The keys to the kingdom – risk manager profile

The keys to the kingdom – risk manager profile

The keys to the kingdom – risk manager profile

One of the most notable traits of Asia’s growing risk management industry is the eclectic nature of its protagonists. It is rare that anyone responsible for a company’s risk management does not have other responsibilities thrust on their shoulders. In the case of Parikshit Sen Gupta, vice-president, finance for the Shangri-La Group, his work for the Hong Kong-based hotel group…

Hong Kong FDSC calls for government support to promote captives business

Hong Kong FDSC calls for government support to promote captives business

Hong Kong FDSC calls for government support to promote captives business

The Hong Kong Financial Services Development Council (FSDC) has revealed plans to fight back against progress made by Singapore in recent times, and to use tax breaks to attract reinsurance, marine and captive insurance business back to the domicile. Risk managers in China, the wider Asia-Pacific region and worldwide will be interested to see that the FSDC, formed by the Hong…

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…

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…

Aon explains thinking behind new cyber captive solution

Aon explains thinking behind new cyber captive solution

Aon explains thinking behind new cyber captive solution

Commercial Risk Europe spoke to Aon about its new cyber risk captive solution that offers capacity of up to $400m and seeks to address many of the shortcomings faced by clients from traditional coverage. Securing appropriate cyber risk transfer is one of the biggest challenges faced by corporate insurance buyers across the world. Assessing the complex and evolving exposures, and…

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…

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