Captive run-off acquisitions for Randall & Quilter

Captive run-off acquisitions for Randall & Quilter

Captive run-off acquisitions for Randall & Quilter

Randall & Quilter Investment Holdings (R&Q) has acquired two captive insurance companies in run-off, one in Vermont and the other in Bermuda. The first acquisition is ICDC, a captive insurer of an American Fortune 500 company. It was originally incorporated under the laws of Bermuda, and was re-domiciled in Vermont in 2015. The company reinsured workers’ compensation, commercial general liability,…

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey has signed a memorandum of understanding (MoU) with the Beijing Airport Economic Core Zone (BAECZ), a key Chinese business centre. According to Guernsey Finance, the MoU sees the parties agree to cooperate in the areas of captive insurance market development, financial innovation and international information exchange, to promote the viability of the Chinese captive market and wider communication between…

Captive health checks for captive owners

Captive health checks for captive owners

Captive health checks for captive owners

Making the most effective use of the captive retention to optimise risk financing costs is certainly a high risk management priority, and it is recommended that the retention be reviewed at regular intervals. “We have experienced that around 40% of our European captive customers perform an annual basis ‘health check’ to explore whether the captive retention has been set in…

Guernsey steps up Chinese captive campaign as MoU signed with CIRC

Guernsey steps up Chinese captive campaign as MoU signed with CIRC

Guernsey steps up Chinese captive campaign as MoU signed with CIRC

The Guernsey Financial Services Commission (GFSC) has signed a Memorandum of Understanding (MoU) with the China Insurance Regulatory Commission (CIRC) of the People’s Republic of China. Guernsey hopes that this latest agreement, coupled with its decision to recently set up a promotional agency in Hong Kong and the launch of a Mandarin website, will help attract Chinese insurers, captives and…

Exemption from NY cyber rules for some captives and risk retention groups

Exemption from NY cyber rules for some captives and risk retention groups

Exemption from NY cyber rules for some captives and risk retention groups

The New York Department of Financial Services has exempted non-domiciliary, or foreign, risk retention groups (RRGs) from compliance in a recent draft of its cyber regulation. Nevertheless, according to a new AM Best briefing, these insurers still need to remain vigilant in their efforts to safeguard against cyber attacks. The AM Best briefing, titled: Certain captive and RRG exemptions may…

New president for Captive Insurance Companies Association

New president for Captive Insurance Companies Association

New president for Captive Insurance Companies Association

Dan Towle has been appointed the new president of the Captive Insurance Companies Association (CICA). He is currently director of financial services with the Vermont Agency of Commerce & Community Development. He will officially join CICA on 24 April, and will succeed Dennis Harwick, who plans to retire at the end of June. Mr Harwick became CICA’s first full-time president…

Hong Kong looks to establish itself as reinsurance and captive hub

Hong Kong looks to establish itself as reinsurance and captive hub

Hong Kong looks to establish itself as reinsurance and captive hub

The Hong Kong Financial Services Development Council (FSDC) has released a report which calls for action to be taken to further develop the region’s insurance and reinsurance industry, and highlights the potential of Hong Kong as a captive domicile. The report, Turning Crisis into Opportunities: Hong Kong as an Insurance Hub with Development Focuses on Reinsurance, Marine and Captive, notes…

Unlock the potential of multinational pooling and employee benefit captives – Willis Towers Watson

Unlock the potential of multinational pooling and employee benefit captives – Willis Towers Watson

Unlock the potential of multinational pooling and employee benefit captives – Willis Towers Watson

The use of multinational pooling and employee benefit captives is delivering cost savings to companies, and companies not actively managing their insurable benefit risks should act now to start realising larger savings, according to a report by Willis Towers Watson. The report, Unlocking potential: global approaches to insurable benefit financing – Multinational Pooling and Benefit Captives Research Report 2016/2017, said…

Labuan to intensify its efforts on the captive sector in 2017

Labuan to intensify its efforts on the captive sector in 2017

Labuan to intensify its efforts on the captive sector in 2017

Captive insurance is one of the niche sectors where the Labuan International Business and Financial Centre (Labuan IBFC) is expected to intensify its efforts in 2017 as part of its strategic plan to develop the jurisdiction. Labuan IBFC CEO, Danial Mah Abdullah, said: “We believe the changes in the way cross-border investment and trade are conducted due to demands for…

Changes to TRIPRA in US will impact captives in 2017

Changes to TRIPRA in US will impact captives in 2017

Changes to TRIPRA in US will impact captives in 2017

Changes to the 2015 US Terrorism Risk Insurance Program Reauthorization Act (TRIPRA), such as raising the programme trigger and increasing the insurer’s quota share, will affect captives in 2017, according to a briefing from Marsh. For 2017, the programme trigger increased to $140m and the federal reinsurance quota share was reduced to 83%, increasing the insurer quota share to 17%,…

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