Connecticut Insurance coverage Division (CID) commissioner Andrew Mais has reported a 37 per cent improve within the state’s captive insurance coverage sector in 2023.
This development consists of the addition of 10 new captive insurers, reflecting a 22 per cent improve up from the prior 12 months, and a 108 per cent surge with 13 new cell risk-bearing entities.
With a present whole of 78 internet acquire of captive entities, the division says, this achievement represents the fourth consecutive 12 months of sustained internet development since 2020.
Connectiut’s approvals embrace the institution of recent insurers and the relocation of present captive insurers to the state. The inflow of recent companies selecting Connecticut for his or her captive programmes has notably elevated this 12 months.
The dangers these captives cowl embrace business auto legal responsibility, normal legal responsibility, employees’ compensation, contractual legal responsibility, local weather danger, enterprise interruption, mechanical breakdown, employment practices legal responsibility, fame danger, cyber-attacks and ESG dangers.
On 16 April 2024, the CID will current the inaugural Connecticut Captive Insurance coverage Discussion board. This occasion is designed to profit all captive stakeholders by networking and academic alternatives.
Mais feedback: “With latest pro-captive legislations, elevated staffing, inside help, and collaborations throughout the state, Connecticut continues to draw world captive insurers and repair suppliers, additional establishing itself as a premier domicile and solidifying our title because the ‘insurance coverage capital of the world’.”