Farmers Risk Insurance Company, an association captive of the Tennessee Farmers Cooperative (TFC), has redomesticated from the Cayman Islands to Tennessee, where it will continue to provide captive services to its members.

       The company was formed by insurance broker Marsh in the Cayman Islands in 1987 and was transferred to its members' home state on June 30, 2016.

       The Tennessee Farmers Cooperative (TFC) was founded in 1945 by 33 cooperatives and now counts 54 cooperatives as members. They operate 164 retail outlets in 83 of the state's 95 counties, providing risk management and other insurance services to members through the association captive.

       Other new licenses recently issued in Tennessee include Arcadia Insurance Company—a large medical professional captive with annual premium income exceeding US$20 million. The state also granted two cell captive licenses—Tristar Insurance Company and South Shield Insurance Company, established in April and May this year respectively.
    
        Michael Corbett, director of Tennessee's captive insurance division, expressed satisfaction with the quality and scope of the licenses issued so far:
"It is understandable that many companies would not choose a new captive domicile for their first captive, but we are now seeing that, after five years of sound operation, some large companies are also choosing to return to Tennessee's embrace or form a new captive here. More and more captive insurers are achieving growth in premiums and risk management business.

        Tennessee also successfully persuaded Nissan Motor Company to establish a captive locally.

Source: Captive Review