The captive, Spectrum Communications Indemnity, is the largest of 15 captives licensed in Connecticut and will provide coverage for Charter’s workers compensation, auto liability, general liability and employment practices liability.
According to Malloy, by basing its captive operations in Connecticut, “they are further committing their company to [the] state”.
The Connecticut Insurance Department licensed the captive insurer in December 2016 and Charter subsequently merged all its captive insurance operations as of 31 May.
As a result, the combined assets were approximately $400 million following the merger. Annual premiums are anticipated to be approximately $157 million for the current fiscal year.
Katharine Wade, Connecticut Insurance Department commissioner, said: “We are delighted that Charter has chosen Connecticut to grow its captive insurance operations. This gives the corporation the critical tools it needs to manage its costs and reinvest in its employees and overall operations.”
“Connecticut provides companies of all sizes with a collaborative, prudent regulatory environment aimed at creating sustainable captives to insure and manage their risks for the long term.”
Catherine Bohigian, executive vice president of government affairs for Charter Communications, added: “As a Stamford-headquartered business, Charter is pleased to bring our insurance captives to the state of Connecticut. As Charter continues to grow in Connecticut, we look forward to furthering economic opportunities in the state.”