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Stanley Black & Decker Inc. has moved its captive insurer to Connecticut from Vermont, becoming Connecticut's second licensed captive.
In a statement issued Thursday, Craig Douglas, vice president and treasurer of New Britain, Conn.-based Stanley Black & Decker, said moving SBD Insurance Inc. to its home state will “create further synergies and cost savings for the company.”
Marsh Captive Solutions in Norwalk, Conn., will manage SBD Insurance, which was licensed in Connecticut on Sept. 5. Law firm Edwards Wildman Palmer L.L.P. advised the tool-making company on the captive move.
Connecticut's first captive, Thomson Reuters Risk Management Inc., was licensed July 31 when New York-based Thomson Reuters Corp. relocated its formerly Delaware-domiciled captive to the state.
Changes to Connecticut's 2008 captive law, which were included in jobs legislation that Gov. Dannel P. Malloy promoted and signed into law last year, took effect on July 1.