Friday, January 31, 2014

Crisco hails company's expansion in state

HARTFORD - State Sen. Joseph J. Crisco, Jr., D-Woodbridge, today joined Gov. Dannel P. Malloy in announcing that Stamford-based Frontier Communications, which has 15,000 employees nationwide, has chosen Connecticut for the location of its captive insurance subsidiary.

“Frontier will be the state’s fourth licensed captive insurance company since we passed landmark jobs legislation in 2011 to clear the way for the state to license these specialty insurers,” Crisco said.
“This is precisely the sort of business expansion and potential job growth we anticipated when we passed the legislation, and I’m thrilled it is bringing new jobs and business to our state.”

A captive insurance company is wholly owned by a parent company to insure the risks of the parent and its subsidiaries.
The new subsidiary, Frontier Services Corp., is headquartered in Stamford and recently obtained its license from the Connecticut Insurance Department.

“Establishing Frontier Services Corporation in Connecticut demonstrates our commitment to the state, to prospective customers and to our shareholders,” said John M. Jureller, Executive Vice President and Chief Financial Officer of Frontier.
“By taking advantage of this great opportunity in our home state, we will realize savings that will benefit our stakeholders and contribute to economic growth in Connecticut. Frontier thanks Governor Malloy, the Connecticut Insurance Department, and the Legislature’s Insurance & Real Estate Committee for their support of this important economic sector.”

“Giving employers the tools they need to manage their costs and re-invest in their employees and products is a commitment we have made from day one,” Malloy said. “These specialty insurers are just one example of the steps my Administration has taken to support business, encourage competition and create jobs. We welcome Frontier Communications, a company with deep roots in Connecticut, to this growth sector.”

With operations in 27 states, parent company Frontier Communications Corporation has been headquartered in Connecticut since 1946.
The company is expanding its footprint in Connecticut with the recent announcement that it was acquiring AT&T’s wireline business and statewide fiber network in Connecticut. Frontier is also acquiring AT&T’s U-verse video and satellite TV customers in Connecticut.

This is a press release from Crisco's office.

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