Charter to base captive insurance operations in Hartford

Charter Communications sign (use this one)

As part of a major commitment to the state of Connecticut, Charter Communications will locate its captive insurance operations in Hartford. 

The news, trumpeted by Connecticut Governor Dannel Malloy, comes just a few days after the No. 2 cable operator in the U.S. pledged to keep its headquarters in Stamford, build a new 500,000-square-foot headquarters building and add 1,100 jobs in the state. In all, Charter has committed to $100 million in capital spending in Connecticut over the coming several years. 

“This is a clear example of a Connecticut company that understands that Connecticut is a great place to do business—they are growing their corporate headquarters and adding hundreds of new, good-paying jobs here,” Malloy said in a statement. “And now, by establishing their entire captive insurance operations in Connecticut, they are further committing their company to our state. We value Charter’s confidence and look forward to their continued success.”


Like this story? Subscribe to FierceVideo!

The Video industry is an ever-changing world where big ideas come along daily. Cable, Media and Entertainment, Telco, and Tech companies rely on FierceVideo for the latest news, trends, and analysis on video creation and distribution, OTT delivery technologies, content licensing, and advertising strategies. Sign up today to get news and updates delivered to your inbox and read on the go.

RELATED: Charter to build new headquarters in Stamford

Charter’s captive insurance company, Spectrum Communications Indemnity Inc., provides coverage for the cable operator’s employees, including workers' compensation, auto liability, general liability and employment practices liability. 

Licensed by the state, captive insurance companies allow companies to meet regulatory insurance requirements, but ostensibly save money by underwriting their own risks. 

Connecticut State Insurance Commissioner Katharine Wade told the Hartford Courant that the operation “gives the corporation the critical tools it needs to manage its costs and reinvest in its employees and overall operations."

As part of its dalliance with Connecticut, Charter will receive a 10-year, $10 million low-interest loan from the state Department of Economic and Community Development. The cable operators will also receive up to $10 million in tax credits. 

Suggested Articles

Plex is partnering with Lionsgate to grow its library of ad-supported video on demand content prior to the planned rollout to consumers in late 2019.

Given the accelerating rate at which consumers are going online for entertainment, Roku said that streaming TV viewers could surpass the amount of pay TV…

Facebook is officially releasing a connected TV streaming device called Portal TV that includes a built-in camera for video calls and co-watching.