US-retail company Burlington Stores has launched Florence Insurance Company (FIC), a New Jersey-domiciled captive insurer.
The New Jersey Department of Banking and Insurance approved the captive on 1 February 2018.
As of the end of Q3 2017, Burlington operated 631 stores in 45 states and Puerto Rico.
The national off-priced retailer, formerly known as Burlington Coat Factory, is headquartered in Burlington, New Jersey and employs 4,900 associates in the state.
Since legislation was enacted to allow the formation of captives in New Jersey in 2011, the formation or re-domestication of 25 captives has been approved in the Garden State.
Department of Banking and Insurance acting commissioner Marlene Caride said: “We welcome Burlington Stores’ new captive insurer to New Jersey’s growing captive market.”
She added: “Burlington’s decision to select New Jersey as the place for its new captive reflects [governor-elect Phil Murphy’s] commitment to expanding the Garden State economy.”
