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The New Jersey Department of Banking and Insurance has approved a new line of authority for the captive insurer formed last year by Healthcare Services Group, Inc. (“HCSG”) of Bensalem, Pennsylvania. Under the new authority, HCSG joined a new but growing area of captive insurance for company employee benefit plans.

“Healthcare Service Group’s expansion of its captive insurance company is a testament to the company’s innovation and another indicator of the strength of New Jersey’s captive market,” said Commissioner Ken Kobylowski. “HCSG’s expansion of a captive approved just last year shows how captives can adapt quickly to help companies cover additional risks and grow their business.”

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