Wilmington Trust, a provider of specialized management and fiduciary services to corporations worldwide, is expanding the reach of its captive insurance management services.
Wilmington Trust entered the growing captive insurance management business in July when it acquired Charleston Captive Management Company, a captive insurance management company based in Charleston, South Carolina. South Carolina is one of several U.S. jurisdictions that have become popular in recent years as a home to captive insurance companies, also known as captives.
Wilmington Trust’s captive insurance management expansion also coincides with the recent modernization of the captive insurance statute in its home state of Delaware. The Delaware Revised Captive Insurance Company Act, which updates legislation originally passed in 1984, was enacted this July to enable the state to compete more effectively as a domicile for captives.
“Our strategy is to deliver services to corporate clients in the world’s most advantageous business jurisdictions,” said William J. Farrell II, executive vice president and head of Wilmington Trust’s Corporate Client Services business. “With its revised law, we expect that Delaware will become an attractive location for captives, as it has long been for other corporate needs. Our experience in serving corporate clients positions us well to support the needs of the growing captive insurance industry.”
Captives are owned by the entities they insure. They are usually formed by corporations that wish to better manage the cost and administration of their insurance coverage. Captives require a variety of administrative services to support their establishment and operation, including bookkeeping and insurance regulatory reporting, among others. The company markets these services to captives as Wilmington Trust Captive Management Services.
To lead its captive management sales effort across jurisdictions, including South Carolina, Delaware, Nevada, Vermont, and the Cayman Islands, Wilmington Trust has hired James Tullis as a vice president on its CCS client development team. Tullis comes to Wilmington Trust after 15 years at Wachovia Corporation’s Wilmington office, where he provided investment custody, investment management, and strategic outsourcing services to corporations.
Wilmington Trust Corporation and its affiliates have offices in California, Delaware, Florida, Georgia, Maryland, Nevada, New York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel Islands, London, and Dublin, and other affiliates in Milan.
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