Womble Carlyle’s Winston-Salem, N.C., office.
Garth Gersten has been recognized by Best Lawyers in America for his work in insurance law. Garth currently focuses his practice on insurance coverage, representing and advising policyholders and insurers. Garth is adamant that policyholder clients should be proactive with their insurance program. To that end, he reviews existing insurance programs for policyholders and advises on gaps and overlaps. Garth currently serves as the Chair of the Government Relations subcommittee of the North Carolina Captive Insurance Association. He is licensed in numerous jurisdictions.
Jonathan Reich’s diverse litigation practice ranges from complex commercial and business litigation to defending products liability and catastrophic personal injury cases. He also practices in the area of insurance coverage and insurance procurement. He is active in the North Carolina Captive Insurance Association, where he sits on the Board of Directors and is the Chair of the Ethics Subcommittee. He practices in Womble Carlyle’s Winston-Salem, N.C. office.