MG&C Law

What is captive insurance and why would I want to own a captive insurance company? What is the process in forming a captive insurance company?

Captive insurance is a form of self-insurance that allows businesses to cover selected risks and control claims and losses better than traditional insurance. As an added advantage, owning a captive insurance company provides the owners with certain tax and capital benefits that are not possible with other insurance products.

South Carolina is the third largest domicile for captive insurance companies in the United States, and our business attorneys can help you with everything necessary to determine if forming a wholly-owned captive insurance company is right for you. We can assist you with a feasibility study, and then help you analyze the legal and financial benefits and consequences of forming a captive. If the decision is to move forward, our attorneys will work with you to incorporate the new company and obtain a license from the Department of Insurance. Working closely with you as your legal partner, we will tailor your captive insurance company's charter and by-laws for your maximum advantage and provide on-going legal assistance and counsel. As one of the largest insurance defense firms in the Carolinas, MG&C’s team of experienced attorneys will advise you on loss prevention, claims administration, and litigation.