Lumerica Insurance Company, a subsidiary of BASF Americas Corporation, has begun operations in New Jersey where it has redomiciled from Vermont.
Robert Smith, vice president of tax, insurance and real estate for BASF in North America, said that the move from Vermont to New Jersey demonstrates BASF’s “commitment to the Garden State”.
Since New Jersey Governor Christopher Christie signed the Captive Insurers Act into law in February 2011, eight captive insurers have been established in the in the US state.
Ken Kobylowski, commissioner of the New Jersey Department of Banking and Insurance (NJDOBI) who approved the move, said: “The Christie Administration continues to grow a competitive captive insurance marketplace.
“I am very pleased that a company of BASF’s calibre has chosen to redomesticate an important part of its insurance services operation to our state.”
He added that New Jersey’s growing captive now includes firms that provide services to the shipping, communications and healthcare industries.
“Today’s new captive provides insurance services to a firm that sells products to nearly every industry sector found in New Jersey’s vibrant economy. I am happy to welcome BASF’s Lumerica to our expanding captive insurance market.”
BASF is one of the largest chemical companies in the world and is widely known for its involvement in the development of the magnetic tape in audio cassette tapes. Its American headquarters are based in Florham Park, New Jersey.
BASF, Vermont, New Jersey, captive, insurance