New York’s Superintendent of Insurance Gregory V. Serio announced that the State Insurance Department has licensed the Haversine Insurance Company as a captive insurance company, insuring the risks of Omnicom Group Inc.
The bulletin described Omnicom as a “strategic holding company that manages a portfolio of global market leaders,” in advertising, marketing services, specialty communications, interactive/digital media and media buying services.
The group becomes the “eleventh New York business in a growing number of companies which are taking advantage of the Captive Law signed by Governor George E. Pataki in 1997 that permits captives to become licensed in New York State,” said the NYSID bulletin. The law was amended in March 2002 to broaden the number of companies that could avail themselves of its provisions.
The bulletin also observed that “Captives traditionally insure part of a corporation’s own risk as a component of their risk management strategy. In view of the recent contraction of the commercial insurance market, the formation of captives is a valuable and more flexible option for companies in managing their insurance needs.”
“New York State is committed to continuing to meet the changing needs of business and as the creation of captives becomes a more viable solution for companies like Omnicom Group to manage their own risk,” Serio commented.
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