Fixing the cracks
From: Captive Insurance Times, May 30, 2018
An innovative new captive in Connecticut is helping residents save their homes and may boost the industry’s reputation in the process
In recent years, the captive insurance industry has not had the best public reputation. Perhaps this is unsurprising, most captives serve multi-million dollar businesses behind the scenes and the majority of the public has no reason to know what a captive is or does. The nature of the business means that when captives do make it into the mainstream news it is usually related to wrongdoing and centred on the tax benefits.
An innovative new captive in Connecticut, formed to improve the lives of thousands of the state’s homeowners, is showcasing how captives can be used for social benefit and may simultaneously improve the world’s view of captives.
The Connecticut Foundation Solutions Indemnity Company (CFSIC), is a non-profit captive set up to distribute the Crumbling Foundation Assistance Fund and provide remediation to homeowners in Connecticut impacted by the ‘crumbling foundations’ issue.