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Member, Beacon International Group, Ltd.
South Carolina last week issued its 300th captive insurer license, with state regulators issuing that license to Velocity Insurance Co., a Risk Retention Group, owned by various subsidiaries of Roadrunner Transportation Systems Inc. in Cudahy, Wisconsin.
The RRG was formed to provide automobile liability coverage to Roadrunner companies and will be managed by USA Risk Group Inc.
“We are pleased to welcome Roadrunner to the growing list of impressive companies which have chosen to make South Carolina their captive home,” Jay Branum, director of captives at the South Carolina Department of Insurance in Columbia, said in a statement.
South Carolina passed its captive statute in 2000. At year-end 2015, South Carolina was the world's 16th largest domicile with 167 captives. Currently, South Carolina has 171 captives.
Captive insurance company formations in South Carolina surged in 2015.