Incorporated segregated accounts companies launched in Bermuda

Incorporated segregated accounts companies launched in Bermuda

Incorporated segregated accounts companies launched in Bermuda

Bermuda has introduced its latest company structure, the incorporated segregated accounts company, which the domicile said offers greater flexibilities and efficiencies. Bermuda’s Incorporated Segregated Accounts Companies Act 2019 (ISAC Act) – a standalone piece of legislation and a companion statute to the Segregated Accounts Companies Act 2000 – came into effect on 15 January 2020. According to the Bermuda Business…

Ferma and ECIROA flesh out proposals to boost proportionality for captives under SII

Ferma and ECIROA flesh out proposals to boost proportionality for captives under SII

Ferma and ECIROA flesh out proposals to boost proportionality for captives under SII

The European Insurance and Occupational Pensions Authority (EIOPA) must use this year’s Solvency II review to recognise that national supervisors have so far failed to apply the principle of proportionality (PoP) to captives and force the issue by issuing clear guidelines, according to risk management federation Ferma and ECIROA, the captive owners body. Ferma’s approach provides a framework for national…

First crypto-custody captive formed in Bermuda

First crypto-custody captive formed in Bermuda

First crypto-custody captive formed in Bermuda

A captive has been launched in Bermuda that is the first in the world to insure crypto-custody. The new captive has been launched by Gemini Trust Company, a cryptocurrency exchange and custodian based in New York. The company allows customers to buy, sell and store cryptocurrencies like bitcoin, bitcoin cash, ether, litecoin and Zcash. The captive, Nakamoto Ltd, has been…

Bermuda Monetary Authority appoints deputy CEO

Bermuda Monetary Authority appoints deputy CEO

Bermuda Monetary Authority appoints deputy CEO

The Bermuda Monetary Authority’s board of directors has appointed Craig Swan as deputy CEO. The Bermuda Monetary Authority said the deputy CEO position was created to fulfil the authority’s strategic objective of succession planning as it prepares for the departure of executive chairman Jeremy Cox in 2021. The Bermuda Monetary Authority explained that the deputy CEO position encompasses several responsibilities.…

Vermont sees continued captive insurer growth

Vermont sees continued captive insurer growth

Vermont sees continued captive insurer growth

The State of Vermont licensed 22 new captive insurance companies in 2019, according to the Vermont Department of Economic Development. The state is now home to 585 captives, consisting of 559 active and 26 dormant captive insurance companies. The new captives comprise 14 pure captives, four sponsored captives, two risk retention groups, one special purpose financial insurer and one industrial…

Peter Child appointed as head of Artex European Operations

Peter Child appointed as head of Artex European Operations

Peter Child appointed as head of Artex European Operations

Artex Risk Solutions has appointed Peter Child as head of Artex European Operations. In this role he will oversee its Guernsey, Malta, Gibraltar and London offices. Mr Child will continue with his role of managing director of the Guernsey office and continue reporting to Nick Heys, CEO of Artex International. “Peter has been an integral part of our management team…

Making the index link: how parametric solutions can help captives manage natural catastrophes risk

Making the index link: how parametric solutions can help captives manage natural catastrophes risk

Making the index link: how parametric solutions can help captives manage natural catastrophes risk

It is said that three in every four (or as many as 80% of) corporate insurance buyers have some form of exposure to weather-related risk. Natural catastrophes cause widespread devastation, tragic loss of life and huge economic losses. Last year, insured losses from natural catastrophes totalled more than $75bn, according to estimates. Christelle Castet, climate risk specialist at AXA Climate…

Captive insurer involved in case of alleged underpayment of taxes in US

Captive insurer involved in case of alleged underpayment of taxes in US

Captive insurer involved in case of alleged underpayment of taxes in US

A tax whistleblower case in the US involving a captive insurance company has resulted in an $8.5m recovery as a result of a settlement. The case involved the alleged underpayment of taxes to New York State and New York City by Moody’s Corporation, along with various affiliates and Marsh & McLennan Companies. New York-based plaintiffs’ law firm Kirby McInerney represented…

Starbucks and Alaska Air captives ordered to stop insuring risk in Washington state

Starbucks and Alaska Air captives ordered to stop insuring risk in Washington state

Starbucks and Alaska Air captives ordered to stop insuring risk in Washington state

Two captives have been ordered to cease writing risks in Washington state by the state insurance commissioner Mike Kreidler. The insurance commissioner ordered unauthorised insurers Olympic Casualty Insurance and ASA Assurance to stop insuring risk in Washington state for their parent companies, Starbucks and Alaska Air Group. According to the Washington state office of the insurance commissioner, both companies are…

Guernsey Finance CEO to leave post in 2020

Guernsey Finance CEO to leave post in 2020

Guernsey Finance CEO to leave post in 2020

The head of Guernsey Finance is to leave the role in June 2020 after more than five years of service, with the promotional agency looking to begin the recruitment of a successor in January 2020. Guernsey Finance chief executive Dominic Wheatley is to leave the agency on 30 June 2020, having been in the role since December 2014. “For the…

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