Isle of Man-based Wilton to acquire IOMA Group

Isle of Man-based Wilton to acquire IOMA Group

Isle of Man-based Wilton to acquire IOMA Group

Isle of Man-based Wilton has agreed terms to acquire Isle of Man Assurance Limited, IOMA Horizons Limited and Isle of Man Insurance Management Limited. The IOMA companies are insurance and pension solution providers, including captive management services, employing 29 people and managing close to £500m in assets. The deal is subject to Isle of Man Financial Services Authority approval. Wilton…

Best-rated Bermuda, Cayman and Barbados captives outperform commercial sector again

Best-rated Bermuda, Cayman and Barbados captives outperform commercial sector again

Best-rated Bermuda, Cayman and Barbados captives outperform commercial sector again

Captives in Bermuda, Cayman Islands and Barbados (BCIB) rated by AM Best once again outperformed their counterparts in the commercial casualty insurance sector in terms of operating results in 2019. Pre-tax operating income for the rated captives reached the highest level ever recorded in 2019. Best’s rated BCIB captive composite reported pre-tax income of approximately $1.4bn in 2019, a 46%…

Guernsey launches fast track pre-authorisation for insurance cells

Guernsey launches fast track pre-authorisation for insurance cells

Guernsey launches fast track pre-authorisation for insurance cells

The Guernsey Financial Services Commission (GFSC) has launched a pilot scheme that fast tracks pre-authorisation for insurance cells. The scheme was developed in consultation with the Guernsey insurance industry and its representative body, the Guernsey International Insurance Association (GIIA). The pre-authorisation scheme permits just-in-time creation of new captive cells in existing protected cell companies (PCCs). The scheme applies to insurance-licensed…

Italian companies look to captives as hardening intensifies

Italian companies look to captives as hardening intensifies

Italian companies look to captives as hardening intensifies

With the hardening commercial and corporate insurance market well underway in Italy and Europe, now is the time for risk managers to consider the use of captives. The rise of the Covid-19 crisis has only accelerated the toughening commercial insurance market, as insurers seek to bolster their balance sheets and compensate for falling premium volumes in a difficult financial and…

Risk managers turn to ‘resilient’ captives in hard market: AM Best

Risk managers turn to ‘resilient’ captives in hard market: AM Best

Risk managers turn to ‘resilient’ captives in hard market: AM Best

Large rate increases in commercial insurance will drive a surge in new captives among European firms and see risk managers turn to existing captives to “plug” programme holes as they retain more risk, according to a new report by AM Best. The ratings agency says European captives have proved resilient to the pandemic. The fallout from Covid-19 on the global…

Collaboration: The key to navigating a hard market

Collaboration: The key to navigating a hard market

Collaboration: The key to navigating a hard market

A hard insurance market has traditionally been a bellwether for captive growth. Previous hard markets have seen existing captive owners make more use of their risk retention vehicles while also driving the formation of new captive solutions. This hard market is likely to be no different. The challenge for insurance buyers and captive owners is how to best manage increased…

Risk managers must improve cooperation with HR to deliver more efficient employee benefits

Risk managers must improve cooperation with HR to deliver more efficient employee benefits

Risk managers must improve cooperation with HR to deliver more efficient employee benefits

Risk managers can help deliver more efficient global employee benefits (EB) but must overcome potential clashes with human resource professionals (HR) with clear communication, strong cooperation, clearly defined roles and buy-in from the top, according to speakers at our latest conference. Risk and insurance managers are becoming increasingly involved in delivering more cost-effective and efficient group-wide EB programmes by bringing…

Captives face IPT tax scrutiny as they take on more risk

Captives face IPT tax scrutiny as they take on more risk

Captives face IPT tax scrutiny as they take on more risk

A leading captive manager has warned that captives may face additional insurance premium tax (IPT) as they take on more risk in the hardening global insurance market. Derek Bridgeman, MD of captive manager Strategic Risk Solutions Europe, explained that it is common for corporates to retain risk in layers where there is a certain amount of predictability, and lower severity,…

MAXIS GBN boosts OneClient portal for captives and multinationals

MAXIS GBN boosts OneClient portal for captives and multinationals

MAXIS GBN boosts OneClient portal for captives and multinationals

MAXIS Global Benefits Network (MAXIS GBN) has launched a suite of new data and digital services on its OneClient portal to help captive, global programme and pooling clients. The new innovations include an interactive dashboard for captive and Global Risk Solution (GRS) customers. Other developments include an improved pooling dashboard and upgrades that make the portal easier to use. OneClient…

Hong Kong Insurance Authority steps up captive initiatives

Hong Kong Insurance Authority steps up captive initiatives

Hong Kong Insurance Authority steps up captive initiatives

The Hong Kong Insurance Authority is actively pushing Hong Kong as a captive domicile with a range of initiatives, designed to build Hong Kong into the ideal global domicile for captives, an international risk management centre and a regional (re)insurance hub. A recent captive forum organised by the authority brought together more than 100 executives from captives operating in Hong…

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