A Hartford management company headed by Thomas Hodson, president of the Connecticut Captive Insurance Association, has been acquired by JLT Towner Insurance Management of Vermont, the companies announced.
Charter Risk Management Services, which was founded in March 2012 by Hodson as well as former U.S. Sen. Alfonse D’Amato and a former New York insurance superintendent, will assume the JLT Towner name and Hodson will continue to run the operation, JLT said.
The Vermont company purchased part of Hodson’s interest in the business and bought out the interest of co-owner Compass Company Consultants, of which D’Amato is part owner. Terms of the deal were not disclosed.
Captive insurers are subsidiaries set up by parent companies to insure their own risk.
Connecticut, wanting to grow the captive industry, passed a law in 2011 that expanded the types of insurance captive insurers can transact in the state and established a special regulatory unit to oversee captives.
So far, Thompson Reuters, Stanley Black & Decker and New York grocery chain Red Apple have set up insurance subsidiaries in Connecticut.
