The Stamford company that’s hoping to expand into Connecticut by buying AT&T’s wireline and fiber business later this year has also decided to house its captive insurance subsidiary in the state, Gov. Dannel Malloy’s office announced.
Frontier Communications, a publicly-traded telecom with 15,000 employees around the country, recently obtained a license from the state’s Insurance Department to operate its Frontier Services Corp. subsidiary.
Captives are subsidiaries owned by a parent company designed to insure the parent company’s risk.
It’s the fourth such license the state has granted, following 2011 legislation that made Connecticut more desirable to captives through a tax credit and a broadening of the types of insurable losses eligible for recovery, among other provisions.
New York’s Red Apple Group, New Britain’s Stanley Black & Decker and Stamford’s Thomson Reuters also have captives in the state.
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