Bermuda introduces incorporated segregated accounts legislation

Bermuda introduces incorporated segregated accounts legislation

Bermuda introduces incorporated segregated accounts legislation

Bermuda has introduced legislation that allows for the creation of segregated accounts, or cells, with separate legal status. According to Bermuda-based law firm Conyers, the Incorporated Segregated Accounts Companies Act 2019 (ISAC) is companion legislation to the Segregated Accounts Companies Act 2000 (SAC). “Both the SAC and the new ISAC ringfence the assets of each individual cell from the creditors…

Best affirms financial strength rating of Italian energy firm’s Irish-based captive

Best affirms financial strength rating of Italian energy firm’s Irish-based captive

Best affirms financial strength rating of Italian energy firm’s Irish-based captive

The Ireland-based captive of Eni SpA, a multinational energy company based in Italy, has had its financial strength rating of A (Excellent) and the long-term issuer credit rating of A affirmed by AM Best. The outlook of these credit ratings is stable. The captive, Eni Insurance Designated Activity Company (EID) (Ireland), has a track record of strong operating profits, with…

New leader of Willis Towers Watson’s global captive practice

New leader of Willis Towers Watson’s global captive practice

New leader of Willis Towers Watson’s global captive practice

Willis Towers Watson has appointed Peter Carter as the new leader of its global captive practice within its corporate risk and broking segment. Willis Towers Watson said Mr Carter will lead the global captive practice “and ensure the company’s commitment to excellence for its clients in the space”. Mr Carter will be based in London and will report to John…

Single coordinated cyberattack could cause $40bn insured losses, hammer global reinsurance surplus and hit captives

Single coordinated cyberattack could cause $40bn insured losses, hammer global reinsurance surplus and hit captives

Single coordinated cyberattack could cause $40bn insured losses, hammer global reinsurance surplus and hit captives

The growing focus of insurers and reinsurers on the potentially catastrophic impact of so-called silent cyber cover held within traditional policies is fully justified, because a single coordinated cyberattack could significantly reduce the surplus capital base of the world’s leading reinsurers and may massively reduce risk appetite, according to experts. Peter Hacker, cybersecurity expert and public speaker with experience of…

Two Cayman-based captives acquired by run off firm RiverStone

Two Cayman-based captives acquired by run off firm RiverStone

Two Cayman-based captives acquired by run off firm RiverStone

Insurance run-off management company RiverStone has acquired two Cayman-based captives, in its first move into the captive sector. RiverStone said it has bought GMPCI Insurance Company Ltd and Seaside Indemnity Alliance Company Ltd. According to RiverStone, GMPCI Insurance Company was formed in 2005 to insure anaesthesiologists, certified registered nurse anaesthetists and registered nurses, primarily in Massachusetts. Seaside Indemnity Alliance Company…

Malta sees ‘second wave’ of broker cell companies

Malta sees ‘second wave’ of broker cell companies

Malta sees ‘second wave’ of broker cell companies

Malta as an insurance jurisdiction has long pushed its EU credentials in terms of passporting into the EU, but with Brexit – and especially the continuing threat of a hard Brexit – its offerings such as protected cell companies (PCC) are becoming more and more attractive. And according to insurance practitioners on the island, there is currently a second wave…

DARAG Guernsey acquires Thames Water captive

DARAG Guernsey acquires Thames Water captive

DARAG Guernsey acquires Thames Water captive

Guernsey-based captive (re)insurer Thames Water Insurance Company Limited (TWICL), which has been in run-off since 2005, has been acquired by DARAG Guernsey from its parent Kemble Water Finance Limited. The share purchase agreement was signed and completed in cooperation with Willis Towers Watson, which will continue to act as captive manager in the future. The captive will be renamed DARAG…

Artex to acquire ILS specialist Horseshoe Insurance Services

Artex to acquire ILS specialist Horseshoe Insurance Services

Artex to acquire ILS specialist Horseshoe Insurance Services

Artex Risk Solutions is to acquire Horseshoe Insurance Services Holdings, a Bermuda-based insurance management firm specialising in insurance-linked securities (ILS). Artex said it has reached agreement to acquire the firm in a move that will significantly strengthen its ILS operations. Horseshoe specialises in providing insurance management, fund administration, advisory and corporate services to ILS and alternative fund markets. It was…

The role of captives in managing cyber risk

The role of captives in managing cyber risk

The role of captives in managing cyber risk

The threat of a cyberattack ranks at or near the top of most risk managers’ lists of concerns. Managing and mitigating a company’s exposure to a cyber event is a critical part of the overall risk programme. Cyber is an evolving, volatile risk. Steven Bauman, head of the global programmes and captive practice in North America at AXA XL, explains…

US broker Holmes Murphy acquires Global Captive Management

US broker Holmes Murphy acquires Global Captive Management

US broker Holmes Murphy acquires Global Captive Management

US insurance broker Holmes Murphy has acquired independent captive management firm Global Captive Management (GCM). Holmes Murphy is one of the largest employee-owned and controlled insurance brokerages in the US. The broker said GCM is no stranger to Holmes Murphy and its subsidiary Innovative Captive Strategies. “GCM manages several of Innovative Captive Strategies’ captive programmes, and the two companies have…

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