October 5, 2017

Charter to establish insurance captive in CT

HBJ PHOTO | Matt Pilon
HBJ PHOTO | Matt Pilon
Insurance Commissioner Katharine L. Wade.

Stamford-based Charter Communications said Wednesday it will base its entire captive insurance operations in Connecticut as part of its expansion here.

On Tuesday, the company announced it would take advantage of Connecticut's First Five Plus incentive program and build a new headquarters in Stamford, creating 1,100 new jobs.

On Wednesday, Charter said its captive, Spectrum Communications Indemnity Inc., would be the largest of 15 captives licensed in Connecticut and will provide insurance coverage for Charter's workers compensation, auto liability, general liability and employment practices liability.

A captive insurer is owned and controlled by a parent company, and operates to insure the parent's own risks. Captives are licensed and closely monitored by the state Insurance Department.

Gov. Dannel P. Malloy said the move underscores the company's commitment to expand in the state.

The Insurance Department initially licensed the Charter captive insurer in Dec. 2016 and Charter merged all its captive insurance operations as of May 31, 2017. Combined assets were approximately $400 million following the merger. Annual premiums are anticipated to be approximately $157 million for the current fiscal year, Commissioner Katharine Wade said.

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