Opportunities for US captive sector from hard market and Covid-19 impact, says Best

Opportunities for US captive sector from hard market and Covid-19 impact, says Best

Opportunities for US captive sector from hard market and Covid-19 impact, says Best

The US captive insurance segment could increase its footprint in several lines of business as a result of opportunities created by firming commercial insurance prices and impacts from the Covid-19 pandemic, according to AM Best. “Captives may contemplate opportunities to expand their writings to traditional lines of business where rates have climbed following resurgent catastrophe losses, as well as because…

Reiss to join Strategic Risk Solutions as managing director

Reiss to join Strategic Risk Solutions as managing director

Reiss to join Strategic Risk Solutions as managing director

Jonathan Reiss is to join Strategic Risk Solutions (SRS) as managing director and as a member of the board. He is currently president of strategic partnerships at Hamilton Insurance Group in Bermuda and is expected to join SRS during the fourth quarter of 2020. He is the son of Fred Reiss, widely regarded as the founder of the captive insurance…

Davies acquires Citadel Risk’s captive management business

Davies acquires Citadel Risk’s captive management business

Davies acquires Citadel Risk’s captive management business

Davies is to acquire the captive management and consulting businesses of insurance and reinsurance specialist Citadel Risk. Under the agreement, Citadel Management & Cedar Consulting will become part of Davies’ insurance services practice, led by CEO Steven Crabb. Davies, a specialist professional services and technology firm, said the move will add significant scale and reach to its established captive management…

Micro-captives not on IRS tax scam list but still on IRS radar

Micro-captives not on IRS tax scam list but still on IRS radar

Micro-captives not on IRS tax scam list but still on IRS radar

The US Internal Revenue Service (IRS) has published its annual ‘dirty dozen’ list of tax scams, with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. The captive insurance sector will be pleased to see that so-called ‘micro-captives’, a type of 831(b) captive insurance company, are not on the list for the…

Dominic Wheatley joins Cutts-Watson Consulting

Dominic Wheatley joins Cutts-Watson Consulting

Dominic Wheatley joins Cutts-Watson Consulting

Dominic Wheatley, the former CEO of Guernsey Finance, has joined Cutts-Watson Consulting (CWC) as a consultant. According to CWC, Mr Wheatley’s appointment “reflects CWC’s ethos of acting as a trusted adviser by recruiting the very best talent in the alternative insurance marketplace and so delivering insightful counsel to stakeholders”. For the past five years, Mr Wheatley has been the CEO…

Bermuda Monetary Authority report highlights captive sector’s strength

Bermuda Monetary Authority report highlights captive sector’s strength

Bermuda Monetary Authority report highlights captive sector’s strength

A new report from the Bermuda Monetary Authority (BMA) notes that the island’s captive sector appears to be resilient and continued growth is expected, with both longstanding exposures and emerging risks being underwritten. The BMA Captive Report 2019 states that the authority’s review of 2018 data demonstrates the continued strength of the Bermuda captive market through its ability to pay…

Interest in captives and loss prevention jumps among European risk managers as market hardens

Interest in captives and loss prevention jumps among European risk managers as market hardens

Interest in captives and loss prevention jumps among European risk managers as market hardens

European risk managers are turning to captives and loss prevention as the insurance market hardens, finds Ferma’s 2020 survey. The federation’s 2020 Risk Management Survey reveals that 90% of insurance risk managers polled are concerned about limitations and exclusions of specific emerging risks as the insurance market hardens, and 88% are concerned about tougher conditions generally. Meanwhile, 68% are worried…

Willis Towers Watson explores options for D&O and captives

Willis Towers Watson explores options for D&O and captives

Willis Towers Watson explores options for D&O and captives

Captives can provide viable solutions to the challenging directors and officers (D&O) liability insurance market but only for well-funded stable captives given the potential for significant loss volatility. This is according to Willis Towers Watson (WTW), which also suggests that the captive solution is only really suitable for Side B and Side C covers. In an article on captives and…

Artex launches rent-a-captive solution for transportation industry

Artex launches rent-a-captive solution for transportation industry

Artex launches rent-a-captive solution for transportation industry

A new alternative risk programme has been launched by Artex, designed specifically for the transportation industry. The programme is a rent-a-captive solution called TOPIC (Transportation Owners Protection Insurance Cell). According to Artex, TOPIC is a rent-a-captive solution offering many of the advantages of captive ownership with the simplicity of renting. It said advantages include potential return of underwriting profit, as…

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