Connecticut Crumbling Foundations Superintendent to Step Aside

August 20, 2019

The veteran insurance consultant who has overseen the rollout of an assistance program for Connecticut homeowners with crumbling foundations says he’s stepping aside.

Michael Maglaras, superintendent of the Connecticut Foundation Solutions Indemnity Company, a captive insurance company created by the legislature, announced Friday he plans to relinquish his responsibilities in October.

Maglaras is principal of the insurance and risk management consulting firm Michael Maglaras & Company. He says help has arrived for the homeowners impacted by the iron sulfide pyrrhotite and more than 150 will be back in their homes by this time next year.

CFSIC President and CEO Steve Werbner says Maglaras has done “a terrific job” in creating a company “that moves quickly and efficiently to get the job done.”

A search is underway for a successor.

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