World’s largest equipment rental company launches captive in Connecticut
The Connecticut Insurance Department (CID) has licensed a new captive insurance company for the world’s largest equipment rental company.
Harbor Point Insurance is the new captive for United Rentals, insuring its parent company against risks including property damage from natural disasters. United Rentals is headquartered in Stamford, Connecticut. The business has more than 18,000 employees and 1,167 locations across North America and Europe. It has approximately 4,000 classes of equipment assets with a total original cost of $13.5 billion.
Commissioner Andrew Mais said: “This new captive perfectly aligns with the Department’s efforts to support businesses as they work to increase their resiliency to climate risks and other natural disasters.”
Elisa Atwell, director of insurance for United Rentals, praised the professionalism and flexibility of the CID. The captive “has provided us with a new risk financing option and an opportunity to deploy capital to best meet the needs of our business,” she added.
CID captive insurance director Fenhua Liu added: “We are committed to being collaborative and providing world class regulatory services as we continue making Connecticut one of the most attractive and well-respected domiciles in the world.”