Department store retailer Burlington forms New Jersey captive

New Jersey-based off-price department store retailer Burlington has received approval for a new captive insurer, Florence Insurance Company (FIC).

New Jersey Department of Banking and Insurance Acting Commissioner Marlene Caride gave approval to FIC to be domiciled in the state.

“We welcome Burlington Stores’ new captive insurer to New Jersey’s growing captive market,” said Caride. “Burlington’s decision to select New Jersey as the place for its new captive reflects the Murphy Administration’s commitment to expanding the Garden State economy.”

At the end of Q3 2017, Burlington operated 631 stores in 45 states and Puerto Rico. The retailer employs around 37,000 associates nationwide including 4,900 associates in New Jersey.

“It was a pleasure to work with the New Jersey Department of Banking and Insurance on the captive’s licensing,” said Robert Lapenta, treasurer of Burlington Stores.

Since New Jersey introduced its captive legislation in 2011, the Department has approved the formation and re-domestication of 25 captive insurance companies in the state.

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