Michael Maglaras to form Connecticut captive
an established regional network, a
deserved reputation for client care and
a considerable appetite for growth.
“I’m delighted to be part of the
team tasked with growing Howden’s
INCORPORATORS OF CAPTIVE
INSURER Connecticut Foundation
Solutions Indemnity Company (CFSIC)
have selected consulting firm Michael
Maglaras & Company to act as
superintendent for the captive that will
distribute remediation funds to assist
homeowners with crumbling concrete
According to the Connecticut Coalition
Against Crumbling Basements, homes
in northeastern Connecticut face
crumbling basement walls due to
pyrrhotite, an iron sulphide mineral.
The coalition added that pyrrhotite
exposed to oxygen and water reacts
and causes swelling and cracking,
leading to its deterioration. The damage
is said to be irreversible, with no known
More than 35,000 homes in the north,
east, and central parts of Connecticut
are facing this potentially devastating
issue due to the presence of a naturally
occurring iron sulphide originating
from a quarry in Willington, CT.
It estimates the cost to replace a
foundation in Connecticut ranges from
$150,000 to $250,000 per home.
The superintendent will be overseen
by the captive’s board of directors.
Incorporators are in the process
of selecting board members, and
applications for prospective board
members finished in late April.
The superintendent will work with
the board to create and file a business
plan for the formation of CFSIC with the
Connecticut Insurance Department.
The State Bond Commission
approved $350,000 in February to
provide the initial capital required
under state law to license CFSIC.
CFSIC has no employees, and the
superintendent will be responsible for
contracting any required services.
Michael Maglaras & Company
is based in Ashford, Connecticut,
and is headed by principal Michael
Maglaras. The firm has more than
30 years of experience in captive
insurance company implementation,
underwriting, and advisory services.
“We are pleased to have been
selected by the incorporators of CFSIC
to launch this new captive insurance
company and to assist its board of
directors in bringing needed relief to
hard-hit homeowners in the northeast
corner of Connecticut,” said Maglaras.
“We have much work ahead of us—
and it’s hard work—but I would sum it
up in one phrase: help is on the way.” l
Howden UK names former Jelf CEO as EB head
HOWDEN, the retail broking arm
team is a significant coup and will
of Hyperion Insurance Group, has
accelerate our growth aspirations for
appointed Glenn Thomas as managing
the Howden UK business,” said Chris
director, employee benefits (EB).
Evans, CEO of Howden UK.
Thomas is responsible for leading
“Our EB offering is firmly embedded
Howden’s growth plans for EB in UK,
at the heart of our client proposition and
as the group continues its expansion
under Glenn’s direction and leadership,
across a number of specialist sectors.
I am confident we will become a leader
Prior to Howden, Thomas was a
in this field, as we already are in other
partner in Mercer’s global business
solutions division. He was the CEO of
Thomas added: “The opportunity
financial services at Jelf Group before
to join Howden at a time when it is
it was acquired by Marsh McLennan.
investing significantly in growth,
“Having such an established industry
particularly in EB, is hugely exciting.
figure as Glenn join our management
Howden is a great success story with
“Howden is a great success
story with an established
iStock Photo / Michael ONeill