INSURANCE COMMISSIONER ANNOUNCES 37% GROWTH FOR THE CONNECTICUT CAPTIVE PROGRAM IN 2023

(Hartford, CT) – Commissioner Andrew Mais of the Connecticut Insurance Department (CID) announced a 37% increase in the state's captive insurance sector in 2023. This notable growth includes the addition of 10 new captive insurers, reflecting a 22% increase, and a 108% surge with 13 new cell risk-bearing entities. With a current total of 78 net gain of captive entities, this achievement represents the fourth consecutive year of sustained net growth since 2020.

Connecticut's approvals include the establishment of new insurers and the relocation of existing captive insurers to the state. The influx of new businesses choosing Connecticut for their captive programs has notably increased this year.

These captives predominantly issue policies to cover risks retained by businesses due to the unavailability or high cost of commercial coverage. Example risks include commercial auto liability, general liability, workers' compensation, contractual liability, climate risk, business interruption, mechanical breakdown, employment practices liability, reputation risk, cyber-attacks, and other ESG risks.

“With recent pro-captive legislation, 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 Mais.

"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 CID Captive Insurance Division.

Connecticut Captive Awards:

• Captive Review awarded Connecticut the Captive Domicile of the Year for 2022 and 2023 in the category of written premiums under $5 billion.
• Captive Review named Connecticut the fastest-growing captive domicile in its World Domicile Update for 2020, 2021, and 2022.
• Captive International honored Connecticut as the Domicile of the Year in 2022 and a top-three domicile of the year in 2021 and 2023.
• Fenhua Liu, Assistant Deputy Commissioner of the CID Captive Insurance Division, was featured on Captive Review's Power 50 list in 2023, recognizing her influential role in the captive insurance sector.

On April 16, 2024, the Connecticut Insurance Department, in collaboration with the Connecticut Captive Insurance Association (CCIA), Connecticut Insurance Financial Services (CT IFS), MetroHartford Alliance, National Network of Accountants (NNA), AdvanceCT, the Department of Economic and Community Development (DECD), and InsurTech Hartford, will present the inaugural Connecticut Captive Insurance Forum. This event is designed to benefit all captive stakeholders through networking and educational opportunities.

To register and learn more about this event, please visit the Connecticut Captive Insurance Forum website.

For more information about Connecticut captives and their potential role in your business's risk management plan, please contact Fenhua Liu or visit the Captive Division page on CID’s website.

Contact: Mary Quinn
Communications, Director
Cell: (959) 529-4904
Mary.Quinn@ct.gov