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Connecticut Licenses First Healthcare Liability Captive Insurer

Connecticut state flag
August 10, 2017

The Connecticut Insurance Department has announced the licensure of the state’s first healthcare liability captive insurance company: Keystone Indemnity Company, Ltd.

Keystone, originally licensed in Vermont in 2001, elected to re-domesticate to Connecticut effective August 1, 2017.

"We are delighted to welcome Keystone to Connecticut," state insurance commissioner Katharine L. Wade said. "Not only is Keystone our first health care liability captive, but it is a captive owned by Masonicare, a respected Connecticut provider of statewide long-term care, home health care and hospice care, and assisted and independent living services."

Michael Maglaras, principal of Michael Maglaras & Company, who advised Masonicare and Keystone on the re-domestication, said, "We're very excited to bring Keystone to Connecticut. Keystone is exactly the kind of captive we want in Connecticut ... a respected parent at the leading edge of senior care services, and a well-structured captive providing a high degree of risk management and related services. It’s a perfect match. The re-domestication process was businesslike and business-friendly all the way."

Masonicare, based in Wallingford, Connecticut, is the state’s leading provider of health care and retirement living communities for seniors. Masonicare is a not-for-profit with more than 100 years of experience. It is recognized for the quality, compassionate care, and steadfast support it provides to its residents and patients.

"We feel a great sense of loyalty to Connecticut and to the people we serve," said Jon-Paul Venoit, president and CEO of Masonicare. "We are grateful to the regulators in Vermont who helped Keystone prosper over the last 16 years. We felt it was time to honor our commitment to Connecticut seniors by bringing our captive insurance company 'back home.' Once we saw the creative energy of the captive movement in Connecticut, we at Masonicare decided that we needed to be a part of it."

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