Fifth Straight Yr of Progress
Insurance coverage Commissioner Andrew N. Mais right now introduced that Connecticut continues to develop because the domicile of selection for the captive insurance coverage trade, including 9 new captive insurers in 2024 for a 17% enhance over the earlier yr.
This marks the fifth straight yr of development since 2020.
“To see Connecticut’s emergence as a formidable captive domicile is rewarding however not sudden,” Commissioner Mais stated. “As a regulator, our responsive and collaborative method helps potential candidates perceive what they want. Connecticut’s robust insurance coverage trade ecosystem, well timed up to date captive laws and extremely expert skilled workforce units the “Insurance coverage Capital” other than different domiciles.”
Typically, a captive insurance coverage firm is owned and managed by its insured and operates to insure the proprietor’s threat. It has turn into a preferred choice for firms in numerous industries to raised handle their prices and make investments again of their enterprise and staff.
Along with the 9 new captives, the Insurance coverage Division additionally authorized 17 new captive protected cells in 2024, a 64% development over 2023. Protected cells function as separate entities permitting particular person companies to handle their dangers independently inside a single sponsored captive insurer. This brings the overall variety of captive risk-bearing entities to 100.
“As dangers evolve so does the necessity for insurance coverage and threat financing, and captives could be a super answer for a lot of enterprise house owners,” Commissioner Mais stated.
The newly fashioned captives embrace seven pure captives, one affiliation captive and one sponsored captive. These captives will handle threat prices for a wide range of companies together with actual property administration, wholesale meals distribution, elder healthcare, human capital administration and transportation.
“Beneath Commissioner Mais’s management and powerful assist, we’ll proceed to make use of a threat and principles-based method to supply cost-efficient and versatile rules, whereas guaranteeing the long-term success of captive insurers,” stated Fenhua Liu, Assistant Deputy Commissioner of the CID Captive Insurance coverage Division, who has been featured on Captive Overview’s Energy 50 record in 2023 and 2024 and on Captive Worldwide’s Influential Ladies record in 2024.
Commissioner Mais would be the keynote speaker on the Connecticut Captive Insurance coverage Discussion board on April 28 on the Connecticut Conference Middle in Hartford.
