Connecticut Captive Insurance Program Sees Continued Growth

Connecticut's captive insurance sector continues to expand, with the state adding 9 new captive insurers in 2024, a 17 percent increase over the previous year, Insurance Commissioner Andrew N. Mais announced. This marks the fifth consecutive year of growth for the state's captive industry.

"To see Connecticut's emergence as a formidable captive domicile is rewarding but not unexpected," Commissioner Mais said. He attributes Connecticut's growth as a captive domicile to its collaborative regulatory approach, strong insurance ecosystem, updated legislation, and skilled workforce.

In addition to the 9 new captives, the Connecticut Insurance Department (CID) approved 17 new captive protected cells in 2024, representing a 64 percent increase from 2023. With these additions, the total number of captive risk-bearing entities in the state has reached 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, serving industries such as 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.