Galanda maintains that tribes purchasing insurance through private carriers are indirectly subjected to state taxes that get priced into premiums. He said tribes face a learning curve with respect to insurance markets, like they previously had in understanding the capital and securities markets. Gabe Galanda, a Seattle-based attorney who specializes in tribal representation, thinks a larger discussion has just begun. The tribe also has completed $1.5 billion in large and small projects through its development arm, the Foxwoods Development Co.Ī growing appreciation for risk management practices within Indian Country has some considering whether a captive approach can not only yield savings on insurance, but have a role in the self sustaining efforts sovereign tribes use to bolster their communities, culture and heritage. The Mashantucket Pequot Tribal Nation has been a leader in this segment and raised in excess of $1 billion in private financing, according to the tribe's Web site. Native gaming revenues eclipsed $26 billion in 2008, according to the National Indian Gaming Association. The move is part of a larger ideological shift within Indian Country, as two decades of tribal gaming revenues continue to shape and fortify the business acumen of Native American tribes. 'We've had calls from tribal nations about it.' 'That was always our intent and that's something that we have on the table for 2010,' Sebastian-Welch said.

Now the tribe is readying plans to offer space within that captive to other tribal nations. Retrieved from Ī Native American tribe domiciling and regulating its own captive insurance company isn't a new proposition for the Mashantucket Pequot Tribal Nation.įive years ago, the tribe-owner of the Foxwoods Resort Casino in Ledyard, Conn.-moved its property insurance portfolio into the Mashantucket Insurance Service Co., a captive domiciled on tribal land in southeastern Connecticut.Ĭhief risk management officer Cynthia Sebastian-Welch said the tribe has shaved 7% to 10% annually from premium costs since making the move.

APA style: Going their own way: led by the tribe that owns Foxwoods Resort Casino, others in Indian Country consider the captive alternative.

Going their own way: led by the tribe that owns Foxwoods Resort Casino, others in Indian Country consider the captive alternative.' Retrieved from

MLA style: 'Going their own way: led by the tribe that owns Foxwoods Resort Casino, others in Indian Country consider the captive alternative.' The Free Library.

Foxwoods casino owner