North Carolina’s Insurance Commissioner Wayne Goodwin announced last Friday that one of the nation’s largest convenience store chains has formed a captive insurance company in North Carolina.
The Pantry Inc., based in Cary, N.C., has formed Cellarium Insurance Company Inc., a pure captive insurance company licensed by the N.C. Department of Insurance (NCDOI) on Feb. 28.
Officials said this is the first captive insurer to become licensed in North Carolina in 2014 and the first in North Carolina to be owned by a publicly-traded corporation. As of March 13, 2014, The Pantry operated 1,537 convenience stores in 13 states, including its primary operating banner Kangaroo Express.
Cellarium Insurance Company is managed by Beecher Carlson Insurance Services LLC, and joins four other captive insurers that have formed in North Carolina since the state’s Captive Insurance Act went into effect in late October 2013.
“Prior to having this captive insurance law, North Carolina businesses would have had to go to other states or jurisdictions to form a captive insurance company,” Goodwin said.
“I am proud that companies like The Pantry are realizing the benefits of forming captives here in North Carolina,” Goodwin said. “We are dedicated to helping companies meet their insurance needs and attracting new business to our state.”
“As a founding participant in North Carolina’s new captive program, we are looking forward to the partnership with NCDOI,” said Lindsay Cunningham, vice president of risk management at The Pantry. “We have been fortunate to experience a very smooth and receptive transition with NCDOI.”
Source: North Carolina Department of Insurance
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