The Pantry, Inc., based in Cary, North Carolina, has formed Cellarium Insurance Company, Inc., a pure captive insurance company licensed by the North Carolina Department of Insurance.
This is the first captive insurer to become licensed in North Carolina in 2014 and the first in North Carolina to be owned by a publicly-traded corporation. As of March 13, 2014, The Pantry – one of the nation's largest convenience store chains – operated 1,537 convenience stores in 13 states, including under its primary operating banner, Kangaroo Express.
Cellarium Insurance Company is managed by Beecher Carlson Insurance Services, LLC, and joins four other captive insurers that have been formed in North Carolina since the state's Captive Insurance Act went into effect in late October 2013.
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