International Paper Relocates Captive from Vermont to Tennessee December 22, 2020
Memphis-based global fiber-based packaging, pulp and paper products leader International Paper has relocated its captive insurance company from Vermont to Tennessee, according to a statement from The Tennessee Department of Commerce & Insurance’s (TDCI) Captive Insurance Section.
International Paper has manufacturing operations in North America, Latin America, Europe, North Africa and Russia. It produces corrugated packaging products; pulp for diapers, tissue and other personal hygiene products; and paper. It employs more than 48,000 colleagues and serve more than 25,000 customers in 150 countries. Its net sales in 2019 were $22 billion.
“We have worked with the state for the past six years on our second captive and have a lot of confidence in the state as a fair and effective regulator. As a Memphis-based company, moving our captive to Tennessee will streamli
Wednesday, December 16, 2020 |
03:52pm
NASHVILLE The Tennessee Department of Commerce & Insurance’s (TDCI) Captive Insurance Section and Memphis-based global fiber-based packaging, pulp and paper products leader International Paper proudly announce the relocation of International Paper’s captive insurance company from Vermont to Tennessee.
The arrival of International Paper’s captive insurance company is a milestone for Tennessee as it represents the Volunteer State’s 700th risk-bearing captive insurance entity. Tennessee now has 211 standalone captives and 489 cell captives. Tennessee is currently ranked as the 7th largest captive domicile in the United States and 12th largest domicile in the world.
Captive insurance companies, which are regulated by TDCI, are formed primarily as a financing vehicle to self-insure the related or affiliated business risks of its owners. A risk-bearing entity is any formation type of a captive insurance company, including cell captives.