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'Sponsored captive' insurer comes to state

May 29, 2015 12:00 am • Last Updated: May 29, 2015 1:23 pm

SOBC Corp. has become the eighth company to establish a so-called captive insurance presence in Connecticut, the state announced Wednesday.

Insurance Commissioner Katharine L. Wade said the New Jersey-based company has established a subsidiary, SOBC Insurance Company Ltd., in Hartford. The company is the first "sponsored captive" company to establish itself here since Gov. Dannel P. Malloy signed legislation in 2011 clearing the way for these new entities, which are created for self-insurance purposes.

SOBC will "specialize in helping reinsurers that are exiting the market pay off their claims," according to a release. Unlike other captive firms, this one is intended not to help the parent company self-insure but to provide services for other clients.

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