Aetna has established a captive insurance company in Connecticut, becoming the state’s fifth licensed and largest captive insurer to date.
Aetna’s captive, the Aetna Risk Insurance Company, will provide liability coverage for the company, including errors and omissions, employment practices liability, and other related coverages. The company previously had captive insurance operations in Bermuda.
Governor Dannel Malloy’s 2011 comprehensive jobs legislation modernised the captive insurer statutes, clearing the way for the state to begin licensing specialty insurers.
Malloy commented: “Aetna’s commitment in establishing this important subsidiary in its home state speaks to the confidence that business and industry has in Connecticut to grow their operations.”
“We have the skilled workforce to meet the needs of this emerging industry and the regulatory climate to properly oversee them.”
Connecticut’s Insurance Commissioner Thomas Leonardi, said: “There are nearly 40 states that regulate captive insurers, but Connecticut is carving out a creative and attractive niche in this emerging industry by helping companies form sustainable captive operations that will be in it for the long run.”
“The department appreciates the vision and staunch support from [Malloy] and the legislature for helping grow this segment of the industry.”
