International media and information company Thomson Reuters has relocated its US insurance subsidiary from Delaware to Connecticut.
Governor Dannel Malloy announced that the subsidiary Thomson Reuters Risk Management (TRRMI), is the state’s first captive insurance company, taking advantage of key changes in the Governor’s sweeping jobs reform legislation of 2011.
“Insurance is one of the most significant economic drivers of our state and there is no place better to grow the industry than the Insurance Capital,” Malloy said.
“The much-needed changes we made to outdated laws have done exactly what we intended – encourage and attract more business and revenue. I am proud to welcome TRRMI, and I am confident that because of the environment we have established in Connecticut, more captive insurance companies will put down roots here.”
TRRMI was licensed by the Connecticut Insurance Department on 31 July, and will insure Thomson Reuters’ workers’ compensation, general liability, auto liability, property, terrorism, errors and omission and personal accident/travel risks in the US.
“The Governor has made it clear from the start that Connecticut is serious about growing the industry,” insurance department commissioner Thomas Leonardi said.
In October 2011, the governor convened a special legislative jobs session aimed at creating jobs and strengthening the state’s competitiveness. The result was a major jobs bill that included revisions to the state’s 2008 captive insurance law. The revisions expanded the types of insurance captives can transact in the state and established a special regulatory unit at the Insurance Department to focus on captives.
Kevan Parekh, treasurer of Thomson Reuters said that Connecticut is a logical place for the captive, as the firm has a significant corporate presence in Stamford.”
Marsh Captive Solutions is Thomson Reuters’ captive manager and advised the firm on its relocation.
“The governor's vision for restoring our state's economy through greater opportunities for Connecticut's hard working businesses is now a reality, one that will be repeated time and again as more captive insurance companies call Connecticut home,” said Thomas Hodson, president of the Connecticut Captive Insurance Association.