Labuan to reposition and boost financial centre

Labuan to reposition and boost financial centre

Labuan to reposition and boost financial centre

The Labuan International Business and Financial Centre (IBFC) is to carry out a review of how it can reposition itself. Malaysia’s Central Bank Governor, Datuk Muhammad Ibrahim, who is also the Chairman of Labuan Financial Services (Labuan FSA), said they needed to rethink how Labuan IBFC can develop a distinct value proposition that distinguishes itself from other competitors, as well as from…

Japan’s captive insurance industry poised for growth

Japan’s captive insurance industry poised for growth

Japan’s captive insurance industry poised for growth

Despite having one of the largest commercial insurance markets in the world, Japan’s captive insurance industry remains underutilised, according to AM Best, though that might change in the future. The low utilisation in Japan is partly due to historically strong relationships with the major domestic insurance groups, which have been the largest shareholders of the industrial organisations. However, Best said these…

New technology appointment for FiscalReps

New technology appointment for FiscalReps

New technology appointment for FiscalReps

FiscalReps has appointed Ilka McHugh as Client Director, Technology. She joins FiscalReps from Eurobase International Group where she was a Director. Prior to Eurobase, she held senior positions as a client consultant with Ventiv Technology (formerly Aon eSolutions) and corporate insurance manager of global logistics company Panalpina. She will support the company in the smooth implementation of the new TAXBOX2…

Lloyd’s appoints new Head of Latin America

Lloyd’s appoints new Head of Latin America

Lloyd’s appoints new Head of Latin America

Lloyd’s has appointed Daniel Revilla as Head of Latin America responsible for enhancing business relationships and trading rights across the region for the benefit of the Lloyd’s market. He will also assume the role of Country Manager for Mexico and will be based in Mexico City. He joined Lloyd’s in 2014 as Head of Operations and Strategy for Lloyd’s Global…

Guernsey announces licence fee rate

Guernsey announces licence fee rate

Guernsey announces licence fee rate

The Guernsey Financial Services Commission has confirmed that it will apply a blended rate increase of 2%, including anomalies, to the fees charged to licensees effective from January 1, 2017. There will also be a change to the fee structure for the insurance sector. Last year, the Commission agreed to work with representatives of the Guernsey International Insurance Association (GIIA)…

Webinar highlights Brexit concerns for captives

Webinar highlights Brexit concerns for captives

Webinar highlights Brexit concerns for captives

Brexit is likely to create significant problems for captives with EU exposures, especially if the UK loses passporting rights or regulatory equivalency with Solvency II, according to speakers in a webinar organised by the Captive Insurance Companies Association (CICA). As a result, affected captives should carry out risk analysis and start making contingency plans, including the use of fronting insurers…

Tax and regulatory news

Tax and regulatory news

Tax and regulatory news

Rising protectionism making access to markets difficult: Lloyd’s chief, NAIC highlights group supervisory framework, Increase in French fund for terrorism victim contribution, Stronger and more coordinated supervision needed in EU says Eiopa, Insurers in CIMA face tough regulatory requirements, Iranian insurance market’s untapped potential, Warning over (re)insurance protectionist measures, Axco expands service offering into MENA, IUA calls for covered agreement between EU and US, Consistency call for capital standards among IAIGs, Premium to the tune of £7.3bn potentially impacted by Brexit and New technology appointment for FiscalReps.

A new dawn for captives

A new dawn for captives

A new dawn for captives

Captives seem to be enjoying a new lease of life all of a sudden. Captives had lost some of their lustre as the soft market dragged on. Seen as a drain on capital, administration and time, parents’ appetite for self-insurance was reflected in domicile figures showing a slowdown in new formations; existing captives were being used less and less as the insurance markets competed for their business with lower and lower prices. But although the soft market is still with us, and there are few signs of a dramatic change, the captive is resurgent.