US cable company Charter Communications is basing its entire captive insurance operations in the state of Connecticut, with the recent redomiciliation of one of its captives.
The redomiciled captive, Spectrum Communications Indemnity, will provide coverage for Charter's workers compensation, auto liability, general liability and employment practices liability.
"This is a clear example of a Connecticut company that understands that Connecticut is a great place to do business - they are growing their corporate headquarters and adding hundreds of new, good paying jobs here," Connecticut Governor Dannel Malloy said. "And now, by establishing their entire captive insurance operations in Connecticut, they are further committing their company to our state. We value Charter's confidence and look forward to their continued success."
Connecticut Insurance Department Commissioner Katharine Wade added: "We are delighted that Charter has chosen Connecticut to grow its captive insurance operations. This gives the corporation the critical tools it needs to manage its costs and reinvest in its employees and overall operations. Connecticut provides companies of all sizes with a collaborative, prudent regulatory environment aimed at creating sustainable captives to insure and manage their risks for the long term."
Charter Communications, Captive, North America