Regulation and talent acquisition are challenges for captive organisations

Regulation and talent acquisition are challenges for captive organisations

Regulation and talent acquisition are challenges for captive organisations

Captive organisations are under pressure to keep up with current risks and increasing regulation, according to captive managers speaking to AM BestTV at the Bermuda Captive Conference. Attendees said that finding professionals able to work in different environments and manage the mounting layers of regulation was also a challenge. “I think there are a number of factors that combine to…

BVI prepares legal challenge to public register of beneficial ownership imposition

BVI prepares legal challenge to public register of beneficial ownership imposition

BVI prepares legal challenge to public register of beneficial ownership imposition

The British Virgin Islands (BVI) is preparing a legal challenge to an amendment to the Sanctions and Anti-Money Laundering Bill, recently passed by the House of Commons, which will force British Overseas Territories – including the Cayman Islands, the British Virgin Islands, Gibraltar and Bermuda – to publicly reveal the owners of companies based in the territories. International law firm…

Captives increasingly writing cyber liability, employee benefits and terrorism, says Marsh Report

Captives increasingly writing cyber liability, employee benefits and terrorism, says Marsh Report

Captives increasingly writing cyber liability, employee benefits and terrorism, says Marsh Report

Captive insurance vehicles are rapidly growing in popularity as risk managers seek alternative ways to finance emerging risks their organisations now face, according to Marsh. The broker’s 2018 Captive Landscape Report: 50 Years of Risk Financing Innovation, highlights considerable growth in the last five years in captives writing cyber liability, employee benefits and terrorism coverage. It also points out that…

RFIB’s holding company to rebrand and set up captive manager

RFIB’s holding company to rebrand and set up captive manager

RFIB’s holding company to rebrand and set up captive manager

CCP TopCo, the holding company of Lloyd’s broker RFIB, is renaming the business as the Risk Transfer Group (RTG) and is planning to establish a UK captive management business. RTG is launching a new strategy to double its revenue from the current £50m to £100m by 2021. The company said the revenue growth will be achieved through RFIB Group becoming…

Washington Insurance Commissioner issues cease-and-desist order on Microsoft captive

Washington Insurance Commissioner issues cease-and-desist order on Microsoft captive

Washington Insurance Commissioner issues cease-and-desist order on Microsoft captive

The Washington Insurance Commissioner has slapped a cease-and-desist order on a captive insurance company owned by Microsoft, for placing unauthorised insurance in the state, failing to hold the required surplus line broker licence, and not paying a 2% tax on premiums earned. The captive is called Cypress Insurance Company. It is domiciled in Arizona where it was admitted as a…

Aon appoints John English as new CEO of Aon Captive & Insurance Management

Aon appoints John English as new CEO of Aon Captive & Insurance Management

Aon appoints John English as new CEO of Aon Captive & Insurance Management

John English is to become chief executive officer, Aon Captive & Insurance Management, with effect from 1 June 2018. He is currently chief operating officer of Aon Captive & Insurance Management, and managing director of Aon Captive & Insurance Management EMEA, and has been with Aon for ten years. He will continue to be based in London and will report…

Captives on standby for hard market

Captives on standby for hard market

Captives on standby for hard market

Captive insurers are looking to restructure captives to mitigate future increases in insurance rates and underwrite new lines of business, including cyber and non-damage business interruption. Captive insurers have had a tough time of late, as an increased regulatory burden has challenged the captive concept. Owners have been hit with a double whammy of rising solvency regulation and risk management…

Willis Towers Watson appoints head of Bermuda captive practice

Willis Towers Watson appoints head of Bermuda captive practice

Willis Towers Watson appoints head of Bermuda captive practice

Paul Bailie has been appointed as head of Willis Towers Watson’s Bermuda captive practice. Mr Bailie will be responsible for business development and delivering the company’s value proposition around designing, forming, managing and providing strategic guidance to Bermuda captive and insurance management clients, said Willis Towers Watson. He will report to Paul Owens, managing director, Willis Towers Watson Global Captive…

17 new captives licensed by Bermuda in 2017

17 new captives licensed by Bermuda in 2017

17 new captives licensed by Bermuda in 2017

Bermuda saw 17 new captives licensed in 2017 to bring the total active captive insurance licences to 739 on 31 December 2017, compared to 776 active captive licences at 31 December 2016. The Bermuda Monetary Authority (BMA) registered 13 new captives in 2016. Of the new captives in 2017, 12 were Class 1 captives (compared to four in 2016). The…

New Malta-based PCC for Marsh Captive Solutions

New Malta-based PCC for Marsh Captive Solutions

New Malta-based PCC for Marsh Captive Solutions

Marsh has formed a new protected cell company (PCC) domiciled in Malta. The formation of Mangrove Insurance Europe PCC follows approval from the Malta Financial Services Authority (MFSA). Mangrove was created by Marsh Captive Solutions, and is the third of Marsh’s PCCs, the other two being Mangrove Insurance Solutions PCC, based in Washington DC, and Mangrove Insurance Solutions PCC, based…

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