STATE OF CONNECTICUT
Thomas B. Leonardi
Risk Management Specialist
To Lead New Captive Insurance Regulatory Unit
Insurance Commissioner Thomas B. Leonardi today announced that John C. Thomson, a veteran risk management specialist, will manage the new captive insurance regulatory unit. The Commissioner made the announcement today during the Captive Insurance Education Symposium at the Bushnell Center for the Performing Arts. The event was sponsored by the Connecticut Insurance & Financial Services Cluster and the newly formed Connecticut Captive Insurance Association.
“John brings a strong, diverse background in risk management and I am confident he will be a valuable asset in the Department’s regulation of the growing captive industry in Connecticut,” Commissioner Leonardi said. “I am pleased to welcome him to the Department.”
"I am very excited about leading the captive insurance unit within the Connecticut Insurance Department. My immediate objective is to utilize my captive and risk management experience to develop a focused, consistent and fair regulatory process,” Thomson said.
A captive insurance company is wholly owned by a parent company to insure the parent’s own risks and gives companies greater control over costs. For many corporations, captives are becoming a more popular alternative to traditional insurance.
Governor Malloy’s special Legislative “Jobs Session” in October 2011 produced a major jobs bill that included revisions to the state’s 2008 captive insurance law, expanding the types of insurance captives can transact in the state and establishing a special regulatory unit at the Insurance Department to focus on captives. As a result, the Insurance Department has licensed the state’s first two captive insurers in the past two months.
Thomson began his new position September 28. Prior to joining the Insurance Department, Thomson was an editor for International Risk Management Institute, the publisher of Captive Insurance Company Reports. He also was the chief operating officer for energy industry captive, Oil Casualty Insurance, Ltd., and has held leadership positions with General Electric, Aetna, Cigna and Towers Perrin/Tillinghast, a Hartford risk management firm.
A graduate of State University of New York-Cortland, Thomson earned his MBA in Finance and Management from Rider University. He resides in West Simsbury.