Stamford-based Frontier Communications has chosen Connecticut for the location of its captive insurance subsidiary.
The new captive, Frontier Services Corporation, is also headquartered in Stamford and recently obtained its licence from the Connecticut Insurance Department.
Frontier Communications Corporation has been headquartered in Connecticut since 1946. The company is expanding its footprint in Connecticut with the acquisition of AT&T’s wireline business and statewide fibere network in the state.
Frontier Services Corporation is the state’s fourth licensed captive since governor Dannel Malloy’s 2011 comprehensive jobs legislation cleared the way for the state to begin licensing these specialty insurers.
The state’s third captive, Apple Risk Insurance Company, was licensed in October 2013.
Malloy said: “Giving employers the tools they need to manage their costs and reinvest in their employees and products is a commitment we have made from day one. These specialty insurers are just one example of the steps my administration has taken to support business, encourage competition and create jobs. We welcome Frontier Communications, a company with deep roots in Connecticut, to this growth sector.”
Insurance commissioner Thomas Leonardi said: “Captive insurance has proven to be an effective cost-management tool for employers and many states have enacted laws to attract their business. However, not every state has the skilled insurance workforce expertise or the regulatory expertise that we have here in the Insurance Capital. Governor Malloy’s vision and commitment to grow the industry have been instrumental in making sure our laws and regulations continue to attract this growing sector.”
