Telecoms company, Frontier Communications is set to establish a captive in its home state of Connecticut.
Its captive will insure risks associated with the company’s subsidiary operations across 27 states and will be headquartered in Stamford.
Frontier Communications will be the fourth captive insurer to domicile in the state since Governor Malloy introduced legislation in 2011 designed to spur growth in the captive sector.
Malloy said that he was committed to ““Giving employers the tools they need to manage their costs and re-invest in their employees and products is a commitment we have made from day one.”
“Specialty insurers are just one example of the steps my administration has taken to support business, encourage competition and create jobs. We welcome Frontier Communications, a company with deep roots in Connecticut, to this growth sector.”
Frontier’s executive vice president and chief financial officer, John Jureller said that the company’s creation of a captive insurer “demonstrates our commitment to the state, to prospective customers and to our shareholders.”
“By taking advantage of this great opportunity in our home state, we will realize savings that will benefit our stakeholders and contribute to economic growth in Connecticut.”
Connecticut, formations, captive insurance