Areas of Practice
The Captive Insurance Group assists clients in all aspects of the formation, licensing and governance of South Carolina captive insurers, including:
- Pure captives
- Risk Retention Groups
- Special Purpose Financial Captives
- Special Purpose Captives
- Sponsored Captives
- Protected Cell
- Redomestication from other domestic and offshore jurisdictions
- Insurance department approvals
- Capitalization and letter of credit issues
- Representation for boards of directors of captive entities
- Representation of complex financial captives
- Insurance securitizations
- Reinsurance broker representation
- Captive manager representation
- Regulatory compliance
- Reinsurance issues
The group’s attorneys assist clients in determining whether they would benefit from establishing a captive as an alternative to traditional insurance, and participate in the necessary planning and ongoing management of the captive entity, including serving as general counsel to the entity if needed.
Group chair Michael Molony is the only South Carolina member of the Federation of Regulatory Counsel, an exclusive national association of attorneys specializing insurance regulatory law.
The Captive Insurance Group attorneys at YCRLAW advise large companies, including many Fortune 500 companies, risk retention groups, and others on all aspects of captive insurance in South Carolina.
The firm was one of the first in the state to begin working in this area in late 2000 when legislation was passed allowing the formation of captive insurers in the state. The firm’s attorneys have assisted in establishing approximately 45 captives in South Carolina, including most of the Special Purpose Financial Captives.
The group’s dedicated focus on captive insurance entities has earned it a solid reputation for its ability to handle even the most complex captive arrangements. The firm dedicates the resources and staffing to get projects done.