Tax concession heralds new push for Hong Kong captives

Tax concession heralds new push for Hong Kong captives

Tax concession heralds new push for Hong Kong captives

Hong Kong is bringing in tax concessions to further develop the territory as a captive domicile. Speaking at the annual reception of the Hong Kong Federation of Insurers, the secretary for financial services and the treasury, James Lau, said that with the Belt and Road Initiative, Hong Kong has the potential to emerge as a major risk management centre for…

Marsh sees big increase in captives insuring US terrorism risk

Marsh sees big increase in captives insuring US terrorism risk

Marsh sees big increase in captives insuring US terrorism risk

More and more captives are insuring US terrorism risk, according to Marsh’s 2018 Terrorism Risk Insurance Report, produced with support from Guy Carpenter. From 2016 to 2017, the number of Marsh-managed captives actively underwriting one or more insurance programmes that access the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA) increased 44%, from 115 to 166. The report says…

Continued growth in Bermuda (re)insurance registrations in 2018

Continued growth in Bermuda (re)insurance registrations in 2018

Continued growth in Bermuda (re)insurance registrations in 2018

The Bermuda Monetary Authority (BMA) has reported an increase in (re)insurance registrations in the first two months of 2018. Registrations for January and February this year total 11 (re)insurers, including three Class E long-term (life) commercial (re)insurers and one general business Class 4 general business commercial (re)insurer, together with one intermediary. This compares to five new (re)insurers (and no intermediaries)…

Peter Mullen to return to Artex as CEO

Peter Mullen to return to Artex as CEO

Peter Mullen to return to Artex as CEO

Peter Mullen is to rejoin Artex as CEO-elect, after seven years at Aon. He helped found Artex in 1997 and was a member of its executive team until his departure for Aon in 2011. He will take up his position in March 2019, once he has fulfilled his contractual obligations to Aon Captive and Insurance Management, where he has been…

Captives on standby for hard market

Captives on standby for hard market

Captives on standby for hard market

Captive insurers are looking to restructure captives to mitigate future increases in insurance rates and underwrite new lines of business, including cyber and non-damage business interruption. Captive insurers have had a tough time of late, as an increased regulatory burden has challenged the captive concept. Owners have been hit with a double whammy of rising solvency regulation and risk management…

Vermont updates captive insurance laws

Vermont updates captive insurance laws

Vermont updates captive insurance laws

Vermont has updated its captive insurance laws with regulatory enhancements for branch captives, and the standardisation of the state’s annual filing date for annual reports and premium taxes. “It is critical that we are responsive to the needs of the industry. These improvements to our captive legislation illustrate Vermont’s ongoing commitment to the captive insurance industry, which has been an…

Willis Towers Watson appoints head of Bermuda captive practice

Willis Towers Watson appoints head of Bermuda captive practice

Willis Towers Watson appoints head of Bermuda captive practice

Paul Bailie has been appointed as head of Willis Towers Watson’s Bermuda captive practice. Mr Bailie will be responsible for business development and delivering the company’s value proposition around designing, forming, managing and providing strategic guidance to Bermuda captive and insurance management clients, said Willis Towers Watson. He will report to Paul Owens, managing director, Willis Towers Watson Global Captive…

Bermuda insurance sector sees continued growth in 2017

Bermuda insurance sector sees continued growth in 2017

Bermuda insurance sector sees continued growth in 2017

Bermuda registered 58 new insurers in 2017, ranging from captives and long-term re/insurers to special purpose insurers (SPIs), compared to 42 last year, according to statistics released by the Bermuda Monetary Authority (BMA). “We’re delighted to see an overall increase of 38% in licensed insurance carriers in Bermuda last year,” said Grainne Richmond, president of the Bermuda Insurance Management Association.…

Captives coming of age in Asia

Captives coming of age in Asia

Captives coming of age in Asia

The use of captives as a strategic risk management tool is under development in Asia. The penetration of captives on the continent is still relatively low compared with regions such as the US and Europe, where captives have been a fixture of clients’ risk management strategies for many years. But Asia-based clients, and companies with exposures in Asia, increasingly are…

17 new captives licensed by Bermuda in 2017

17 new captives licensed by Bermuda in 2017

17 new captives licensed by Bermuda in 2017

Bermuda saw 17 new captives licensed in 2017 to bring the total active captive insurance licences to 739 on 31 December 2017, compared to 776 active captive licences at 31 December 2016. The Bermuda Monetary Authority (BMA) registered 13 new captives in 2016. Of the new captives in 2017, 12 were Class 1 captives (compared to four in 2016). The…

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