The New York Insurance Department has licensed the state's forty-second captive, an entity that will insure a midtown real estate project of Silverstein Properties, the developer of the World Trade Center, it was announced.

Insurance Superintendent Eric Dinallo said River Place II, LLC, a large Silverstein residential development, will be insured by RP Captive Insurance Company Inc. (RPIC).

"The insurance department welcomes RPIC and congratulates River Place II on taking advantage of all that New York offers to captive insurance companies," Mr. Dinallo said.

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