AFS Represents First Captive Insurance Company Supporting NYC Affordable Housing

ArentFox Schiff counseled the creation of Milford Street Association Captive Insurance Company, a first-of-its-kind captive insurance company that will provide insurance only to New York affordable rental buildings that have a regulatory agreement limiting rents and receive public financing.

Milford will be owned by its premium payers and, by changing the focus from profit to stability, simplifying overhead and operations, and instituting tailor-made risk management controls, will significantly lower liability insurance premiums.

“The creation of the Milford Street Captive Insurance Company is an acknowledgment that we need more tools to help ensure that our work in creating and preserving affordable housing options for New Yorkers isn’t derailed by runaway costs,” said RuthAnne Visnauskas, Commissioner/CEO of NYS Homes and Community Renewal.

Partner Elliot Kroll said, “This is precisely the purpose of an association captive – to provide the most cost-effective insurance solution for those who understand their risks and employ the best risk management practices.”

The AFS team included Partners Elliot Kroll and Huhnsik Chung.

Read coverage of Milford from Gothamist and Coverager.

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