Press Release: CTCIA Hosts Boston Road Tour Event

Boston MA – The first stop of the Connecticut Captive Insurance Association (CTCIA) 2024 Regional Tour was held on May 20th at KPMG headquarters in Boston, Massachusetts.

Guests were provided with an overview of captive insurance, their applications, collaboration examples, as well as insights on tax and accounting details associated with captive insurance entities. Connecticut leaders also shared information about the benefits of the Connecticut domicile and the path to establishing a captive in Connecticut.

Those in attendance included business owners, industry leaders and insurance professionals from the Greater Boston area. Guests heard from key and influential Connecticut leaders including: Fenhua Liu (Assistant Deputy Commissioner of Captive Insurance at the Connecticut Insurance Department), Chris Gallo (Managing Director, CIC Servcies), State Representative Kerry Wood (House Chair of the Insurance Committee), Wyatt Bosworth (Associate Counsel, CT Business & Industry Association), Sarah Pisacich (Tax Partner at KPMG), Dan Bishop (Partner at KPMG), Susan Winkler (Vice President & Executive Director of CT Insurance & Financial Services) and Tom Cyr (Consultant and CTCIA member).

“We were extremely pleased with the turnout and excitement for this inaugural event held in Boston, our neighbor to the North,” said P.J. Cimini, the President of CTCIA. “The outpouring of interest in support by Massachusetts companies and leaders in Connecticut as a captive insurance domicile option, was heartening.” Connecticut continues to be a leading domicile for captive insurance companies, captive managers and business leaders

The event highlighted a number of business friendly collaborations and Connecticut’s recent legislative updates, including Public Act 24-138 Public Act 24-138 (House Bill 5503) “An Act Concerning Insurance Market Conduct and Insurance Licensing, the Insurance Department’s Technical Corrections and Other Revisions to the Insurance Statutes and Captive Insurance” a new measure that will allow captive insurance protected cells the ability to convert into new protected cells, incorporated cells or a new captive insurance company, including the ability for protected cells to have the flexibility to convert without any impact on the assets, rights, benefits, obligations and liabilities of the protected cell.

“The Connecticut captive insurance domicile provides a unique opportunity for innovative captive owners, managers and companies to establish and grow in a strong regulatory environment,” said Fenhua Liu the Assistant Deputy Commissioner of Captive Insurance at the Connecticut Insurance Department. “As one of the fastest growing domiciles in the

country, I was pleased to speak at this event and spread the great news about the Connecticut ‘captive advantage’ that we provide.”

The new law will allow a business that initially insured its business through a protected cell, the ability to create and form its own pure captive insurance company. This proposal will allow for the seamless transfer of the assets, benefits, obligations and liabilities associated with the insurance provided by the business’ protected cell to the business’ newly established pure captive insurance company.

“Connecticut’s business-friendly insurance environment, with strong in state workforce support, continues to prove itself as one the top captive locations in the world,” said State Representative Kerry Wood, the House Chair of the Insurance Committee. “I was proud to join with regulators, business leaders and the CTCIA to share the great message of Connecticut as a destination for insurance and financial services and to continue to support growing captive insurance industry in Connecticut throughout Massachusetts and New England by ensuring the state maintains a competitive edge.”

CTCIA serves as a center for captive insurance activity in the state. Its members include captive insurance industry leaders, professional service providers, captive insurance company owners, academia, and other interested professionals. It promotes positive policies to support the continued growth and health of the captive industry in Connecticut and holds its annual Collaborative in September of every year where industry professionals come to Connecticut to learn and network with captive insurance professionals from around the world.

Connecticut plays a critically important role in the insurance market as the state is #1 in the nation for insurance jobs per capita and provides a major amount of insurance-based intellectual capital in the market. Connecticut is also unique because it is home to more service providers, fronting carriers and reinsurers dedicated to the captive industry than any other U.S. domicile and is perennially one of the top 10 domiciles in the world for total insurance premiums.

The CT Captive Insurance Association (CTCIA), established in 2011, is one of the fastest growing and most dynamic captive insurance associations in the world and the 2nd largest in the Northeast United States. CTCIA provides professional education opportunities, networking opportunities and information-sharing though a professional network of captive insurance professionals.

For more information, please contact Kathryn Dube the Executive Director of the Connecticut Captive Insurance Association at [email protected] or 860-989-8502

###