State draws first new 'captive insurance' business - WFSB 3 Connecticut

State draws first new 'captive insurance' business


Connecticut has scored its first win in a campaign to bring new insurance business to the state.
Gov. Dannel P. Malloy announced on Thursday that media and information company Thomson Reuters has relocated its company dedicated to captive insurance, which is a specialized form of self-insurance. It is moving from Delaware to Connecticut.
In an attempt to bring more of the business to Connecticut, the legislature established a division in the Insurance Department establishing rules for companies specializing in captive insurance.
Captive insurance companies are subsidiaries set up by large companies to insure their own risks and save money that would otherwise be paid to insurance companies.
Thomson Reuters, which has operations in Stamford, did not immediately comment on the reasons for the move of its captive insurance business.

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