Reinsurance News
captive insurance
Vermont’s captive insurance industry sets new records
22nd January 2025
The Vermont Department of Economic Development (DED) has recently revealed that 2024 marked a record-breaking year for growth, positioning it among the top ten highest growth years since the introduction of captive insurance legislation in 1981. In 2024, Vermont welcomed 41 new captive insurance companies, bringing the total number of licensed ... Read the full article
New domiciles are impacting the landscape of the European captive insurance segment: AM Best
10th December 2024
New European captive domiciles are seeing growth in company formations, including redomicilations from other jurisdictions, according to AM Best. In a new report, the agency reveals that France is leading the way in terms of new captive formations in Europe in 2023 and 2024. In 2023, five new captive licences were ... Read the full article
Proposals to develop a UK captive market will progress in 2025, says DAC Beachcroft
4th December 2024
According to analysts at international insurance law firm, DAC Beachcroft, proposals to develop a UK captive market are expected to progress further in 2025. Analysts noted that the new UK Labour government has signalled that it could be receptive to establishing a UK-domiciled captive regime. "The London Market Group (LMG), with the ... Read the full article
UK government to consult on captive insurance framework, industry responds
15th November 2024
Rachel Reeves, Chancellor of the Exchequer, has revealed that the government is consulting on introducing a new framework for UK-based captive insurance companies to make the UK insurance market a more attractive hub for firms seeking efficient risk solutions. In an announcement outlining a package of reforms aimed at solidifying the ... Read the full article
AM Best-rated U.S. captive insurers post $1.4bn net income in 2023
21st August 2024
AM Best-rated U.S. captive insurers experienced a strong year in 2023, posting a net income of $1.4 billion, a 53% increase from the $923 million figure that was posted in the prior year. At the same time, the five-year average combined ratio of 86.5% for the AM Best-rated U.S. captives outstripped ... Read the full article
Organisations to benefit from Artex newly launched Vermont Protected Cell Company
15th July 2024
Artex, Gallagher's wholly-owned subsidiary for alternative risk and capital, has launched its first Vermont Protected Cell Company (PCC), to provide organisations of all sizes and industries with an alternative platform to support their risk transfer needs. Artex Axcell PCC (Vermont), Inc. was formed in April 2024 to provide companies the ability ... Read the full article
DARAG Group completes Hawaii captive acquisition
1st February 2024
Legacy acquirer DARAG Group has announced it has completed the acquisition of a Hawaii captive, the transaction value is undisclosed. According to the Group, the portfolio of workers compensation business went into runoff in 2023. This will be transferred into an existing US domiciled DARAG entity, thereby offering full legal finality. Tom ... Read the full article
UK government to consult on new captive insurance regulations
22nd November 2023
The HM Treasury's Autumn Statement 2023 reveals that the UK government is set to consult on the introduction of a regime for captive insurance companies by spring next year. Presented today to Parliament by the Chancellor of the Exchequer, Jeremy Hunt, the Autumn Statement, one of the key financial events in ... Read the full article
Captive insurer numbers to increase in Europe as jurisdictions look to lure firms: AM Best
9th November 2023
There has been a considerable rise in the number of captives domiciled in Europe, as existing domiciles remain popular and other jurisdictions are put in place to attract fresher companies. However, while European jurisdictions do not report captive numbers in a consistent manner, a recent analysis from AM Best suggests that ... Read the full article
Authentic raises $5.5m in seed round to launch captive insurance platform
22nd September 2023
Authentic, a turnkey insurance platform that allows vertical Software-as-a-Service (SaaS) businesses to adopt the benefits of captive insurance, has raised $5.5 million in seed funding led by Slow Ventures, with participation from Altai Ventures, MGV, Upper90, Clocktower, Commerce Ventures, Mischief Ventures and Core Innovation Capital. Captive insurance provides a variety ... Read the full article
Africa Specialty Risks launches captive solution
29th August 2023
Africa Specialty Risks (ASR), the pan-African reinsurance group, has announced the launch of its captives solution to allow businesses and financial institutions to have greater control and flexibility over their insurance programs. According to ASR, it will jointly participate in the Annual Conference and General Assembly of the Organization of Eastern ... Read the full article
AM Best highlights excellent profitability and utility of captive insurers in 2022
4th August 2023
In a recent report by AM Best, it has been revealed that captive insurance companies, those rated by AM Best, experienced a remarkable year in 2022. These captive insurers achieved a notable doubling of pretax operating income compared to the previous year, alongside marking the most substantial premium increase in the ... Read the full article
Captive premium growth continues to trend upwards: Marsh
27th July 2023
Through a combination of various measures, the use of captive insurers is rising across the board, as risk-funding vehicles that offer numerous advantages, interest in using captives is said to be higher than ever. Within the past several years, Marsh clients formed nearly 400 new captive entities. Globally. Marsh Captive Solutions ... Read the full article
Captives to remain a vehicle of choice: Sivanesan, Labuan IBFC
15th June 2023
Against a backdrop of market-hardening effects, Labuan International Business and Financial Centre (Labuan IBFC)’s captive sector continued to gain momentum with five new players and total gross premiums of USD 571 million in 2022. More than 62% of the premiums were generated from the international insurance business. “This underscores Labuan IBFC’s ... Read the full article
Data key to effective captive insurer formation: David Gibbons, PwC Bermuda
31st May 2023
The most important thing about setting up new captive insurance structures is access to data, according to David Gibbons of PwC Bermuda. Gibbons is a Partner and the Captive Insurance Leader at PwC Bermuda, working with some of the largest captive accounts in the world and delivering captive ... Read the full article
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