Corbett, Stalvey Appointed to New Roles to Further Grow Tennessee Captive Market

Tennessee Department of Commerce & Insurance (TDCI) Commissioner Hodgen Mainda has named two longtime Tennessee captive insurance experts to new roles in the department.

Michael Corbett has been named to the newly created director of Business Development position for TDCI’s Insurance Division. An expert in the captive insurance market, Corbett has been the director of TDCI’s Captive Insurance Section since 2011.

Jennifer Stalvey has been named director of TDCI’s Captive Insurance Section. A native of Nashville, Stalvey has been with TDCI since 2014 and was promoted to assistant director of the Captive Insurance Section in 2015.

According to Mainda, Corbett will spearhead TDCI’s effort to bring more insurance companies to Tennessee. His role will focus on cultivating new opportunities separate from insurance regulation by leveraging his experience, contacts in the industry, and regulatory knowledge.

Stalvey will assume leadership of the Captive Insurance Section.

Since Tennessee’s captive insurance laws were revamped in 2011, Tennessee has experienced significant growth in the captive insurance sector and is now the seventh-largest captive domicile in the United States, TDCI said.

Through December 2019, Tennessee has 192 licensed captive insurance companies and 460 cell companies totaling 652 Risk Bearing Entities (RBEs). Tennessee captive insurance companies have collected $12.9 million in revenues and over $5.1 billion in premium deposits since inception. In 2018, Tennessee was recognized as the Domicile of the Year (less than 200 captives).

A captive insurance company represents an option for many corporations and groups who want greater control over their financial risks by underwriting their own insurance instead of paying premiums to third-party insurers.

As part of his new role, Corbett will develop contacts to help bring more insurance companies to Tennessee as well as establishing objectives with the Tennessee Captive Insurance Association (TCIA) for captive promotional activities during calendar year 2020. Additionally, separate marketing and website development are being a created with a full promotional outreach calendar.

Topics Trends Tennessee