New Britain hand- and power-tool maker Stanley Black & Decker is moving its Vermont captive insurer to Connecticut, the second such action in recent months, authorities say.
SBD Insurance Inc. retained Marsh Captive Solutions of Norwalk to be its captive manager.
Connecticut’s first captive insurer – Thomson Reuters Risk Management Inc. – was licensed on July 31.
State lawmakers last October expanded the state’s 2008 captive insurance law, expanding the types of insurance captives can transact in the state and established a special regulatory unit at the Insurance Department to focus on captives.
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