Washington, DC - Commissioner Lawrence H. Mirel and the DC Department of Insurance & Securities Regulation finalized the licensure of Columbia Group Insurance, Inc. (CGII), a pure-captive insurance company under the Captive Insurance Act of 2000.

CGII’s sponsor, Columbia Group Insurance Trust (CGIT), is being formed to provide commercial insurance coverage to USA-IT, Inc., American Construction and Engineering Services, Inc., Premier Management and Consulting, Ltd. and several real estate limited partnerships, which are affiliated to the sponsor company CGIT through common ownership, beneficial ownership or control. CGII intends to issue corporate reimbursement policies, difference in conditions policies and professional liability policies to these entities in an effort to provide coverage for exposures that are either uninsured or excluded under the insured’s current traditional insurance program.

A captive insurance company is a form of self-insurance in which a corporation or association organizes an insurance subsidiary to insure itself or it’s members. Captive insurance companies serve the insurance needs of the parent organization without the uncertainties of commercial insurance availability and cost.

“The Department is pleased to license the first pure captive insurance company in the District of Columbia,” said Commissioner Mirel. “The Captive Act of 2000 opened the door to the District becoming a viable captive domicile.” He continued, “With CGII and other captives slated to come on board in the next year, we see captives as an opportunity for the District of Columbia to diversify its economic base.”

For more information about forming a captive company in the District of Columbia, contact DISR at 202-727-8000.

The DC Department of Insurance and Securities Regulation (DISR) has two missions, (1) to provide fair, efficient and fast regulatory supervision of the insurance and securities businesses for the protection of the people of the District of Columbia, and (2) to create conditions that will retain and attract national and international insurance and other financial businesses to the District.