Connecticut Approves License for Newly Formed United Rentals Captive

The Connecticut Insurance Department has approved the licensing of a new captive set up by Stamford, Connecticut-based United Rentals, Inc., the world's largest equipment rental company.

The new captive, Harbor Point Insurance, will be used by its parent to insure a variety of risks, including property damage from natural disasters.

"We're extremely pleased to have the support of the State of Connecticut in licensing our captive insurance company. This approach has provided us with a new risk financing option and an opportunity to deploy capital to best meet the needs of our business," Elisa Atwell, United Rentals director of insurance, said in a statement.

"This new captive perfectly aligns with the Department's efforts to support businesses as they work to increase their resiliency to climate risks and other natural disasters," Andrew Mais, the Connecticut Insurance Department's commissioner, also said in a statement.

A Fortune 500 company, United Rentals has more than 18,000 employees, with 1,167 locations across North America and Europe, according to the statement.

Connecticut is a rapidly growing captive insurance domicile. In 2020, Connecticut licensed 6 captives. Currently, the state has 23 captives.

Major companies that have Connecticut captives include big media company Thomson Reuters, which in 2012 moved its Delaware-based captive insurance company to Connecticut, and health insurer Aetna, Inc., which set up a Connecticut captive in 2012.