Be prepared: the key to IPT compliance for non-traditional covers

Be prepared: the key to IPT compliance for non-traditional covers

Be prepared: the key to IPT compliance for non-traditional covers

Although the insurance industry has a longstanding reputation of being staid and traditional, alternative risk transfer solutions, including the use of captive insurance companies, have been around for many decades. Such solutions have not gone without challenge over the years – one cannot forget the implications of the Spitzer enquiries in the early 2000s as well as more recent challenges…

GCC sees growing interest in captives

GCC sees growing interest in captives

GCC sees growing interest in captives

There is growing interest in captives in the Gulf Cooperation Council (GCC) region, according to a webinar held by AM Best. One of the panellists, Ronny Vellekoop, senior executive officer at Marsh Captive Solutions, noted that in 2017, the region probably had just seven or eight captives, but it has grown since then. “There is an increase in interest and…

Vermont reports major growth in new captive formations in 2020

Vermont reports major growth in new captive formations in 2020

Vermont reports major growth in new captive formations in 2020

Vermont licensed 38 new captive insurance companies in 2020, including 11 new captives in the fourth quarter, according to the Vermont Department of Economic Development. Vermont is now home to 590 licensed captives, consisting of 564 active and 25 dormant captive insurance companies. “Vermont’s 2020 licensing activity in many ways reflected the changing insurance environment,” said Brittany Nevins, captive insurance…

Leading US captive associations highlight concerns over TRIP consultation

Leading US captive associations highlight concerns over TRIP consultation

Leading US captive associations highlight concerns over TRIP consultation

The Captive Insurance Companies Association (CICA), the Vermont Captive Insurance Association (VCIA) and the Captive Insurance Council of the District of Columbia (CIC-DC) have expressed concern over proposals that would limit the access of captive insurers to the Terrorism Risk Insurance Program (TRIP) established under the Terrorism Risk Insurance Act (TRIA). The associations have submitted comments to the Treasury Department…

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%…

Focus shifts to self-insurance incentives as AMRAE welcomes government statement

Focus shifts to self-insurance incentives as AMRAE welcomes government statement

Focus shifts to self-insurance incentives as AMRAE welcomes government statement

The Italian and Spanish risk and insurance sectors have joined their peers in the UK, Germany and France in calling for state support to help companies cope with future systemic risks following the catastrophic impact of Covid-19. But it seems that focus is shifting away from demand for monoline state-backed insurance pools towards broader-based incentives for greater risk management, self-insurance…

AMRAE celebrates boost to captives in France as mandatory PPP scheme postponed

AMRAE celebrates boost to captives in France as mandatory PPP scheme postponed

AMRAE celebrates boost to captives in France as mandatory PPP scheme postponed

France’s risk management association AMRAE has welcomed plans by its government that should make it easier to set up captives and other self-insurance strategies in France. The announcement from French economy minister Bruno Le Maire also made clear that any public-private partnership (PPP) scheme in France for pandemic risk will not demand mandatory premiums. Mr Le Maire revealed an agreement…

Ferma expects hardening to continue during 2021 and calls on insurers to maintain partnerships

Ferma expects hardening to continue during 2021 and calls on insurers to maintain partnerships

Ferma expects hardening to continue during 2021 and calls on insurers to maintain partnerships

Ferma has told CRE that it expects commercial insurance market hardening to continue during next year, with exclusions and limits remaining a particular area of concern. President Dirk Wegener added that this could result in a “significant” shift of insurance premium to captives and other self-financing tools, particularly among large organisations. But he stressed that insurers have a big role…

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…

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