For More Information Contact:
David Guerino
KeyState Captive Management, LLC
802.316.4333 [email protected]


Blair Kennedy
North Carolina Banker’s Association
984.344.9990 [email protected]

BURLINGTON, VT (February 16, 2022)

The North Carolina Banker’s Association (NCBA) and its subsidiary, Community Bank Services (CBS), jointly announce their endorsement of KeyState Captive Management, the country’s largest provider of captive management and investment portfolio services to community banks.

“We are excited for the opportunity to work together with NCBA and CBS to provide this compelling program and its benefits to North Carolina Banks while they face the most challenging times with their insurance renewals.” says KeyState Companies CEO, Josh Miller.

North Carolina banks with over $750 million in assets will have the opportunity, like more than 85 other community banks around the country, to form their own captive insurance company through KeyState’s Bank Captive Program. A captive insurance company, or a legally licensed limited purpose property and casualty insurance company, can augment a bank’s commercial policies by covering the existing commercial deductible layers, increasing coverage levels on existing policies (excess layers), and identifying other currently unfunded risks to insure where commercial insurance is not available to the bank. Forming a captive allows a bank to formalize its self-insurance program, respond to the hardening commercial insurance market which is causing banks to accept higher commercial deductibles and more policy exclusions, to realize efficiencies and savings related to insurance expenses and loss mitigation, and to take advantage of a small business incentive available under a section of the tax code.

“This program is already endorsed in 26 states and broadly adopted in states like Indiana and Ohio, where over 75% of eligible banks have formed their own captive insurance company and joined the Bank Captive Program since it was introduced by KeyState.” added Peter Gwaltney, CEO of the North Carolina Bankers Association.

KeyState’s deep knowledge and specific expertise working with banks and their regulators in evaluating structures and responding to regulator inquiries is a key differentiator that sets KeyState’s services apart from the competition. Kim Hutchens, CBS outgoing President concludes “We carefully considered the value of a captive program for North Carolina banks and believe KeyState’s program will be well received by our members.”





Founded in 1991, The KeyState Companies are based in Las Vegas, NV, with additional offices in Wilmington, DE and Burlington, VT. KeyState provides businesses with independent expertise and innovative services in the areas of investments, risk management, regulatory compliance, and corporate governance. KeyState Captive Management has been managing captive insurance companies since 2007. It provides captive management and risk management services to over 100 US domiciled captives across a broad base of industries, including financial services, manufacturing, auto dealers, retail, fitness and recreation, insurance, healthcare, energy, public utilities, and real estate.


Established in 1897, the North Carolina Bankers Association (NCBA) is a trade association that provides information, education and advocacy to the independent community and regional banks in North Carolina. Community Bankers Services (CBS), CBS offers insurance and employee benefit products as well as other services to the Association’s members and publishes a quarterly magazine, Carolina Banker. For more information about NCBA and CBS visit