New York State has authorised the Javits Center to establish a captive insurance company as part of its 2026 budget.
Signed by Governor Kathy Hochul on 9 May, the US$254 billion budget includes a provision enabling the state-owned convention centre to form its own captive, potentially setting a precedent for other public-benefit entities.
Though the structure has yet to be outlined, the move is expected to help the Javits Center manage its insurance needs more directly and reduce reliance on the commercial market.
Experts say that while the budget does not introduce broader captive regulatory changes, it reflects growing recognition of captives as a viable risk management tool for public-sector organisations in the US.
