The captives incorporators have chosen the board of the Connecticut Foundation Solutions Indemnity Company (CFSIC).
CFSIC is a non-profit captive set up to distribute remediation funds to assist homeowners impacted by the ‘crumbling foundations’ issue.
The nine-person all-volunteer board was selected in accordance with the enabling legislation.
The board will include Lyle Wray, executive director of the Capitol Region Council of Governments; Donald Poulin, an affected homeowner from Manchester; Mark McDonnell, an investment manager from Stamford; John Filchak, executive director of the Northeast Connecticut Council of Governments; and Bruce Kellogg, an affected homeowner from Vernon.
Additionally, it will include a number of industry representatives, including John Rachek, an insurance industry executive; Kevin Smith, representing the banking industry; Dan Keune, representing the real estate industry, Steven Werbner representing the municipal government.
The board will also comprise of four non-voting members, Connecticut representatives Jeff Currey and Kurt Vail, and Senators Cathy Osten and Tony Guglielmo.
Michael Maglaras, principal of Michael Maglaras & Company, whose firm, is acting as CFSIC’s superintendent, said he was delighted about the group of citizens that the incorporators had chosen to lead the captive.
He explained: “Each person on this board brings knowledge, perspective, and fiduciary ability to the crumbling foundations natural disaster with the naming of this board, great progress will now be made in serving affected Connecticut homeowners.”
Michael Maglaras & Company will be meeting with the Connecticut Insurance Department soon to update regulators on the captive’s business plan and the rollout of its operations.
Maglaras added: “Once this captive is launched and is operational, it appears clear to me and many that, regarding ultimate claim liabilities, this will become the largest captive formation in the history of the captive movement.”
“The insurance company will be launched and operational in November. We’re on target and on schedule.”
