Connecticut captured its first “captive” insurance entity that is currently based in Vermont, in the form of Stanley Black & Decker subsidiary SBD Insurance Inc.
Captive insurance companies are wholly owned by their parent companies, which underwrite their own risks rather than obtaining coverage from private insurance carriers. Marsh Captive Solutions of Norwalk is captive manager for SBD Insurance, handling claims and other administrative duties.
Connecticut recently rewrote its captive insurance laws to make it a more appealing domicile. Thomson Reuters became the first company to take advantage, relocating its captive insurance subsidiary here in July from Delaware.
Vermont is considered the U.S. capital for the captive insurance industry.
“We are pleased to be able to take advantage of Connecticut”™s recently revised captive legislation,” said Craig Douglas, treasurer of New Britain-based Stanley Black & Decker. “By moving our existing captive from Vermont to our home state we create further synergies and cost savings for the company.”
