Connecticut has continued to grow as the domicile of choice for the captive insurance industry, reveals insurance commissioner Andrew N. Mais.
Nine new captive insurers were added in 2024, marking the fifth year of growth for the state since 2020. Of these, seven were pure captives, one an association captive, and one a sponsored captive.
In the same year, the Insurance Department also approved 17 new captive protected cells, which the department said was a 64 per cent growth from 2023.
This means the total number of captive risk-bearing entities has now been brought to 100, which Mais says is due to “Connecticut’s strong insurance industry ecosystem, timely updated captive legislation, and highly skilled professional workforce”.
He adds: “As risks evolve so does the need for insurance and risk financing, and captives can be an ideal solution for many business owners.”
"Under Commissioner Mais's leadership and strong support, we will continue to employ a risk and principles-based approach to provide cost-efficient and flexible regulations, while ensuring the long-term success of captive insurers,” concludes Fenhua Liu, assistant deputy commissioner of the CID Captive Insurance Division.
