Connecticut’s captive sector records 35% growth in 2020

Connecticut approved six new captive insurance companies in 2020, including five pure captives and one special purpose financial vehicle captive.

This represented growth of more than 35 percent for Connecticut’s captive insurance industry.

Connecticut’s Insurance Commissioner Andrew Mais said: “Our long-term goal is for Connecticut to continue to grow its presence as one of the nation’s most attractive and well-respected states in which businesses can domicile their captive insurance companies.”

He attributed the sector’s growth in 2020 to the captive division’s outreach initiative, which aimed to expand Connecticut’s presence and reputation as a domestic captive domicile. The initiative was developed in association with the Connecticut Captive Insurance Association (CCIA) and the Connecticut Society of CPAs (CTCPA), while the National Network of Accountants (NNA) conducted education outreach to accountants on the benefits of captive insurance for their clients.

“Given the difficult year we all experienced, 2020 proved to be a growth year for captives,” concluded Mais.