The Connecticut Insurance Department announced that a Syosset, New York-based construction services firm, RC Structures, is establishing its captive insurance operations in Connecticut.
The new captive, called RCX Insurance Company, is the 10th licensed captive insurer in Connecticut.
“RC Structures could have chosen nearly 40 others states to establish their captive business but the specialized workforce here in the Insurance Capital and the Department’s regulatory expertise made Connecticut the perfect fit,” Connecticut Insurance Commissioner Katharine L. Wade said.
“The Department works with businesses of all disciplines and sizes to help control costs through the creation of captives that are well managed and sustainable,” said Janet Grace, program manager for the Connecticut Insurance Department’s Captive Insurance Division.
“Our consultative approach to helping firms explore and license captives as part of strategic risk management is attracting businesses both in and outside Connecticut to domicile their captive here,” Grace said.
The Connecticut Insurance Department’s Captive Division was formed as a result of Gov. Dannel Malloy’s 2011 legislation and passage by the General Assembly that strengthened the state’s captive insurance law.