Connecticut’s Captive Insurance Industry Keeps Growing

Connecticut continues to grow its captive insurance industry, adding nine new captive insurers in 2024 for a 17% increase over the previous year.

In addition to the nine new captives, the state insurance department also approved 17 new captive protected cells in 2024, a 64% growth over 2023. Protected cells operate as separate entities allowing individual businesses to manage their risks independently within a single sponsored captive insurer. This brings the total number of captive risk-bearing entities to 100.

This marks five straight years of growth, according to Insurance Commissioner Andrew N. Mais.

“To see Connecticut’s emergence as a formidable captive domicile is rewarding but not unexpected,” Mais said, citing the “Insurance Capital’s” strong insurance industry ecosystem and professional workforce.

“As risks evolve so does the need for insurance and risk financing, and captives can be an ideal solution for many business owners,” Mais said.

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