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Company creates insurance jobs in Connecticut

Posted on November 7, 2014

Aetna is establishing its captive insurance company and creating more insurance jobs in Connecticut.

A captive insurer is wholly owned by a parent company to insure the risks of the parent and its related companies.

Aetna’s captive, the Aetna Risk Insurance Company, will provide liability coverage for the company, including errors and omissions, employment practices liability, and other related coverages. The company previously had captive insurance operations in Bermuda.

Captives are managed by specialty firms that employ a range of financial, actuarial and legal professionals who are part of Connecticut’s specialized insurance industry workforce. Once an alternative to the commercial insurance market, captives have evolved into strategic financial vehicles used for many different enterprises, such as manufacturing and health care.

“It is always gratifying to see our legislative efforts make a difference and in the case of captives, this was a sector we identified as having great potential,” said State Senator Joseph J. Crisco, Jr. (D-Woodbridge). “Aetna and other corporations have recognized that, and I have no doubt there are more to follow.”