Connecticut licenses first captive
Connecticut has licensed its first captive. The captive’s re-domestication from Delaware followed fresh legislation, taking advantage of key changes in the Governor’s sweeping jobs reform legislation of 2011.
Thomson Reuters Risk Management will cover liability, auto liability, workers’ compensation, property, terrorism, errors and omissions and personal accident and travel risks.
Kevan Parekh, treasurer of Thomson Reuters, said: “Connecticut is a logical place for our captive as we have a significant corporate presence in Stamford.”
Marsh Captive Solutions is Thomson Reuters’ captive manager and advised the firm on its relocation.
Thomas Hodson, president of the Connecticut captive insurance association, said: “To have a new captive insurance company licensed just weeks after the new law came into effect is really an accomplishment, and is a testament to the commitment of insurance commissioner Thomas Leonardi and his staff to make it work.
“The quick start out of the gate for captive law is a reflection of three critical ingredients to a strong captive domicile: ease of the captive law in practice, demand for establishing captives in that location, and commitment of state officials to promote and grow that marketplace.”
The legislation, championed by Governor Malloy, was passed on July 1st by State Legislature.