The Connecticut Insurance Department has licensed United Rentals’ captive insurance company, Harbor Point Insurance, to insure itself against certain risks, including property damage from natural disasters.
United Rentals is the largest equipment rental company in the world, and is headquartered in Stamford, Connecticut.
“This new captive perfectly aligns with the department’s efforts to support businesses as they work to increase their resiliency to climate risks and other natural disasters,” said Commissioner Andrew N. Mais.
“We’re extremely pleased to have the support of the state of Connecticut in licensing our captive insurance company,” said Elisa Atwell, Director of Insurance for United Rentals. “This approach has provided us with a new risk financing option and an opportunity to deploy capital to best meet the needs of our business. We continue to be impressed with the professionalism and flexibility demonstrated by the Connecticut Insurance Department.”
United Rentals is a Fortune 500 company with more than 18,000 employees and 1,167 locations across North America and Europe, and approximately 4,000 classes of equipment assets with a total original cost of $13.5 billion.
“We are committed to being collaborative and providing world class regulatory services as we continue making Connecticut one of the most attractive and well-respected domiciles in the world,” said CID Captive Insurance Director Fenhua Liu.
According to Captive Review’s World Domicile Update, Connecticut became No. 1 in the world as a domicile for captive growth in 2020.