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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance explores the challenges presented by today's business and economic upheaval, as well as the hardening insurance market, and what it means for the captive insurance industry.

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First Sponsored Captive in Connecticut Formed by SOBC

Connecticut Flag
June 01, 2015

Connecticut Insurance Commissioner Katharine L. Wade has announced the licensing of the state’s first sponsored captive, SOBC Insurance Company Ltd. The company is the eighth captive licensed by Connecticut.

The captive was formed by New Jersey-based SOBC Corporation. It will help reinsurers exiting the market with claims runoff, according to a press release issued by the State of Connecticut Insurance Department.

A sponsored captive’s client is not the parent company but rather can be one or more entities that use segregated accounts or “cells” set up by the sponsor to finance each client’s risk, the press release explained. The Hartford-based SOBC captive will provide risk financing, management, and claims services for portfolio transfers of small books of business currently exiting the market.

“We are very excited to be the first 'sponsored captive' licensed in Connecticut,” said Brian Johnston, president, SOBC Insurance Company Limited, in the press release. “Our experience with this well-regulated state has been excellent. John Thomson and his team at the Insurance Department have been extremely responsive to our unique business plan. Our new Connecticut platform gives us the ability to segregate the portfolios of acquired assets, which is a significant advantage for our business and our clients.”

Read the full press release.

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