August 9, 2022

Iroquois Capital Group launches new captive insurance company

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screen-shot-2014-02-19-at-25014-pm*600By Scott Harrison From Nashville Business Journal

Iroquois Capital Group has started a new company in the captive insurance market, hoping to tap into a sector that was expanded by the Tennessee General Assembly in 2011.

The company launched Iroquois Captive Services last October. Bill McGugin, the company’s president and CEO, said ICS is the first captive insurance management group established in Tennessee since passage of the recent legislation.

ICS is targeting smaller and mid-market businesses that are looking to establish their own captive insurance companies, which insure the risk of the parent organization. The Nashville-based company currently manages more than 15 captives and has consulting relations with more than 70, McGugin said. And it aims to run more.

“When captives are brought up in Tennessee we want Iroquois Captive to be in the forefront, just like when you think of Google for searching on the Internet,” McGugin said.

While Tennessee is one of the oldest captive domiciles in the U.S., the number of captives in the state had declined prior to the state’s legislation in 2011. Most captives are not domiciled in the U.S., but instead in the Cayman Islands or elsewhere.

With the support of Gov. Bill Haslam, the state passed the Revised Tennessee Captive Insurance Act to encourage companies to bring their captive insurance companies to the state.

The existing market in Tennessee, while still small, has room for growth, according to ICS executives. It’s that potential, statewide and throughout the Southeast, that ICS wants to capture.

Andy Rhea, the managing director of ICS, said the firm “sees a huge opportunity” for companies seeking to domicile their captives in the state — both Tennessee companies as well as those in neighboring states.

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