The Red Apple Group, which operates Gristedes Foods and Red Apple gas stations, has formed the Red Apple Risk Insurance Company in Hartford. It is the third captive licensed since legislation passed in 2011 gave captives the green light to set up in Connecticut.
Red Apple Group has approximately $1.1 billion in assets and a revenue of $4 billion. With 8,000 employees it is ranked 97th on the Forbes list of largest private companies.
John Catsimatidis, chairman and CEO of the Red Apple Group, said: “we are gratified by the speed and professionalism exhibited by the Connecticut Insurance Department in processing our application for a captive insurance company. The State of Connecticut is clearly making a concerted effort to be a friendly place to do business."
Connecticut governor Dannel Malloy added: “without question, Connecticut has what it takes to grow this sector of the industry and in doing so we can offer employers of all sizes and enterprises a critical cost-saving tool, one that allows them to invest back in their company and back in their employees.”
The Connecticut Captive Insurance Corporation applauded the development. Thomas Hodson, president of CCCA, said: "The licensing of Connecticut's third captive insurance company is significant in so many ways. This event not only signals gaining momentum in Connecticut's captive insurance initiative, it is the first captive licensed since insurance comissioner Leonardi created the captive division withi the department and appointed industry veteran John Thomson to lead the state's regulatory efforts."
Hodson concluded: "the comments made my Mr. Castimatidis complimenting the speed and professionalism demonstrated by the Connecticut Insurance Department in processing the captive insurance application is validation that, as the 'insurance capital', Connecticut intends to be the domicile of choice in the United States."
Connecticut, domicile selection