Fifth Straight Year of Growth
Insurance Commissioner Andrew N. Mais today announced that Connecticut continues to grow as the domicile of choice for the captive insurance industry, adding nine new captive insurers in 2024 for a 17% increase over the previous year.
This marks the fifth straight year of growth since 2020.
“To see Connecticut’s emergence as a formidable captive domicile is rewarding but not unexpected,” Commissioner Mais said. “As a regulator, our responsive and collaborative approach helps prospective applicants understand what they need. Connecticut’s strong insurance industry ecosystem, timely updated captive legislation and highly skilled professional workforce sets the “Insurance Capital” apart from other domiciles.”
Generally, a captive insurance company is owned and controlled by its insured and operates to insure the owner’s risk. It has become a popular option for companies in various industries to better manage their costs and invest back in their enterprise and employees.
In addition to the nine new captives, the Insurance Department also approved 17 new captive protected cells in 2024, a 64% growth over 2023. Protected cells operate as separate entities allowing individual businesses to manage their risks independently within a single sponsored captive insurer. This brings the total number of captive risk-bearing entities to 100.
“As risks evolve so does the need for insurance and risk financing, and captives can be an ideal solution for many business owners,” Commissioner Mais said.
The newly formed captives include seven pure captives, one association captive and one sponsored captive. These captives will manage risk costs for a variety of businesses including real estate management, wholesale food distribution, elder healthcare, human capital management and transportation.
“Under Commissioner Mais’s leadership and strong support, we will continue to employ a risk and principles-based approach to provide cost-efficient and flexible regulations, while ensuring the long-term success of captive insurers,” said Fenhua Liu, Assistant Deputy Commissioner of the CID Captive Insurance Division, who has been featured on Captive Review’s Power 50 list in 2023 and 2024 and on Captive International’s Influential Women list in 2024.
Commissioner Mais will be the keynote speaker at the Connecticut Captive Insurance Forum on April 28 at the Connecticut Convention Center in Hartford.
