Four years after Connecticut created a new law authorizing “captive” insurance companies here, Thomson Reuters Risk Management Inc. became the first to set up shop.
Thomson Reuters is among Stamford”™s larger employers. The Connecticut Insurance Department licensed Thomson Reuters Risk Management July 31.
Captive insurers operate to insure its parent company’s own risks. Vermont claims status as the top domicile in the world for captive insurance companies, with more than 900 based there, putting it ahead of Bermuda.
Connecticut updated its own captive insurance law after Gov. Dannel P. Malloy convened a special legislative session last fall focused on jobs.
“The governor has made it clear from the start that Connecticut is serious about growing the industry,” said Thomas Leonardi, commissioner of the Connecticut Insurance Department, in a prepared statement. “Through professional and consistent regulation, the Insurance Department will make certain that Connecticut-based captives will be noted for their quality and financial stability.”
Marsh is Thomson Reuters”™ captive insurance manager and advised the firm on its relocation from Delaware, with Edwards Wildman Palmer L.L.P. providing legal counsel.
