Alternative risk program manager BevCap Management has announced the formation of HatterasRe, a North Carolina-domiciled captive insurer.
HatterasRe will act as an on-shore captive option for BevCap Health’s medical stop loss program.
“I am delighted HatterasRe, LTD made the decision to domicile in North Carolina and I welcome them to our vibrant captive insurance program,“ said North Carolina Insurance Commissioner Mike Causey.
“I am confident HatterasRe will experience tremendous success as they operate within our state’s strong, healthy captive insurance environment.”
Lance Abbott, President of BevCap Management, also commented: “We are excited to officially become a North Carolina licensed captive insurance company.”
“Our team at BevCap is energized by what the future holds for HatterasRe,” Abbott added, “both with our existing Medical Stop Loss program, as well as other bespoke captive programs for our clients, programs, and agency partners.”
Last month, Bermudian reinsurer Fleming Re announced the formation of a new custom reinsurance facility for BevCap P&C Protected Cell, Inc.
The new loss portfolio transfer (LPT) facility provides BevCap’s members with the ability to remove seasoned risks by providing full economic and legal finality and on an annual basis.