Stanley Black

State Attracts 2nd Captive Insurer

The state has attracted its second captive insurer.

Stanley Black & Decker, based in New Britain, is moving its captive insurance subsidiary, SBD Insurance Inc., from Vermont to Connecticut, the governor's office announced Thursday afternoon.

A captive insurer is a self-owned subsidiary of a large company that manages the parent company's risks. Gov. Dannel P. Malloy introduced changes in state insurance regulations of captive insurers last year and the state is offering a $7,500 tax credit to attract them.

"Once established, captives provide revenue to the state in the form of premium taxes and can potentially boost tourism because captives must hold their...