Sunday, October 29, 2017

Captive Insurance Collaborative in Connecticut

Business owners and captive insurance service providers joined together in Stamford with the Connecticut Captive Insurance Association and the Connecticut Insurance Department for the 2017 Collaborative on Captive Insurance to engage and learn about this important -- and growing -- industry.

Monday, October 23, 2017

Stamford Advocate Features Collaborative on Captive Insurance

Read all about the Connecticut Captive Insurance Association's Collaborative on Captive Insurance in Paul Schott's story in the Stamford Advocate.

“We call the conference the ‘idea factory’ because it is a generator of ideas,” said Michael Maglaras, chairman of the CCIA’s board of directors and principal of the Ashford-based insurance and risk management consultancy Michael Maglaras & Co. “There will be ample opportunity during each of the sessions for business owners, captive-insurance service providers and members of the public to engage, ask questions and have a dialogue with the speakers.”

The conference is this Thursday and Friday at the Stamford Sheraton.  Don't miss it!  Register at this link.

“When captives flourish, jobs are created and people are put to work,” Maglaras said. “The more captives we have, the stronger growth we have. We’ve got a fantastic regulator in Katharine Wade. She is someone who understands how to be a good regulator to make sure captives are of the highest quality and who is also business friendly.”

What?...You’ve Not Registered for the Connecticut Captive Insurance Association 2017 Collaborative?

The title is not a joke...this is an event you will not want to miss. 

I go to a lot of captive industry meetings and have for more than thirty years. The Connecticut Captive Insurance Association's  Collaborative, which will be held at the Stamford Sheraton Hotel on October 25 and 26, will be...I can tell you...unique in our industry.
We’re going to tackle some tough issues. We’re going to challenge some notions. We’re going to shake things up. You will hear some distinguished speakers, and, what’s more important, you will be a part of the dialogue. We’ve used three words continually in this year’s Collaborative agenda. Those three words are “Dialogue, Debate, Disruption.”
The Connecticut captive movement is filled with entrepreneurial and talented people who aren’t afraid of challenging the norms, whether those norms be about what constitutes a good business plan under the new rules for 831(b)s...or whether it’s about challenging some notions about why a captive can’t actually write workers’ compensation coverage on a direct basis.
Check out the agenda for the CCIA Collaborative...and while you’re at it, register. It’s not too late to become a sponsor.
We can’t guarantee that all the probing questions asked will get an answer. But we can guarantee that the questions will be asked, and you will walk away with stuff you can use in your business to shape your strategy to self-insure part of your risk.
I promise you an interesting, enlightening, and worthwhile experience.
The 2017 Connecticut Captive Insurance Association Collaborative. Connecticut...Still Revolutionary!
Michael Maglaras, Chairman, 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? captives and the commercial market will forge new partnerships as the world’s insurance needs change
Insuring your customers, partners, 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