UK risk managers advised to ensure captives are Brexit-proof as renewals loom

UK risk managers advised to ensure captives are Brexit-proof as renewals loom

UK risk managers advised to ensure captives are Brexit-proof as renewals loom

UK risk managers need to act fast to ensure their captives and global programmes are Brexit-proof ahead of the fast-looming autumn renewals, according to the London insurance team at consulting firm EY. UK risk management association Airmic yesterday held a Leadership Group Brexit Summit in London, during which EY associate partner Benedict Reid explained why risk managers need to include…

Call for greater clarity on captives in OECD’s BEPS paper

Call for greater clarity on captives in OECD’s BEPS paper

Call for greater clarity on captives in OECD’s BEPS paper

Insurance Europe has called for greater clarity in the Organisation for Economic Co-operation and Development’s (OECD) paper on its Base Erosion and Profit Shifting (BEPS) initiative, to ensure that the guidance is correctly applied. In particular, Insurance Europe says the paper should differentiate more clearly between captive insurance transactions and other forms of (re)insurance, and between non-insurance multinational groups and…

New Aon unit to help insurers and captives achieve capital efficiency

New Aon unit to help insurers and captives achieve capital efficiency

New Aon unit to help insurers and captives achieve capital efficiency

Aon has launched a capital advisory unit within its reinsurance solutions division, to deliver what it calls “a holistic approach to capital optimisation for re/insurers, Lloyd’s syndicates and captives”. According to Aon, re/insurers are currently facing challenges of low growth, underwriting margins and investment income, while capital requirements remain high due to regulatory and ratings agency obligations. As a consequence,…

Ferma urges OECD to adopt existing captive regulatory definitions in BEPS guidance

Ferma urges OECD to adopt existing captive regulatory definitions in BEPS guidance

Ferma urges OECD to adopt existing captive regulatory definitions in BEPS guidance

Ferma has urged the Organisation for Economic Co-operation and Development (OECD) to take advantage of existing regulations governing captives in planned guidelines on base erosion and profit shifting (BEPS), to ensure the initiative does not create “disproportionate uncertainty and administration” for multinational entities…

Marsh names new international and UK client advisory leaders

Marsh names new international and UK client advisory leaders

Marsh names new international and UK client advisory leaders

Marsh has appointed Giampaolo Scarso to the newly created role of client advisory services (CAS) leader for its international division, and named Charlie Netherton as CAS leader UK and Ireland. CAS includes the broker’s global risk consulting, analytics, captive management and claims advocacy support services. Mr Scarso joined Marsh in 2007 and has held a series of leadership roles during…

Growing medical costs driving captive involvement in benefit risks, says Marsh

Growing medical costs driving captive involvement in benefit risks, says Marsh

Growing medical costs driving captive involvement in benefit risks, says Marsh

The number of Marsh-managed captives insuring multinational pools for benefit risks has increased by 550% in the past five years, driven by the significant expense of rising medical costs. Mercer Marsh Benefits’ 2018 Medical Trends Around the World survey found that medical costs increased nearly 10% globally in 2017, almost three times the estimated rate of inflation globally. According to…

Guernsey upbeat over PCCs and insurance linked securities market

Guernsey upbeat over PCCs and insurance linked securities market

Guernsey upbeat over PCCs and insurance linked securities market

The number of new cells in 2018 of protected cell companies (PCCs) is well ahead of 2017 figures to date, according to Guernsey Finance. It said Guernsey has seen “a positive start to the year in the insurance linked securities market”, noting that PCCs are the main method of writing new insurance-linked securities (ILS) business. Guernsey Finance said that industry…

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…

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