River Place II forms captive insurer in New York

The New York State Insurance Department has licensed RP Captive Insurance Co, (RPIC), as a captive insurance company.

RPIC will insure the risks of River Place II, LLC, a large residential real estate project in midtown being developed by Silverstein Properties.

Insurance superintendent Eric Dinallo, said: “The Insurance Department welcomes RPIC and congratulates River Place II on taking advantage of all that New York offers to captive insurance companies. New York, the real estate capital of the world with its investment management talent and vibrant financial services industry, is the natural home for captives.”

“The Insurance Department welcomes RPIC and congratulates River Place II on taking advantage of all that New York offers to captive insurance companies. New York, the real estate capital of the world with its investment management talent and vibrant financial services industry, is the natural home for captives.

Insurance superintendent Eric Dinallo

RP Captive Insurance Company, Inc., is the 42nd captive insurance company licensed to operate in New York State. It will insure TRIEA (Terrorism Risk Insurance Extension Act of 2005) losses and other lines of business on behalf of River Place II, LLC.

Captives were not permitted in New York prior to the 1997 signing of the Captive Law. Most had been headquartered in a small number of states or off-shore jurisdictions like Bermuda.

Shortly after the law went into effect, the Insurance Department launched its Captive Group in order to encourage companies to establish alternate insurance programs such as captives in New York State.