Connecticut Insurance Department (CID) commissioner Andrew Mais has reported a 37 per cent increase in the state's captive insurance sector in 2023.
This growth includes the addition of 10 new captive insurers, reflecting a 22 per cent increase up from the prior year, and a 108 per cent surge with 13 new cell risk-bearing entities.
With a current total of 78 net gain of captive entities, the department says, this achievement represents the fourth consecutive year of sustained net growth since 2020.
Connectiut's approvals include the establishment of new insurers and the relocation of existing captive insurers to the state. The influx of new businesses choosing Connecticut for their captive programmes has notably increased this year.
The risks these captives cover include commercial auto liability, general liability, workers' compensation, contractual liability, climate risk, business interruption, mechanical breakdown, employment practices liability, reputation risk, cyber-attacks and ESG risks.
On 16 April 2024, the CID will present the inaugural Connecticut Captive Insurance Forum. This event is designed to benefit all captive stakeholders through networking and educational opportunities.
Mais comments: “With recent pro-captive legislations, increased staffing, internal support, and collaborations across the state, Connecticut continues to attract global captive insurers and service providers, further establishing itself as a premier domicile and solidifying our title as the ‘insurance capital of the world’."
