Wednesday, August 16, 2017

Come Home to Connecticut

It’s no secret to those of us in the captive industry that health care liability captives make up a major part of the current captive assets and liabilities throughout most of the major domiciles. In Vermont and Cayman, health care liability underwriting programs very much dominate the scene in terms of sheer numbers.
So it’s with great pride that I announce the August 1, 2017 re-domestication of Keystone Indemnity Company, Ltd. to Connecticut.
Any captive formation in Connecticut is an important one to all of us at CCIA...but a mature captive underwriting medical professional liability coverage for Connecticut’s preeminent senior care services organization, Masonicare, is a real coup...and we can be justly proud.
Now, the next question seems to be a simple one to me: who will be next? Which one of the many captives owned by Connecticut-based health care facilities and physician practices will “come home” to Connecticut?
Jon-Paul Venoit, the President of Masonicare (the parent of Keystone), specifically cited “the special energy” of the captive movement in Connecticut...and he wanted his captive to be a part of that.
So, to the many Connecticut health care facility parents of captives in Cayman, and Vermont, and elsewhere...I invite them to bring their captives “home.” The special energy of the captive movement in Connecticut, and the way in which our regulators have created an environment encouraging re-domestication, has to be seen to be believed.
- Michael Maglaras, Chairman, Connecticut Captive Insurance Association