Connecticut has added 10 new captive insurers to its ranks in 2023, reflecting a 22% increase, while the number of cells in the state increased by 13.
At the end of 2023, Connecticut had 53 captives and 25 cells domiciled in the state.
“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,” said Commissioner Andrew Mais.
Connecticut’s new captives include the establishment of new insurers and the re-domestication of existing captives to the State.
Captives domiciled in the state predominantly issue policies to cover risks that are unavailable or have a high cost in the commercial market.
These risks include commercial auto liability, general liability, workers’ compensation, contractual liability, climate risk, business interruption, mechanical breakdown, employment practices liability, reputation risk, cyber, and other ESG risks.
“Under Commissioner Mais’s leadership, we will continue to employ a risk and principles-based approach to provide cost-efficient and flexible regulations, ensuring the long-term success of captive insurers.” said Fenhua Liu, assistant deputy commissioner of the Captive Insurance Division.