North Carolina’s captive growth generates $23m for state in 2016

North Carolina’s captive growth generates $23m for state in 2016

North Carolina’s captive growth generates $23m for state in 2016

North Carolina’s captive insurance programme has seen considerable growth in the past year in terms of the economic impact on the state, according to the North Carolina Department of Insurance. The department recently completed a study of the 2016 economic impact of its North Carolina captive insurance company programme on the state. It estimated the impact to be $23m in…

Cayman adds 17 new captives in first half of 2017

Cayman adds 17 new captives in first half of 2017

Cayman adds 17 new captives in first half of 2017

The Cayman Islands added nine new insurer licences in the second quarter of 2017, according to statistics from the Cayman Islands Monetary Authority (CIMA). This brings the total number of insurer licences issued in 2017 to 17. The domicile issued 39 new insurer licences in 2016. As at 30 June 2017, there were a total of 836 insurance-related licensees under…

Cayman appoints new deputy head of Insurance Supervision Division

Cayman appoints new deputy head of Insurance Supervision Division

Cayman appoints new deputy head of Insurance Supervision Division

The Cayman Islands Monetary Authority (CIMA) has appointed Suzanne Sadlier as deputy head of the insurance supervision division. Her previous role at CIMA was reinsurance specialist, a post she held since joining the authority in April 2015. She brings more than ten years of knowledge and experience, having worked in Ireland in a variety of positions within areas such as…

Compre gets approval to establish protected cell company in Malta

Compre gets approval to establish protected cell company in Malta

Compre gets approval to establish protected cell company in Malta

Legacy specialist Compre has received approval from the Maltese Financial Services Authority to establish an insurance company in Malta. Compre will form the company by transferring the domicile of London & Leith Insurance SE from the UK to Malta. It will be established as a protected cell company (PCC), which enables it to form legally secure cells containing various assets…

Barbados sees captive growth and OECD Global Forum recognition

Barbados sees captive growth and OECD Global Forum recognition

Barbados sees captive growth and OECD Global Forum recognition

Barbados has been ranked as ‘largely compliant’ by the Organisation for Economic Co-operation and Development’s (OECD) Global Forum, putting it on the same level as Austria, Germany, Hong Kong, the Netherlands, the UK and the US, according to Invest Barbados, an economic development agency of the government of Barbados. It said the ranking means that Barbados is recognised by the…

Texas brings in improvements to its captive insurance law

Texas brings in improvements to its captive insurance law

Texas brings in improvements to its captive insurance law

Texas has enacted changes to the Texas Captive Insurance law through the passing of House Bill 1944. According to the Texas Captive Insurance Association, the new law authorises a Texas captive insurance company to be formed as a reciprocal insurance exchange, and authorises a Texas captive to take credit for reinsurance ceded to a non-affiliated reinsurer when specific requirements are…

Rated captives show strong Solvency II ratios, says Best

Rated captives show strong Solvency II ratios, says Best

Rated captives show strong Solvency II ratios, says Best

Reported Solvency II ratios, the ratio of Solvency II available capital to the Solvency Capital Requirement (SCR), are very strong for AM Best-rated European captives, ranging from approximately 160% to 240%, according to the ratings agency. Single entity risk carriers in Europe were required to disclose publicly a Solvency and Financial Condition Report (SFCR) as part of the Solvency II…

Ferma publishes guidelines on captive (re)insurance and BEPS

Ferma publishes guidelines on captive (re)insurance and BEPS

Ferma publishes guidelines on captive (re)insurance and BEPS

Ferma has issued draft guidelines for captive (re)insurance arrangements in order to ensure a consistent implementation of the Organisation for Economic Co-operation and Development (OECD) recommendations on Base Erosion and Profit Shifting (BEPS). The proposed guidelines are designed to support national administrations when transposing BEPS actions into their national laws. Ferma said its aim in publishing the guidelines is to…

Munich Re establishes protected cell company in Malta

Munich Re establishes protected cell company in Malta

Munich Re establishes protected cell company in Malta

Munich Re Group is reported to have established a protected cell company (PCC) in Malta. According to a report in the Times of Malta, the Munich Re PCC has received an insurance licence from the Malta Financial Services Authority. The Malta company was registered some weeks ago as a PCC writing insurance business. The Times of Malta report states: “The…

EY appoints Bermuda captive leader

EY appoints Bermuda captive leader

EY appoints Bermuda captive leader

EY in Bermuda has appointed Umer Islam as the new leader of its captive insurance practice. He is Bermuda executive director at EY and has more than 14 years’ experience providing assurance and advisory services to insurance and reinsurance clients in London and Bermuda. “We are very excited to have Umer assume the role of EY Bermuda captive insurance leader…

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