Wilmington Trust Corp., a Delaware-based provider of specialized management and fiduciary services to corporations worldwide, said Wednesday that it is expanding the reach of captive insurance management services, its newest offering to corporate clients.
To lead its captive management sales effort across jurisdictions that include South Carolina, Delaware, Nevada, Vermont, and the Cayman Islands, Wilmington Trust said, it has hired James Tullis to be a vice president on its corporate client services development team. In this new post, Mr. Tullis is based in Delaware and reports to Donald MacKelcan, a senior vice president and the head of client development in the corporate services division. Mr. Tullis was hired from Wachovia Corp. after 15 years in its Wilmington, Del., office.
Wilmington Trust entered the growing captive insurance management business in July with its purchase of Charleston Captive Management Co. in South Carolina. The state is one of several U.S. jurisdictions that has become popular in recent years as a home to insurance companies known as captives.
The Delaware company's captive insurance management expansion also coincides with the recent modernization of the captive insurance statute in its home state. The Delaware Revised Captive Insurance Company Act updates legislation originally passed in 1984; it was enacted this July to help the state compete more effectively as a domicile for captives.
Captives are owned by the entities they insure. They are usually formed by corporations that wish to better manage the cost and administration of their insurance coverage. Captives require administrative services such as bookkeeping and insurance regulatory reporting. These services, marketed to captives by Wilmington Trust Captive Management Services, extend Wilmington Trust's existing entity management business.
