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8th of February 2012

News

South Carolina enlarges regulatory team pending new formations

Gavin Bradshaw 22/07/2010

The South Carolina Department of Insurance has made a number of promotions within its Alternative Risk Transfer Services division and is looking to recruit additional staff.
 
Deputy director Leslie Jones (pictured) said the new appointments reflect a re-organisation of the department to accommodate the growing complexity of captive regulatory roles in the department.
 
“We used to have a position devoted to both analysis and examination but as we grew we decided to split that position into two,” said Jones.
 
Kristin Barrett has been appointed as chief financial analyst for captives. Barrett previously served as senior financial analyst/examiner for special purpose financial captives (SPFCs) and other complex transactions.
 
Daniel Morris has been appointed as a financial analyst position to assist Barrett with these complex transactions while she takes on additional duties and responsibilities. Morris was working in a temporary capacity on SPFCs and other complex transactions prior to his new appointment.
 
Bobby Troutman has been promoted to chief financial examiner for captives, having previously served as administrative examiner.
 
Gerald Owens has been promoted to supervising analyst from his previous position as financial analyst. Replacements are being sought for both Troutman and Owens’ vacated positions.
 
South Carolina also has three new captive applications pending – one of which is expected to go through on 23 July and the other two by the end of July or shortly thereafter.
 
All three licences are for pure captive insurance companies with medium-sized parent companies, one of which originates in South Carolina.
 
The trend in South Carolina captive formations appears to reflect a general trend towards increasing enquiries from middle-market firms looking to set up captives.
 
“I would say right now that is true,” said Jones. “It hasn’t always been the case – last year we licensed two Dow 30 companies.”
 
Jones said the large number of formations South Carolina has experienced in previous years of SPFCs and complex transactions has slowed significantly since the economic crash, with recent licence applications tending towards more traditional funding mechanisms.
 
“We would love to have the cat bond market here and that’s a nut that we’ve been trying to crack,” said Jones. “But there is a huge tax incentive for the companies to be offshore.”

Tags: Cat bonds, South Carolina, Special purpose financial captive, SPFC

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Joseph Coughlin 23/07/2010 3:30am

Rearranging deck chairs on the Titanic.

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