Steven Bauman joins XL Catlin as head of global programmes and captive practice in North America

Steven Bauman joins XL Catlin as head of global programmes and captive practice in North America

Steven Bauman joins XL Catlin as head of global programmes and captive practice in North America

XL Catlin has appointed Steven Bauman as head of global programmes and captive practice in North America. Until recently he was head of captive services at Zurich Insurance Group. He will be based in New York and report to Matthew Latham, XL Catlin’s global head of captive programmes. “New business risks continue to emerge and regulatory issues are growing more…

Moody’s downgrades four Chinese insurers after sovereign rating downgrade

Moody’s downgrades four Chinese insurers after sovereign rating downgrade

Moody’s downgrades four Chinese insurers after sovereign rating downgrade

The insurance financial strength ratings (IFSRs) of four Chinese insurers, including two captives, have been downgraded and their outlooks revised to stable from negative by Moody’s Investors Service. The move follows Moody’s decision to downgrade China’s sovereign rating to A1 stable from Aa3 negative. China Life Insurance Co and PICC Property and Casualty Company have been downgraded to A1 from…

Asian market’s potential for captive growth ‘immense’

Asian market’s potential for captive growth ‘immense’

Asian market’s potential for captive growth ‘immense’

The Asian market for captive insurance is relatively unexplored but the potential for growth is immense, according to Danial Mah Abdullah, CEO of the Labuan International Business and Financial Centre (Labuan IBFC). He said the penetration level is low at the moment, with just a little more than 2% of the total number of captives established worldwide. “We believe the…

Montana and Georgia update captive laws

Montana and Georgia update captive laws

Montana and Georgia update captive laws

Two US states have recently updated their captive legislation: Montana and Georgia. A new law has been enacted in Montana, which will affect captive companies organised as a reciprocal insurer or as a dormant captive insurer, while in Georgia, captives can now be formed as limited liability companies. In Montana, with regard to a reciprocal insurer, it removes the requirement…

Captives in global programmes

Captives in global programmes

Captives in global programmes

In today’s global marketplace where companies are operating from Azerbaijan to Zambia, having a centralised way to keep a handle on the myriad risks they face can deliver real benefits. For risk managers, a captive insurance company is a useful tool to coordinate an international insurance programme and to derive some tangible cost savings, while gaining a global picture of…

Bermuda’s negotiations with EU should not be affected by Brexit, says BMA

Bermuda’s negotiations with EU should not be affected by Brexit, says BMA

Bermuda’s negotiations with EU should not be affected by Brexit, says BMA

The Bermuda Monetary Authority (BMA) has said that Brexit should not impact Bermuda’s ability to successfully negotiate with the EU on matters of regulation, and securing fair access to the EU market for the island’s insurance and financial services sector. Jeremy Cox, CEO of BMA, speaking to The Royal Gazette newspaper at the recent RIMS annual conference, said that while…

Vermont updates captive insurance legislation

Vermont updates captive insurance legislation

Vermont updates captive insurance legislation

Vermont has passed a bill designed to strengthen Vermont’s captive insurance legislation by introducing changes to the investment guideline in the minimum capital requirement, and reducing the minimum capital requirement for sponsored cell captives. “In what has become an annual tradition, these improvements to our captive legislation illustrate Vermont’s ongoing commitment to the captive insurance industry, which has been an…

Labuan insurance industry reports growth in 2016

Labuan insurance industry reports growth in 2016

Labuan insurance industry reports growth in 2016

The Labuan insurance industry recorded positive growth in 2016, according to the Labuan International Business and Financial Centre’s (IBFC) latest annual report. Total insurance and reinsurance gross premiums written increased by 3.3% to $1.4bn. This was mainly due to the increase in gross premiums written on motor and other classes of insurance outside Malaysia by Labuan general insurers and reinsurers,…

Very high level of global interest in forming captives in next five years, finds Aon survey

Very high level of global interest in forming captives in next five years, finds Aon survey

Very high level of global interest in forming captives in next five years, finds Aon survey

Organisations have reported a very high level of interest in forming a new captive or protected cell company (PCC) in the next five years, especially in North America, Asia Pacific and the Middle East, according to Aon’s 2017 Global Risk Management Survey. It notes that certain industries, such as hotels and hospitality, machinery and equipment, energy and life sciences, have…

Cayman Islands insurance industry reports strong start to 2017

Cayman Islands insurance industry reports strong start to 2017

Cayman Islands insurance industry reports strong start to 2017

The Cayman Islands insurance industry has seen a “buoyant start to 2017”, with eight new insurer licences issued in the first quarter, according to the Insurance Managers Association of Cayman (IMAC). The domicile issued 39 new insurer licences in 2016. The new licences comprise six Class B licences, half of which represent third-party insurers, and two Class C licences. Total…

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