Reinsurance News
captive insurance
Labuan IBFC Inc. & QFCA to cooperate on captive insurance through extended MoU partnership
24th May 2023
Labuan IBFC Incorporated Sdn Bhd, the official marketing agency for the Labuan International Business & Financial Centre (Labuan IBFC), has renewed its Memorandum of Understanding (MoU) partnership with Qatar Financial Centre Authority (QFCA) which is responsible for the development and promotion of Qatar Financial Centre. Under the partnership, both financial centres ... Read the full article
Capital markets keen to play a more direct role managing intangible assets
14th April 2023
Speaking at Airmic's Captives Forum, Scott Feltham, group insurance manager at Compass Group, Peter Carter, head of captive & insurance management solutions at WTW, and Dr Henri Winand, CEO/co-founder at AkinovA, highlighted how the challenge of risk financing intangible assets is becoming a focus for captive owners, and how capital ... Read the full article
Guernsey overtakes Luxembourg as top European captive domicile
4th April 2023
Guernsey has overtaken Luxembourg to host the largest number of captive insurance structures in Europe, according to reports from Airmic, a UK association for risk and insurance professionals. Last year, Guernsey approved 12 new captive licences and had three surrenders, a net increase of nine, giving a total of 201 captives ... Read the full article
Group captives appeal rising alongside inflation: Triple-I
24th March 2023
Group captives are becoming increasingly appealing as a solution for many companies during this period of financial volatility and inflationary pressure, according to analysts at the Insurance Information Institute (Triple-I). A new report by Triple-I notes that group captive insurance can be a source of value for certain firms, and can ... Read the full article
Charbonnier to lead AXA XL captive business for APAC & Europe
26th January 2023
AXA XL Insurance has announced the appointment of Marine Charbonnier as Head of Captives & Facultative Underwriting, for the Asia-Pacific region (APAC) and Europe. In her new role, Charbonnier will lead AXA XL’s captive business for the APAC & Europe Business Unit. She will work closely with the company’s underwriting teams ... Read the full article
Vermont sets another record year for captive formation growth in 2022
20th January 2023
The Vermont Department of Economic Development hosted its “Captive Insurance Day” event earlier this month to highlight the continued success of the captive insurance industry in the state after it saw another successful year in 2022. Throughout 2022, the State of Vermont licensed 41 new captive insurance companies, which has resulted ... Read the full article
Zurich & ICS launch Envision Re as sustainability-focused group captive
10th January 2023
Zurich North America has collaborated with Innovative Captive Strategies (ICS) to launch Envision Re, Ltd., a captive insurance company that will bring together businesses that want to optimise their risk management programs while reducing their carbon footprint. Dawn Hiestand, Head of Group Captives at Zurich North America, commented, "Envision Re's sustainability ... Read the full article
Xchange Benefits launches captive insurer, Distribution Re
9th January 2023
Xchange Benefits LLC, a managing general underwriter owned by Ambac Financial Group, has launched a protected cell company named Distribution Re. The new entity, which is based in Tennessee, will insure accident & health risks mainly in the form of high deductible medical stop loss plans. Distribution Re, wholly owned by Xchange ... Read the full article
Review of regulations hampering UK captive development needed: Marsh’s Lay
25th November 2022
During a speech at the Insurance Institute of London, Institute President and Marsh CEO of UK & Ireland, Chris Lay, called attention to how regulatory barriers are preventing the UK from being recognised as a suitable location for captive insurance vehicles, despite it being a global hub for financial services ... Read the full article
BMA notes growth in Bermuda cyber and climate risk captives
24th November 2022
The Bermuda Monetary Authority (BMA) has noted a “significant growth increase” in the number of organisations using captives for cyber insurance and climate risk as part of their overall management of risk. In a new report on the state of the Bermuda captive market, the BMA says the sector has proved ... Read the full article
Bermuda, Cayman & Barbados captives still outperforming commercial peers: AM Best
22nd November 2022
Rated Bermuda, Cayman Islands and Barbados (BCIB) captive insurance companies have continued to outperform US commercial casualty peers, with a combined ratio approximately 13 percentage points better over the most recent five-year period, suggests a recent AM Best report. The report notes that the present hard insurance market has provided growth ... Read the full article
Skyward Specialty & Understory launch captive solution for auto dealer market
15th November 2022
Skyward Specialty Insurance Group and Understory Inc. have partnered to launch a new insurance solution to help U.S. automotive dealerships control the rising cost and instability of inventory coverage. The new solution combines Understory's weather technology and expertise in risk mitigation with Skyward Specialty's underwriting, claims and captive experience to pioneer ... Read the full article
Jim DeVoe-Talluto promoted to Assistant Director of Vermont Captive Insurance
12th October 2022
Examiner-In-Charge Jim DeVoe-Talluto has been promoted to Assistant Director of Captive Insurance at the Department of Financial Regulation. DeVoe-Talluto succeeds Christine Brown in the role, who was recently promoted to Director of Captive Insurance of the Captive Insurance Division. He has been with the Captive Division since 2004, having served as ... Read the full article
DARAG acquires North American captive insurance company for $30mn
30th August 2022
Legacy acquirer, DARAG Group concluded a new agreement with an undisclosed captive insurance company, with a transaction value of approximately $30 million. The transaction, written into DARAG Bermuda, allows the original insurer full legal finality, with DARAG facing the original fronting insurer. Its structure was a novation of its 03-06 and 15/16 ... Read the full article
Ocorian’s Bermuda offices deliver strong growth for captive insurance
25th August 2022
Ocorian, a provider of capital markets, and corporate and fiduciary services, has reported seeing a significant increase in the number of captives it supports, with its Bermuda offices showing particularly strong growth. According to the announcement, Ocorian believes that given the strength of its proposition, Bermuda will continue to grow its ... Read the full article
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