SL Green Realty Corp., a major owner of commercial office properties in Manhattan, has formed Belmont Insurance Co., an insurance captive licensed in New York State. It was formed to insure a portion of SL Green’s risks up to $100 million.
“While there is sufficient capacity in today’s insurance markets to cover property and general liability, we have formed this captive as a means of providing our company with options and flexibility for the future,” stated Marc Holliday, president and chief executive officer of SL Green. “Our decision was in response to our continuing ongoing focus on risk management.”
As of Sept. 30, 2006 SL Green reported owning 27 office properties totaling approximately 18.4 million square feet. SL Green’s retail and development space ownership totals approximately 440,000 square feet at eight properties.
Source: SL Green
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