Hartford health insurer Aetna said it will establish a captive insurance company in Connecticut, Gov. Dannel P. Malloy announced Thursday.
The entity, which will be the fifth captive in Connecticut, is an alternative way for Aetna and its related companies to insure their own risks.
Aetna also has a captive operation in Bermuda.
The state began licensing captive insurers after passing legislation in 2011 that made the state more attractive for captive formation. The law included a one-time tax credit and broadened the types of losses eligible for recovery, among other measures.
Aetna’s captive will cover errors and omissions, employment practices liability, and other risks.
Correction: The original version of this story stated incorrectly that Aetna is moving its Bermuda captive insurance operations to Connecticut. The company is establishing a new captive here, while keeping its Bermuda entity. The headline and story have been updated to reflect the change.
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