Captive Insurance News

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Captive Insurer Licensed To Reinsure Underground Storage Tank Owners in NJ

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November 28, 2016

Founders Indemnity Group, Inc., was licensed by the New Jersey Department of Banking and Insurance on November 2, 2016. The stock-held captive will reinsure a North Dakota licensed insurer, which will write New Jersey underground storage tank owners.

The captive has been licensed to reinsure liability and property and casualty coverage.  Marsh Management Services, Inc., will serve as the captive manager. Founders Indemnity underground storage tank coverage is being underwritten and marketed by a New Jersey licensed managing general agent.

A legal team at Fox Rothschild LLP led the effort to secure the Founders Indemnity Group, Inc., captive certificate of authority from the New Jersey Department of Banking and Insurance.

A 2016 report of the National Association of Insurance Commissioners indicated New Jersey had licensed 22 captives with total direct written premium of $263.1 million and total captive premium of $413.7 million as of December 31, 2015.

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