Connecticut Captive Insurance Association

Friday, October 13, 2017

Painting a New Future

Janet Grace, Program Manager
Captive Division
Connecticut Insurance Department
You’ve seen those ads selling you the new “paint color of the year”. They show a clean fresh space with the right accents placed perfectly, no clutter of actual day-to-day living in sight and a bowl of fresh lemons or oranges on the table. They appeal to us. They portray what we all secretly desire, a better start - a fresh perspective that builds on the bones of our homes’ architecture and furnishings. To achieve the look one needn’t empty the house and fully remodel the space. A simple coat of paint, well applied, and just a few tweaks to the furniture or throw pillows and you’ve got a transformation.
A small business captive won’t drastically alter your existing company but, like that fresh coat of paint, it can inspire a whole new way to view and use risk to enhance your business. It won’t become your business but will amplify your success the same way as if you choose the right color and properly prep the walls before painting that room. Choose the wrong green, slap it on, and you’ll have nothing but angst until you strip the room and start over, which can be draining and expensive. Done right, with the help of professionals and heeding expert advice to use the right tools and prepare, you can be sitting pretty for a long time into the future.
The captive industry is full of old soothsayers - professionals who have been in and around captives for a very long time. They’d have you believing captive insurance isn’t for the faint of heart: that it’s really only of benefit to the biggest and brightest companies. That your little bungalow can never be as beautiful as their penthouse. They’re right, to a point. But I’m here to tell you that your cottage make over can make the cover of Better Homes and, done well, a captive insurance entity can be an integral tool for your small business.
Did she just say small business?
As a matter of fact, I did. There are rules that level the playing field for small Insurance companies, allowing them to compete more effectively with the big companies those soothsayers ramble on about. Together, with a sound risk management program and the sound regulatory climate in Connecticut, they are the foundation for the small business captive initiative in Connecticut. Our climate is just right for painting your future using the small business captive tool kit to utilize captive insurance effectively for your small to medium size business.
There will be more about the Connecticut Small Business Captive Tool Kit revealed at this month’s Collaborative on Captive Insurance presented by the Connecticut Captive Insurance Association. You won’t want to miss it!  It’s being held October 25 and 26 in Stamford.
Click here to register for the Connecticut Captive Insurance Association’s 2017 Collaborative on Captive Insurance; or here to learn more about how you can become part of the Connecticut captive scene.

Janet Grace 
Connecticut Insurance Department 
Program Manager, Captive Division

Sunday, October 8, 2017

Dialogue, Debate, Disruption: Incubating the Captive of the Future


We want to hear from you about what the captive of the future will look like.  

We want to provoke a dialogue, a debate, and a disruption...we want you to tell us what the future holds for alternative risk transfer. We want your thoughts to count.

This is a good time to register for the Connecticut Captive Insurance Association's 2017 Collaborative on Captive Insurance, because the Collaborative will be an interactive and open forum on this subject, and attendees will get cutting edge information about:

Is a cryptocurrency on your horizon?...accepting captive premiums and paying captive claims through the InsurTech window
Who’s ahead of the curve on innovation?...how captives and the commercial market will forge new partnerships as the world’s insurance needs change
Insuring your customers, partners, suppliers...is third party business in captives the future of the captive movement?
Announcing “CHIINS”...the Connecticut Hub for Innovation in Insurance
Click here to register for the CCIA 2017 Collaborative on Captive Insurance; or here to learn more about how you can become part of the dialogue.

Wednesday, October 4, 2017

Charter Communications Bases its Captive Insurance Company in Connecticut

As Chairman of the Connecticut Captive Insurance Association, I am delighted to welcome Charter Communications’s captive, Spectrum Communications Indemnity, Inc., to Connecticut!

Spectrum is an important multi-line captive underwriter...and what’s just as important is that Charter Communications, already located here, has further emphasized its commitment to Connecticut by reforming Spectrum as a Connecticut captive. 

Click here for Governor Dan Malloy’s press release.

Click here to learn more about the upcoming CCIA Collaborative to be held on October 25 and 26.

Connecticut...Still Revolutionary!

Michael Maglaras, Chairman
Connecticut Captive Insurance Association


Monday, October 2, 2017

Commissioner Katharine Wade welcomes Keystone Indemnity to Connecticut

On September 28, Commissioner Katharine Wade gave a formal welcome to a new captive, Keystone Indemnity Company, Ltd., the wholly-owned subsidiary of Masonicare of Wallingford, Connecticut. We welcome Keystone...the first Connecticut captive underwriting medical professional liability!

From left to right: Tracey LeMay, Chief Administrative Officer of Masonicare; JP Venoit, President and CEO of Masonicare; Robert Polito, Board Chair, Masonicare; Commissioner Katharine Wade; Michael Maglaras, Principal, Michael Maglaras & Company; Janet Grace, Program Manager, Captive Division; Christopher Gallo, Financial Examiner, Captive Division






Tuesday, September 26, 2017

The State of the State: Connecticut’s Evolving Captive Marketplace

So what’s the Connecticut advantage?
If you own a captive, why would you want Connecticut to be your domicile?...And if you’re thinking about forming one, why has Connecticut been labeled “the thinking person’s domicile”?
This is a good time to register for the Connecticut Captive Insurance Association's 2017 Collaborative on Captive Insurance, because the Collaborative will be an interactive and open forum on this subject, and attendees will get cutting edge information about:
How Katharine Wade, Insurance Commissioner, and Catharine Smith, Commissioner of the Department of Economic and Community Development, support the captive marketplace in Connecticut
How the captive law has recently been improved and updated to make it one of the best in the country
How our legislators and our governor are solidly behind the growth of the captive industry and how our professionals are the best qualified in the nation to lead the captive movement

Click here to register for the CCIA 2017 Collaborative on Captive Insurance; or here to learn more about how you can become part of the dialogue.

Monday, September 18, 2017

Disrupting the Market: The InsurTech Captive Revolution

Captive owners are already experts in stripping the insurance transaction of all unnecessary expense.
When we talk about “market disruption,” captives have been on the forefront of that for thirty years.
However, when it comes to the innovative ways to change even more about the way insurance products and services are delivered...namely, the InsurTech Revolution...captives are expected to be on the forefront of this innovation, revolution, and change.
This is a good time to register for the Connecticut Captive Insurance Association 2017 Collaborative on Captive Insurance, because the Collaborative will be an interactive and open forum on this subject, and attendees will get cutting edge information about:
What is InsurTech?  How does it work?  How is it expected to change the future?  
What can captives learn from commercial insurance market innovation and investment initiatives?  
What will the captive insurance transaction of the future look like, and how will captive owners meet the internal challenges of managing risk in a world dominated by "virtual insurance"? 
Click here to register for the CCIA 2017 Collaborative on Captive Insurance; or here to learn more about how you can become part of the dialogue.

Tuesday, September 12, 2017

Cyber Liability in Captives: Why Worry?

At the end of 2016, the cyber security insurance marketplace had underwritten $1.3 billion of direct written premiums. We all recognize that the world is an increasingly dangerous place...no debate there...but at the end of 2016, a different kind of debate had already begun.
People began asking the obvious question: “Can I write cyber security coverage through my captive, and, if so, how?”
This is a good time to register for the Connecticut Captive Insurance Association's 2017 Collaborative on Captive Insurance because the Collaborative will be an interactive and open forum on this subject, and attendees will get cutting edge information about: 
The current cyber security marketplace, how it functions, and what the underwriting challenges are  
Expert perspective on the growing and challenging international cyber threat  
Whether this is a good time for captives to augment available capacity in a marketplace already challenged to meet demand
Click here to register for the CCIA 2017 Collaborative on Captive Insurance; or here to learn more about how you can become part of the dialogue.