The Connecticut Insurance Department (CID) has licensed the captive insurance company for United Rentals, the largest equipment rental company in the world.
United Rentals is a Fortune 500 firm with around 4,000 classes of equipment assets totalling $13.5 billion.
Harbor Point Insurance will insure United Rentals against specific risks, such as property damage from natural disasters.
Commenting on the captive approval, Elisa Atwell, director of insurance for United Rentals, says: “We are extremely pleased to have the support of the state of Connecticut in licensing our captive insurance company. This approach has provided us with a new risk financing option and an opportunity to deploy capital to best meet the needs of our business.”
Fenhua Liu, captive insurance director at CID, adds: “We are committed to being collaborative and providing world class regulatory services as we continue making Connecticut one of the most attractive and well-respected domiciles in the world.”
