Reinsurance News
captives
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
DARAG completes captive transaction in Benelux
4th October 2023
DARAG, an international re/insurance group and legacy acquirer, has completed an agreement between an undisclosed Benelux based captive, the captive’s policyholder and DARAG’s German insurance carrier DARAG Deutschland AG. According to the announcement, the parties have agreed that DARAG shall assume expired long term liability insurance policies. By way of the ... Read the full article
QBE North America launches medical stop loss group captive program Agora
23rd August 2023
QBE North America has launched Agora, a group captive program with a focus on medical stop loss insurance targeting organisations with at least 50 employees that are focused on transparency and control of rising healthcare costs. Compared to other group captive programs in the marketplace, the “unique” structure of Agora provides ... Read the full article
DARAG Bermuda concludes two North American captive transactions
19th July 2023
Legacy acquirer, DARAG Group, has announced the completion of two transactions with undisclosed North American captive insurance companies. The transactions have been written into DARAG Bermuda, the firm’s Bermudian insurance carrier. The first one was completed in May and the second was concluded in June 2023. They offer full legal finality for ... 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
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
DARAG Bermuda concludes agreement with Cayman-based captive
3rd April 2023
Leading legacy acquirer, DARAG Group has announced the conclusion of an agreement between an undisclosed Cayman-based captive company and its Bermudian insurance carrier, DARAG Bermuda Ltd. (DBL). According to the announcement, the transaction structure is a renewal of a previous novation agreement, with DBL assuming additional policy years. This agreement will allow ... 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
CloudCover partners with Hylant Global Captive Solutions
17th February 2023
CloudCover Re, a subsidiary of AI-generative cybersecurity threat prevention platform CloudCover, has announced the launch of a new cyber security captive insurance offering in partnership with Hylant Global Captive Solutions. Described as the world's first cybersecurity "rent-a-captive" insurance program, CloudCover CyberCell is a formal structure to affordably finance self-insured cyber risks. CloudCover ... 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
Marsh announces new appointments within Marsh Captive Solutions
21st December 2022
Insurance broker and risk advisor Marsh, has made three new leadership appointments within Marsh Captive Solutions. Lorraine Stack, is succeeding Brian McDonagh - who is retiring from Marsh after 27 years of service - as leader of Marsh Captive Solutions’ Ireland operations. This is an additional role to her current position ... 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
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