09 August 2017
Reporter: Becky Butcher

Connecticut welcomes first healthcare captive

Keystone Indemnity Company, the captive of Masonicare, has re-domesticated from Vermont to Connecticut, marking the state’s first healthcare liability captive insurance company.

Keystone, originally licensed in Vermont in 2001, is the provider of healthcare and retirement living communities for seniors.

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

Jon-Paul Venoit, president and CEO of Masonicare, added: “We are grateful to the regulators in Vermont who helped Keystone prosper over the last 16 years.”

“We felt it was time to honour 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.”

Michael Maglaras & Company advised Masonicare and Keystone on the re-domestication.

More news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Cayman captive industry generated $100m in 2016
14 December 2017 | Grand Cayman | Reporter: Ned Holmes
The Cayman Islands captive insurance industry generated $100 million for the island’s economy in 2016, according to a recent economic impact survey.
BDA board gains new chair
14 December 2017 | Hamilton | Reporter: Ned Holmes
Paul Scope has been elected as the new chair of the Bermuda Business Development Agency (BDA) and Shelby Weldon has been appointed to the board of directors.
Ameriprise captive rated ‘excellent’, says A.M. Best
14 December 2017 | New Jersey | Reporter: Ned Holmes
Ameriprise Captive Insurance Company (ACIC) has received a financial strength rating of “A (Excellent)” and a long-term issuer credit rating of “a+” from A.M. Best.
PRIIA to help grow Puerto Rico as a captive domicile
13 December 2017 | San Juan | Reporter: Ned Holmes
The Puerto Rico International Insurance Association (PRIIA) will play an expanded role in helping to grow the country into a leading captive insurance domicile, according to PRIIA president Hugo Cordova.
Brit launches new Bermuda-based SPI
13 December 2017 | Bermuda | Reporter: Ned Holmes
Insurance and reinsurance group Brit has launched a new Bermuda-domiciled collateralised reinsurance platform, Sussex Capital.
Two funds complete trade on ILSBlockchain
12 December 2017 | St Peter Port | Reporter: Ned Holmes
Two funds have completed what is believed to be the first secondary market securities trade on notes digitised on the ILSBlockchain, a private blockchain set up by Guernsey incorporated cell company Solidum Re.
NiSource captive rated ‘excellent’ by A.M. Best
11 December 2017 | Oldwick | Reporter: Ned Holmes
A.M. Best has given the financial strength rating of “A- (Excellent)” and the long-term issuer credit rating of “a-” to NiSource Insurance Corporation (NICI).