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…

USA Risk appoints new president and CEO

USA Risk appoints new president and CEO

USA Risk appoints new president and CEO

Captive management firm USA Risk Group has appointed Stephen Roseman as president and CEO. He will lead USA Risk’s operational leadership team that has been in place since 2016. The appointment follows the resignation of Gary Osborne who had been with USA Risk for 22 years. Mr Roseman has worked closely with senior management at USA Risk since its acquisition…

New Malta-based PCC for Marsh Captive Solutions

New Malta-based PCC for Marsh Captive Solutions

New Malta-based PCC for Marsh Captive Solutions

Marsh has formed a new protected cell company (PCC) domiciled in Malta. The formation of Mangrove Insurance Europe PCC follows approval from the Malta Financial Services Authority (MFSA). Mangrove was created by Marsh Captive Solutions, and is the third of Marsh’s PCCs, the other two being Mangrove Insurance Solutions PCC, based in Washington DC, and Mangrove Insurance Solutions PCC, based…

Artex launches subsidiary in Singapore

Artex launches subsidiary in Singapore

Artex launches subsidiary in Singapore

Alternative risk management solutions provider Artex has launched a subsidiary in Singapore, Artex Risk Solutions (Singapore). This is Artex’s first office in the region and it will oversee the growth and development of Artex’s Asia-Pacific captive and risk solutions strategy. The new Singapore office will be headed up by Vic Pannuzzo, who has been hired as chief executive for Artex…

US captive domiciles report growth in 2017

US captive domiciles report growth in 2017

US captive domiciles report growth in 2017

More US domiciles have reported strong growth in 2017, following the cases of Vermont and Arizona. Hawaii’s Department of Commerce and Consumer Affairs Insurance Division licensed 30 captives in 2017, comprising 19 pure captives, five reinsurance captives, three reinsurance or excess insurance companies, two risk retention groups, and a leased capital facility captive. The new captives write the following lines:…

Barbados removed from EU’s list of non-cooperative jurisdictions for tax purposes

Barbados removed from EU’s list of non-cooperative jurisdictions for tax purposes

Barbados removed from EU’s list of non-cooperative jurisdictions for tax purposes

The Council of the European Union has removed eight jurisdictions from the EU’s list of non-cooperative jurisdictions for tax purposes. Barbados, Grenada, the Republic of Korea, Macao SAR, Mongolia, Panama, Tunisia and the United Arab Emirates have been moved to a separate category of jurisdictions subject to close monitoring. The council said a delisting was justified in the light of…

Vermont and Arizona report captive growth in 2017

Vermont and Arizona report captive growth in 2017

Vermont and Arizona report captive growth in 2017

Vermont licensed 24 new captives in 2017, while Arizona issued 11 captive licences last year. The Vermont Department of Financial Regulation reported that 24 new captive licences were issued in 2017, bringing Vermont’s total to 1,112, with 566 active captive insurance companies. The new captives were made up of 11 pure captives, five sponsored captives, three risk retention groups, three…

Strategic Risk Solutions Europe appoints associate director

Strategic Risk Solutions Europe appoints associate director

Strategic Risk Solutions Europe appoints associate director

Strategic Risk Solutions Europe (SRS Europe) has appointed Annette Heaney as associate director and head of finance, Europe, to support the firm’s expansion into various European captive domiciles and focus on the captive management client services delivery platform. She joins SRS Europe from Marsh Captive Management Dublin, where she spent more than ten years as account manager serving large and…

New CEO for Labuan’s promotion and marketing agency

New CEO for Labuan’s promotion and marketing agency

New CEO for Labuan’s promotion and marketing agency

Farah Jaafar-Crossby has been appointed as the new chief executive officer of Labuan International Business and Financial Centre Incorporated Sdn Bhd (Labuan IBFC Inc). This is the official promotion and marketing agency for Labuan International Business and Financial Centre in Malaysia. Ms Jaafar-Crossby previously headed the marketing intelligence and strategic communications unit at Labuan IBFC Inc. She took up her…

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