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Burlington Coat Factory creates captive insurer for employee health plan

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Burlington Coat Factory creates captive insurance company for its 37,000 employees.
Burlington Coat Factory creates captive insurance company for its 37,000 employees. - ()

Burlington Coat Factory has launched Florence Insurance Co. to manage risks associated with the self-funded health care plan for its 37,000 employees, including 4,900 in New Jersey.

Florence is a captive insurance company, or one created by a parent company with a self-insured health care program to mitigate risk. The state’s acting banking and insurance commissioner, Marlene Caride, recently approved its creation by Burlington Coat Factory, a discount clothing company based in Burlington.

Former Gov. Chris Christie signed a bill into law in 2011 allowing the formation of captive insurance companies. Since then, the station has approved the creation of 25 captive insurance companies.

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Vince Calio

Vince Calio


Vince Calio covers health care and manufacturing for NJBIZ. You can contact him at vcalio@njbiz.com.

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