‘Covid-free’ Guernsey reopens for business

‘Covid-free’ Guernsey reopens for business

‘Covid-free’ Guernsey reopens for business

Guernsey has declared itself open for business as the island releases itself from lockdown, with no new Covid-19 cases for four weeks and currently no known active cases on the island. However, it said the island’s borders remain effectively closed at this stage of recovery, with any travel into the island requiring a strict 14-day quarantine period. Guernsey Finance said…

Cayman continues to consolidate captive growth with first-quarter additions

Cayman continues to consolidate captive growth with first-quarter additions

Cayman continues to consolidate captive growth with first-quarter additions

Cayman has reported eight newly licensed insurance companies in the first quarter of 2020, according to the latest statistics published by the Cayman Islands Monetary Authority (CIMA). Of these, five were Class B (captive insurance entitles, permitting an exempted insurer to carry on insurance business other than domestic business), two were Class C (for insurance-linked securities – providing for reinsurance…

Strategic Risk Solutions appoints managing director of European operations

Strategic Risk Solutions appoints managing director of European operations

Strategic Risk Solutions appoints managing director of European operations

Derek Bridgeman is to join Strategic Risk Solutions (SRS) on 18 May 2020. He will join the firm’s European operations as managing director and will develop and lead the risk consulting practice in Europe. Mr Bridgeman will join the board of SRS Europe, which includes its pan-European branch offices. He was most recently at Marsh where he led the international…

Swiss Re ready to respond to rising demand for alternative risk financing: Keist

Swiss Re ready to respond to rising demand for alternative risk financing: Keist

Swiss Re ready to respond to rising demand for alternative risk financing: Keist

No one within the European risk management and insurance market should be surprised by the uptick in interest in alternative risk financing, as companies across the continent struggle to cope with the economic and financial impact of Covid-19. The current crisis has once again underlined how traditional insurance products are limited in the way in which they can help deal…

Retaining insurance talent is challenge for Bermuda

Retaining insurance talent is challenge for Bermuda

Retaining insurance talent is challenge for Bermuda

Bermuda is fighting to retain its insurance talent, according to the latest edition of Global Insurance Law Connect’s (GILC) annual Risk RADAR report. According to the report, while Bermuda has had some success in fighting regulatory challenges and the impact of M&As on its reinsurers, there is another issue rising onto the horizon. “The last two years of uncertainty have…

Simplifying the captive reinsurance process

Simplifying the captive reinsurance process

Simplifying the captive reinsurance process

In a hardening market with terms and conditions being tightened and exclusions increasing, it is perhaps not surprising that organisations are increasingly considering the use of captives. Two recent surveys of risk and insurance managers in the UK and Germany, carried out by Airmic and GVNW, showed that many businesses (65% UK, 53% Germany) are exploring alternative risk transfer solutions,…

Labuan Financial Services Authority grants temporary regulatory reliefs

Labuan Financial Services Authority grants temporary regulatory reliefs

Labuan Financial Services Authority grants temporary regulatory reliefs

The Labuan Financial Services Authority (Labuan FSA) has announced temporary regulatory reliefs (TRRs) for Labuan entities, including insurers and captives, to cushion the impact and disruption to business operations caused by the coronavirus pandemic. Labuan FSA said the TRRs “are intended to provide administrative and financial relief to Labuan entities during the Covid-19 crisis and facilitate uninterrupted business and market…

Conyers advises on compliance with economic substance requirements

Conyers advises on compliance with economic substance requirements

Conyers advises on compliance with economic substance requirements

Regulatory authorities in Bermuda, the Cayman Islands and the British Virgin Islands (BVI) have issued guidance notices on the issue of compliance with economic substance requirements in the light of Covid-19, according to law firm Conyers. At issue is the problem of entities being able to comply with requirements such as holding a certain number of board meetings with a…

New chairman of Thomas Miller Isle of Man

New chairman of Thomas Miller Isle of Man

New chairman of Thomas Miller Isle of Man

Thomas Miller has appointed Ross Dennett as chairman of Thomas Miller (Isle of Man) Limited. He took over the role on 1 April 2020 from Rod Lingard, who is retiring after more than 30 years with the group. Mr Dennett is a member of the Thomas Miller (Isle of Man) management team and was managing director of Thomas Miller Captive…

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