HSBC Bank (UK) Pension Scheme in £7bn longevity swap

HSBC Bank (UK) Pension Scheme in £7bn longevity swap

HSBC Bank (UK) Pension Scheme in £7bn longevity swap

A longevity swap has been announced involving the HSBC Bank (UK) Pension Scheme and Prudential Insurance Company of America (PICA). According to Aon, which advised HSBC in Bermuda on the deal, the £7bn longevity swap is the second-largest-ever deal of its type. The deal uses a captive solution with a HSBC-owned insurer in Bermuda, with PICA then reinsuring the transaction,…

New head of Marsh’s captive operation in Guernsey

New head of Marsh’s captive operation in Guernsey

New head of Marsh’s captive operation in Guernsey

Marsh has appointed a new head of its captive operation in Guernsey. Ian Drillot has joined Marsh as head of office, Marsh Captive Solutions, Guernsey. He was previously head of JLT’s Guernsey captive office, a position he held since 2014. He succeeds Stephen Hawkes, who is returning to the UK to take up a new role developing Marsh’s international captive…

Ferma urges proportionality for captives in Solvency II changes to tackle sustainability

Ferma urges proportionality for captives in Solvency II changes to tackle sustainability

Ferma urges proportionality for captives in Solvency II changes to tackle sustainability

Ferma has told the European Insurance and Occupational Pensions Authority (EIOPA) it is concerned about potential moves to introduce sustainability rules for captives under Solvency II, and urged the authorities to give such vehicles the benefit of proportionality and potential exemption from future changes to the regulation. Responding to EIOPA’s consultation on integrating sustainability within Solvency II, Ferma raised concerns…

Aon appoints EMEA managing director for captive business

Aon appoints EMEA managing director for captive business

Aon appoints EMEA managing director for captive business

Vincent Barrett has been appointed as regional managing director, EMEA, of captive and insurance management business. He was previously chief commercial officer and in his new role will assume responsibility for leading the group’s regional operations in EMEA. According to Aon, he will be based in Dublin and continue to report to John English, chief executive officer, captive and insurance…

International Re launches mid-sized captive solution

International Re launches mid-sized captive solution

International Re launches mid-sized captive solution

A new solution for mid-sized captives has been launched by International Re (I–RE), the specialist captive insurance and reinsurance MGA. The Lloyd’s coverholder has established I–RE SA, which the company describes as a “revolutionary mid-sized captive insurance and reinsurance solution”. I-RE began trading at the start of 2019, currently underwriting 18 lines of business for insureds and their captives. The…

Solvency II review set to improve proportionality for captives: EIOPA

Solvency II review set to improve proportionality for captives: EIOPA

Solvency II review set to improve proportionality for captives: EIOPA

EIOPA’s 2020 Solvency II review will look to improve proportionality for captives and could, for the first time, see some companies excluded entirely from certain aspects of the regime under the principle, Ana Teresa Moutinho, the regulator’s head of supervisory processes department, told a Ferma webinar. A consultation on the review that will check whether captives are being treated proportionally under…

Airmic captive group to focus on reinsurance and cyber as BEPS proves less of a concern

Airmic captive group to focus on reinsurance and cyber as BEPS proves less of a concern

Airmic captive group to focus on reinsurance and cyber as BEPS proves less of a concern

Reinsurance, cyber and employee benefits are the top three priorities for captive owners in the post-BEPS world, according to a poll of Airmic’s captive group. Recent years have seen captives come under increased scrutiny by regulators and tax authorities. This started with the implementation of capital and risk management requirements under Solvency II and more recently with the OECD’s base…

Airmic launches captive guide for iNEDs

Airmic launches captive guide for iNEDs

Airmic launches captive guide for iNEDs

A guide to help independent non-executive directors (iNEDs) appointed to the boards of captive insurance companies is now available from Airmic. Produced in partnership with Aon, the guide to captive governance is aimed at individuals currently serving as directors on captive boards, or considering an appointment in the future. A Practical Guide for Independent Non-Executive Directors on Captive Boards also…

Captives grow third-party business, says Marsh report

Captives grow third-party business, says Marsh report

Captives grow third-party business, says Marsh report

The number of captive insurance companies writing third-party business is growing fast, as digitalisation expands the ways that organisations can deliver insurance solutions, according to a new report. Technology advances, including mobile applications, are making it easier for organisations to offer insurance to their customers and suppliers, according to a new report from Marsh that is based on trends evident…

AGCS creates new global ART role

AGCS creates new global ART role

AGCS creates new global ART role

Allianz Global Corporate & Specialty (AGCS) has appointed Grant Maxwell to the newly created global head of underwriting and portfolio management role in its Alternative Risk Transfer (ART) unit. Mr Maxwell will report to Michael Hohmann, global head of ART. Mr Maxwell was previously head of ART for AGCS’s regional unit London. This role will now be assumed by Dan…

1 2 3 21