Mercer completes £3.4bn longevity risk transfer for MMC’s UK pension fund

Mercer completes £3.4bn longevity risk transfer for MMC’s UK pension fund

Mercer completes £3.4bn longevity risk transfer for MMC’s UK pension fund

The largest longevity risk transfer for a UK pension fund since 2014 has been completed in Guernsey by Mercer, a wholly owned subsidiary of Marsh & McLennan Companies (MMC). The longevity hedge has been completed covering about £3.4bn of liabilities for some 7,500 pensioner members of the MMC UK Pension Fund. The longevity risk was transferred, without the payment of…

1,100th captive licensed by Vermont

1,100th captive licensed by Vermont

1,100th captive licensed by Vermont

Vermont’s Department of Financial Regulation has licensed its 1,100th captive insurance company, a sponsored captive insurer formed by Assurance Agency, the largest independent insurance brokerage in Illinois. Vermont’s governor, Phil Scott, said he was proud of the milestone and expects even more good things to come. “We are proud to celebrate this significant accomplishment, but we will not be resting…

New segregated accounts company in Bermuda for Strategic Risk Solutions

New segregated accounts company in Bermuda for Strategic Risk Solutions

New segregated accounts company in Bermuda for Strategic Risk Solutions

Strategic Risk Solutions (SRS) has established a segregated accounts company (SAC) in Bermuda. The new company, Superior Risk Solutions SAC, is a Class 3 SAC and according to SRS, is being formed to provide a Bermuda cell facility alternative to clients and trading partners of SRS. SRS said it currently manages three affiliated and more than 20 ‘limited access’ cell…

Strong performance in 2016 by Best-rated Bermuda and Cayman captives

Strong performance in 2016 by Best-rated Bermuda and Cayman captives

Strong performance in 2016 by Best-rated Bermuda and Cayman captives

AM Best-rated Bermuda and Cayman captives have continued their strong operating performance, posting financial results that were profitable and in line with historical averages in 2016. Premium leverage ratios improved, as capital grew at a healthy rate of 8%, buoyed by strong operating earnings, said Best. Last year marked the fifth year of above-par operating results, measured by a total…

Marsh forms new collateralised reinsurance platform in Bermuda

Marsh forms new collateralised reinsurance platform in Bermuda

Marsh forms new collateralised reinsurance platform in Bermuda

A new segregated account company (SAC), Cerulean Re SAC Ltd, has been formed in Bermuda through a joint venture between GC Securities (as arranger) and Marsh Captive Solutions (as insurance manager to Cerulean), both Marsh & McLennan Companies business units. According to GC Securities, Cerulean Re, a private syndicated collateralised reinsurance platform, “provides an efficient and cost-effective placement process for…

Hard-hitting Avrahami ruling by US tax court, but captive was ‘destined to fail’

Hard-hitting Avrahami ruling by US tax court, but captive was ‘destined to fail’

Hard-hitting Avrahami ruling by US tax court, but captive was ‘destined to fail’

The recent ruling of the US Tax Court in the Avrahami case, involving a US 831(b) captive, is unlikely to have much effect on the wider captive sector as there were very specific circumstances, though clearly it does not help when the industry is working so hard to challenge the perception of captives as tax avoiding vehicles. The case was…

Solvency II interpretation threatens Germany as viable captive option: Mahnke

Solvency II interpretation threatens Germany as viable captive option: Mahnke

Solvency II interpretation threatens Germany as viable captive option: Mahnke

GVNW president Alexander Mahnke is concerned that the strict interpretation of captives under Solvency II in Germany means German companies may have to rethink whether their home country is the best domicile for such risk transfer vehicles. Mr Mahnke told Commercial Risk Europe that the risk management community must do better when it comes to articulating their wishes and concerns…

XL Catlin appoints captive centre of excellence manager

XL Catlin appoints captive centre of excellence manager

XL Catlin appoints captive centre of excellence manager

Owen Williams has been appointed as captive centre of excellence manager for XL Catlin’s insurance operations. He will be based in London and will work with underwriters and XL Catlin’s captive clients globally, to deliver fronting services for clients. He will report to Matt Latham, head of captive programmes at XL Catlin. Mr Williams has more than 20 years’ experience…

Hawaii appoints acting captive insurance administrator

Hawaii appoints acting captive insurance administrator

Hawaii appoints acting captive insurance administrator

Hawaii has appointed Andrew Kurata as acting captive insurance administrator for the Department of Commerce and Consumer Affairs Insurance Division. Mr Kurata has been with the Insurance Division since 2011 as a captive insurance examiner and captive insurance programme specialist. Prior to that, he worked in the audit department at KMH LLP. Mr Kurata replaces Sanford Saito, who has moved…

Strategic Risk Solutions opens European operation in Dublin

Strategic Risk Solutions opens European operation in Dublin

Strategic Risk Solutions opens European operation in Dublin

Strategic Risk Solutions (SRS) has launched a European operation, Strategic Risk Solutions Europe, based in Dublin, Ireland. The new operation will serve US and European multinational captive insurance owners operating in Europe, and will provide a full range of risk consulting and captive insurance management services. SRS is the fourth largest captive management firm in the world and the leading…

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