Insurance Commissioner Andrew N. Mais touted a year of growth in captive insurers domiciled in Connecticut.
In 2021, Connecticut approved 13 captive insurers.
The licenses granted by the state were for both new captive formations and the re-domestication of some captives to Connecticut from other domicile states.
Since licensing the first captive in 2012, Connecticut has seen growth in the number of captives over the past two years, from 16 to 35 in 2021. Currently, one-third of all Connecticut captives are owned by Fortune 500 companies.
“This was another exceptional growth year for Connecticut-domiciled captives as businesses leveraged them to strengthen their insurance coverage, fill gaps and reduce risk,” said Insurance Commissioner Andrew N. Mais.
The newly licensed captive insurers primarily cover risks where insurance is not available in the commercial market or is too expensive. Some companies increased self-retained risks and put them in their newly formed captive.
Topics Connecticut
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