Reinsurance News
captives
AM Best highlights performance of Bermuda, Cayman & Barbados captives
2nd December 2019
AM Best analysts have found captive insurance companies in Bermuda, Cayman Islands and Barbados to be outperforming the segment’s counterparts in the commercial casualty sector. In addition, a new milestone was reached in 2018 when net premiums earned surpassed $3.5 billion for the first time. A new AM Best market report explains ... Read the full article
RiverStone acquires two Cayman-based captives
30th October 2019
Legacy specialist RiverStone has announced the acquisitions of GMPCI Insurance Company, Ltd. and Seaside Indemnity Alliance Company, Ltd., which are both Cayman-based captives. Seaside Indemnity Alliance was established in 2013 in order to assume hospital and physician professional liabilities. GMPCI Insurance was launched in 2005 to provide insurance to anaesthesiologists, certified registered ... 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
R&Q enters legacy reinsurance deal with Bermuda captive
22nd August 2019
Randall & Quilter Investment Holdings Ltd. (R&Q), the Bermudian specialist non-life re/insurance investor, has announced a new legacy reinsurance deal with a Bermuda domiciled captive. The agreement will see R&Q assume the legacy liabilities from the Bermudian captive of a US based airline. R&Q’s A- rated carrier and wholly owned subsidiary, Accredited ... 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
R&Q in legacy reinsurance deal for Bermuda captive
8th August 2019
Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings is to provide legacy reinsurance for a captive domiciled on the island. The loss portfolio transfer reinsurance covers workers’ compensation, product, auto, and general liability risks. The reinsurance was part of a larger transaction involving the sale of one of the parent ... 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
Continued, accelerated cyber risk growth expected in the captive market: Aon
3rd July 2019
It's estimated that more than a third of all captives will be underwriting cyber risk in five years' time, underpinned by accelerated premium growth for cyber risks in the global captives market, according to insurance and reinsurance broker, Aon. A recent survey and accompanying report from Aon, discusses current trends in ... 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
New tech allowing more captives to profit from third-party risks: Marsh report
5th June 2019
The number of captive insurers writing third-party business is rising as new technologies expand the ways in which organisations can deliver insurance solutions, says re/insurance brokerage Marsh in a new report. By underwriting third-party risks in a captive, parent companies can bring in additional premium and generate profits should the captive ... 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
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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