HARTFORD, Conn. (AP)—Connecticut has scored its first win in a campaign to bring new insurance business to the state.
Gov. Dannel P. Malloy announced on Thursday that media and information company Thomson Reuters has relocated its company dedicated to captive insurance, which is a specialized form of self-insurance. It is moving from Delaware to Stamford.
Captive insurance companies are subsidiaries set up by large companies to insure their own risks and save money that would otherwise be paid to insurance companies.
To bring more of the business to Connecticut, the legislature developed a division in the Insurance Department establishing rules for companies specializing in captive insurance. Legislation also provides a $7,500 credit against the first year of premium taxes, said Tom Hodson, president of the Connecticut Captive Insurance Association.