Reinsurance News
captive insurance
WTW and The Hartford partner on captive solution for the middle market
10th June 2020
Global re/insurance broker Willis Towers Watson (WTW) has launched a group captive solution for upper middle market companies, called the Homestead Insurance Company Incorporated Cell. The new captive solution is set to reinsure The Hartford, which in turn will issue admitted insurance policies to members selected for this group program. According to ... Read the full article
ProSight strikes captive solutions partnership with departing founder
29th January 2020
Property & Casualty insurer ProSight Global is set to expand its insurance solutions portfolio into the captive market. As part of the move, founder and former Chief Executive Officer Joe Beneducci will step down from his role as executive chairman in order to form an independent agency named Altruis Group. Altruis Group ... Read the full article
Cryptocurrency firm Gemini sets up captive insurer in Bermuda
16th January 2020
Gemini Trust Company LLC, a cryptocurrency exchange and custodian, has set up a captive insurance company in Bermuda, with support from re/insurance brokers Marsh and Aon. Licensed by the Bermuda Monetary Authority (BMA), the captive will provide insurance for customers of Gemini Custody, the crypto cold storage service by Gemini. The solution ... Read the full article
European captives’ underwriting results supported by portfolio knowledge, says A.M. Best
10th December 2019
The balance sheet strength of European captives currently rated by A.M. Best is very strong, and, the broad understanding and detailed knowledge of the portfolios they cover is driving robust underwriting performance. In a recent report, “European Captives 2019 – Building Block Rating Considerations”, global financial services ratings agency, A.M. Best ... Read the full article
Guernsey reports uptick in new captive inquiries
24th September 2019
Guernsey has reported a large rise in captive insurance inquiries over the second half of 2019, following a notable dip in numbers last year. Industry figures said that the level of significant inquiries received over the summer easily surpassed recent years. Guernsey is responsible for more than a third of the European ... Read the full article
Rated captives continue to produce positive underwriting results: A.M. Best
16th August 2019
A.M. Best's universe of rated captives reported a pre-tax profit of roughly $1.1 billion in 2018, and while this represents a decline from the $1.3 billion posted in 2017, the ratings agency holds a favourable view of the sector, which is in part a result of consistent positive underwriting results. In ... Read the full article
CIC Services launches P&C reinsurance pool, Knox Re
9th August 2019
CIC Services, LLC (CISC), a risk management and consulting firm, has announced the establishment of Knox Reinsurance Company Inc. (Knox Re), a new reinsurance pool for property and casualty (P&C) coverages. Knox Re is licensed and regulated by the North Carolina Department of Insurance and is designed for small and mid-market ... Read the full article
Labuan IBFC expects captive growth as Asian market expands
8th August 2019
Daniel Mah, the Director General of The Labuan International Business and Financial Centre (Labuan IBFC), has praised the rise of captive insurance in the region, stating that Asia in particular shows “tremendous potential” for growth in this area over the coming years. “Risk management in the form of self-insurance or captives ... Read the full article
International Re to offer first re/insurance solution for mid-sized captives
16th July 2019
International Re (I–RE), the specialist captive insurance and reinsurance MGA, has launched a re/insurance solution for mid-sized captives with the establishment of I–RE SA. Traditionally, highly-rated re/insurance capacity has only been available to large captives, but I–RE aims to open up market access for high performing mid-sized businesses. I–RE’s captive solution, which ... Read the full article
Coinbase & Aon exploring plans to set up captive crypto insurer
11th July 2019
Coinbase, a San Francisco-based digital currency exchange, is exploring plans to set up its own captive insurance company with the help of re/insurance broker Aon, according to reports from coindesk. The company would insure risks related to crypto-currencies, an area Aon took its first steps in earlier this year via the ... Read the full article
Jill Eaton appointed as CEO of captive reinsurer NLC Mutual
25th June 2019
The National League of Cities Mutual Insurance Company (NLC Mutual), a member-owned captive reinsurance company, has announced the appointment of Jill Eaton as its President and Chief Executive Officer (CEO). Eaton, who has more than 25 years’ experience in re/insurance and strategic partnership, will step into the role once current President ... Read the full article
Labuan leads captive market in Asia, with six new formations in 2018
31st May 2019
Labuan IBFC remained the leading jurisdiction in Asia for captive formations in 2018, with six new formations over the year bringing its total number of captives to 48. Farah Jaafar-Crossby, CEO of Labuan IBFC Inc., noted that the jurisdiction’s captive market growth outpaced other Asian hubs such as Singapore and Hong ... Read the full article
Cayman Islands re/insurance sector poised for “banner year” of growth
25th April 2019
The Cayman Islands is poised for “another banner year of growth” in its re/insurance sector, according to the Insurance Managers Association of Cayman (IMAC), with 16 new insurance and reinsurance company licences issued in 2019 to date. In addition to the 16 new licences, the Cayman Compass reported that four portfolio ... Read the full article
Sharing economy looks to captives
20th March 2019
Both Lyft Inc. and Uber Technologies Inc., two of the world's largest businesses in the ever-expanding sharing economy, recently established captive insurers in an effort to mitigate costs of insurance protection from third-party carriers. Ride-sharing firms Lyft and Uber have both established captive insurance companies in Hawaii, effectively enabling the pair ... Read the full article
Vermont to launch captive insurance blockchain pilot
15th January 2019
The Vermont Department of Financial Regulation (DFR) is preparing to launch a pilot program that will allow new captive insurance companies to register with the Secretary of State using blockchain technology. Secretary of State Jim Condos and DFR Commissioner Michael Pieciak signed a memorandum of understanding on January 9, 2019 that ... Read the full article
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