Health insurer Aetna will establish a captive insurance company in Connecticut, becoming the state’s fifth licensed and largest captive insurer to date.
Aetna’s captive, the Aetna Risk Insurance Company, will provide liability coverage for the company, including errors and omissions, employment practices liability, and other related coverages. The company previously had captive insurance operations in Bermuda.
Governor Dannel Malloy said: “This homecoming is great news. Aetna’s commitment in establishing this important subsidiary in its home state speaks to the confidence that business and industry has in Connecticut to grow their operations. We have the skilled workforce to meet the needs of this emerging industry and the regulatory climate to properly oversee them.”
Thomas Leonardi, Insurance Commissioner, said: “There are nearly 40 states that regulate captive insurers, but Connecticut is carving out a creative and attractive niche in this emerging industry by helping companies form sustainable captive operations that will be in it for the long run. The department appreciates the vision and staunch support from Governor Malloy and the legislature for helping grow this segment of the industry.”
State Senator, Joseph Crisco, added: “It is always gratifying to see our legislative efforts make a difference and in the case of captives, this was a sector we identified as having great potential. Aetna and other corporations have recognised that, and I have no doubt there are more to follow.”
Aetna, Aetna Risk Insurance Company, North America