29 July 2022Reinsurance

Connecticut could add $25m in funds to CFSIC

Connecticut’s State Bond Commission will be considering adding $25m to Connecticut Foundation Solutions Indemnity Company (CFSIC), a captive insurer in the State, when it meets on Friday July 29.

The funds will be considered the fiscal year 2023 instalment of funding to capitalise the Crumbling Foundations Assistance Fund, which supplies funds to the CFSIC.

The captive insurer was set up to assist state residents with rebuilding crumbling foundations.

For the past decade, cracks have been showing up in home and building foundations because of concrete poured in the 1980s and 1990s, according to state officials.

A state report indicates that the mineral pyrrhotite had compromised the concrete produced by a manufacturer during that period, which has led to cracking being reported in homes and buildings across Connecticut.