June 4, 2021

Crumbling Foundations Captive Insurer Receives Second Healthy Homes Funding Installment

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ASHFORD, CONNECTICUT (June 2, 2021) – Michael Maglaras, Principal of Michael Maglaras & Company and Superintendent of Connecticut Foundation Solutions Indemnity Company, Inc. (“CFSIC”), the captive insurance company now providing financial assistance to homeowners affected by the crumbling foundations natural disaster, has announced that CFSIC has received its second installment of Healthy Homes surcharge funds.

“Thanks to the great efforts of the Connecticut Insurance Department and the Connecticut Department of Housing, I’m delighted to announce that $10,580,617 in Healthy Homes surcharge funds was wired to CFSIC’s account this afternoon,” said Maglaras. “I’ve instructed my staff to remain in the office until at least midnight tonight so that we can begin to process Participation Agreements in line for remediation.”

According to Maglaras, the CFSIC underwriting team will reach back in the Participation Agreement line to March of 2020, where claimants have been eagerly awaiting assistance. “Through the excellent efforts of Commissioners Andrew Mais and Seila Mosquera-Bruno, these Healthy Homes funds were tabulated and wired to us three weeks earlier than we received last year,” added Maglaras.

CFSIC had budgeted $10.6 million in last year’s budget estimate. “The amount we got was pretty much as close to $10.6M as it can get,” said Steve Werbner, CFSIC’s board Chairman. “Mike Maglaras and his team are going to use that money and hit the ground running today by contacting claimants who have been waiting in line for more than a year.”

Maglaras noted that part of CFSIC’s Healthy Homes funds will be used to continue the remediation of condominiums: “Our Participation Agreement list includes the next round of condo remediations,” said Maglaras. “With this tranche of Healthy Homes funds, plus the next $20 million we expect to get this summer from the CT Bond Commission, we’re going to request that our contractors work round the clock to get families back in safe and secure homes.”

To learn more about CFSIC, visit the CFSIC website at www.crumblingfoundations.org.

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