Connecticut Added 6 Captive Insurance Companies to Its Total in 2020

While Connecticut is one of the smaller and newer captive insurance company domiciles, in 2020, the state saw significant growth in captive formations.

Last year, Connecticut licensed 6 captives, bringing its total to 22, an increase applauded by the state's top insurance regulator.

"Given the difficult year we all experienced, 2020 proved to be a growth year for captives," Insurance Commissioner Andrew N. Mais said in a news release, adding that he hopes that growth will continue.

"Our long-term goal is for Connecticut to continue to grow its presence as one of the nation's most attractive and well-respected states in which businesses can domicile their captive companies," Mr. Mais added in the news release.

While Connecticut's captive count is small, several of its captive insurance companies have very well-known parents, including big media company Thomson Reuters, which in 2012 moved its Delaware-based captive to Connecticut, and health insurer Aetna Inc., which set up a Connecticut captive in 2012.

Connecticut is one of the younger captive domiciles, with lawmakers passing legislation in 2008 allowing the formation of captive insurance companies in the state.