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Bermuda captive market continues to grow in 2017: BMA

12th February 2018

The Bermuda captive market maintained its attractiveness in 2017, with the Bermuda Monetary Authority (BMA) reporting another active year and an increase in new registered captives from 13 in 2016 to 17 in 2017. Jeremy Cox, BMA Chief Executive Officer said the majority of the new captives originated in the US but ... Read the full article

XL Catlin promotes Jay Lefkowitz to lead U.S. Global Risk Management unit

15th December 2017

Insurer and reinsurer XL Catlin has promoted Jay Lefkowitz from his role as head of U.S. Risk Management team to President of its Global Risk Management business in North America. In his New York based role Lefkowitz will assume underwriting management of XL Catlin’s North America primary casualty platform including its ... Read the full article

Cayman Island gains $100 million from captive industry

13th December 2017

Cayman's captive insurance industry generated $100 million for the island's economy in 2016, according to an economic impact survey by the Insurance Managers Association of Cayman (IMAC). The Q3 results from the Cayman Islands Monetary Authority (CIMA) showed the insurance industry for Cayman have total premiums written at nearly $12.4 billion, ... Read the full article

SOBC Sandall acquires American Safety Risk Retention Group

6th December 2017

SOBC Sandell has announced the acquisition of 100% of American Safety Risk Retention Group of Vermont as of December 1st, following regulatory approval for Change of Control in Vermont Department of Financial Regulation (DFR). SOBC Sandell said it worked closely with the Vermont DFR on the transaction. Stephanie Mocatta, SOBC Sandell CEO, ... Read the full article

Chinese captive insurer and Guernsey’s ARM launch joint venture

1st December 2017

The only captive insurance consulting group in China, Beijing Airport Captive Management Consulting (BACM), has announced a joint venture with Guernsey-based independent insurance manager, Alternative Risk Management (ARM). In the partnership, ARM will assist BACM with the setting up of captive structures and captive management services for Chinese firms. BACM is backed ... Read the full article

Strategic Risk Solutions acquires Barbados Captive Manager CGE

15th November 2017

Strategic Risk Solutions (SRS) has acquired the operations of CGE Group (CGE), a leading independently owned captive and other international business management company in Barbados. The current Chief Executive Officer (CEO) of CGE, Chris Evans, will continue to head up the Barbados operations, and the firm's full staff of 10 will ... Read the full article

U.S. captive market thrives despite market pressure: A.M. Best

23rd October 2017

With the number of captives growing by 4.4% last year, the U.S. captive market enjoys an unparalleled position in the re/insurance value chain - disconnected from the competition and operating challenges felt by the rest of the sector it boasts strong financial positions and stable ratings, according to A.M. Bests’ U.S. captives ... Read the full article

Bermudian re/insurers to fund $25bn+ of Harvey, Irma, and Maria loss: ABIR

11th October 2017

The Bermuda insurance and reinsurance market could payout $25 billion or higher of the estimated $100 billion in aggregate insurance and reinsurance losses from hurricanes Harvey, Irma, and Maria, according to the Association of Bermuda Insurers and Reinsurers (ABIR). Bermuda, a global hub for insurance, and both traditional and alternative reinsurance ... Read the full article

Marsh promotes Ellen Charnley to Captive Solutions president

6th October 2017

Marsh has promoted Ellen Charnley from global sales leader to president of its Marsh Captive Solutions business  with immediate effect. Charnley will assume leadership of Marsh's advisory solutions and 1,200 captives in 44 domiciles around the world, reporting to Michael Poulos, Marsh’s Client Advisory Services Leader, and succeeding Nick Durant, who has ... Read the full article

Coverys gets Lloyd’s approval to set up syndicate

27th September 2017

Medical professional liability insurer, Coverys, has received 'in principle' approval from the Lloyd's Franchise Board to establish Coverys Syndicate 1975. The new syndicate will be managed by Lloyd's managing agency R&Q Managing Agency Ltd (RQMA), and will function with Coverys as its sole capital provider. Gregg Hanson, Chief Executive Officer and president ... Read the full article

FERMA appoints six board members & confirms re-election of Willaert as President

7th July 2017

Jo Willaert has been confirmed as President of the Board of the Federation of European Risk Management Associations (FERMA) for a further two years, with the organisation also announcing the election of six Board members. The general assembly of FERMA met in Brussels on Friday June 30th, 2017, and have now ... Read the full article

Dentons appoints former NAIC president John Huff to Insurance Regulatory practice partner

27th June 2017

Global law firm Dentons has appointed former president of the National Association of Insurance Commissioners, (NAIC), John Huff, as a partner in the Insurance Regulatory practice. Most recently Huff served as Director of the Missouri Department of Insurance - where he steered one of the largest global insurance markets through the financial ... Read the full article

AF Group launches new P&C fronting carrier brand, hires Eric Halter

23rd June 2017

Insurance solutions provider AF Group is expanding into the fronting carrier space, with a new division named AF Specialty set to offer fronting capacity to insurance carriers, managing general agents, reinsurance intermediaries and captive managers. Fronting for other capacity providers has been the trend in recent years, but AF Specialty will ... Read the full article

FERMA offers guidance for BEPS on captive re/insurance business

23rd June 2017

The Federation of European Risk Management Associations (FERMA) has published the industry's first report on captive re/insurance arrangements, in an effort to ensure the implementation of Base Erosion and Profit Shifting (BEPS) as recommended by the Organisation for Economic Co-operation and Development (OECD). OECD members raised some concerns of the interpretation of ... Read the full article

Kroll Bond Rating Agency hires Pierce from Munich Reinsurance America

26th May 2017

U.S. credit rating provider and statistical rating organisation, Kroll Bond Rating Agency (KBRA), has announced the appointment of Carol Pierce from Munich Reinsurance America as Director within its insurance group. In her new role Pierce will have a focus on captives, reinsurers, and providers of alternative capital, and brings extensive industry experience ... Read the full article