Captive insurance

Vermont Captive Insurance Recognizes George Chaffee, Pioneer of Captive Industry

Wednesday, February 24, 2021 - 4:00am

While Commissioner, George introduced landmark legislation in 1981 that allowed for the creation of the captive insurance industry in Vermont by making the state a domicile option for companies around the world.

Key Points: 
  • While Commissioner, George introduced landmark legislation in 1981 that allowed for the creation of the captive insurance industry in Vermont by making the state a domicile option for companies around the world.
  • Since the passing of the captive insurance legislation 40 years ago, Vermont has become a prominent leader in the industry, ranked first nationally and third globally with over 1200 licensed captive insurance companies to date.
  • Additionally, George was the founding director of the Vermont Captive Insurance Association, today the world's largest captive insurance association with 426 members.
  • Captive insurance is a regulated form of self-insurance that has existed since the 1960's and has been a part of the Vermont insurance industry since 1981, when Vermont passed the Special Insurer Act.

BIBA Launches BRIM 2021, a New Virtual Global Insurance & Risk Management Conference for Barbados

Tuesday, February 23, 2021 - 5:12pm

BIBA, the Association for Global Business in Barbados, is excited to announce its first virtual Barbados Risk & Insurance Management (BRIM) global conference in Barbados between March 24 and 25, 2021.

Key Points: 
  • BIBA, the Association for Global Business in Barbados, is excited to announce its first virtual Barbados Risk & Insurance Management (BRIM) global conference in Barbados between March 24 and 25, 2021.
  • Statistics from the Barbados Financial Services Commission show that Barbados has 279 captive insurance companies, the bulk of which are Canadian and American entities.
  • Biba serves as a voice for the development of global business in Barbados and has over 140 member firms at this time.
  • Biba has repositioned itself as the Association for Global Business to align with the vision of Barbados being a global business hub.

2020 Figures Highlight Resilience of Cayman International Insurance

Friday, February 19, 2021 - 1:24am

The Cayman Islands ended 2020 with 36 new insurance company formations, the largest annual increase since 2017.

Key Points: 
  • The Cayman Islands ended 2020 with 36 new insurance company formations, the largest annual increase since 2017.
  • Accompanying the new B (31), C (3) and D (2) licenses, were 12 new portfolio insurance company (PIC)* approvals and a new insurance manager.
  • The Insurance Managers Association Cayman (IMAC) Chair, Colin Robinson remarked We are extremely encouraged by the industry's 2020 figures which recorded a three-year high.
  • The Cayman Islands is an international insurance centre with a 40-year-plus history in international insurance products, and specialising in captive insurance, ILS structuring, and reinsurance.

Best’s Commentary: Revised Solvency Management Rules Should Strengthen China’s Insurance Industry

Wednesday, January 27, 2021 - 2:42pm

AM Best views the announced changes to the solvency management of Chinas insurance sector as a positive step, particularly in the reinforcement of balance sheet strength and the development of enterprise risk management.

Key Points: 
  • AM Best views the announced changes to the solvency management of Chinas insurance sector as a positive step, particularly in the reinforcement of balance sheet strength and the development of enterprise risk management.
  • In its new Bests Commentary, China Revises Solvency Management Rules to Strengthen Industry Capitalisation, AM Best notes that the revised rules will also form the foundation for the regulators upcoming release of technical adjustments to insurers solvency calculation as part of the wider China Risk-Oriented Solvency System Phase II implementation.
  • With the updated regulations, the CBIRC has defined the accountability of insurance companies directors and senior executives toward their companies capital management practices.
  • Insurance groups, captive insurers, mutual companies and onshore branches of foreign insurance companies also are subject to the updated capital management regulations.

AM Best Webinar to Focus on Captive Rating Approach and GCC Market Trends for Captive Insurers

Monday, January 11, 2021 - 8:00am

AM Best will host a complimentary webinar on Tuesday, 19 January 2021, at 14:00 (GST) on captive insurance trends in the Gulf Cooperation Council (GCC) region.

Key Points: 
  • AM Best will host a complimentary webinar on Tuesday, 19 January 2021, at 14:00 (GST) on captive insurance trends in the Gulf Cooperation Council (GCC) region.
  • Marsh, as the worlds largest captive manager, will present developments on the GCC captive markets.
  • The webinar will also reflect on the reasons for and benefits of establishing a captives, recent developments in the GCC captive market, and AM Bests analytical approach to rating captives.
  • For current Bests Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive .

Best’s Market Segment Report: Rated Bermuda, Cayman Islands and Barbados Captives Sustain Outperformance Over Commercial Insurers

Friday, December 18, 2020 - 1:30pm

A new Bests Market Segment Report, Rated Bermuda, Cayman Islands, and Barbados Captives Continue to Outperform Peers, states that AM Bests rated Bermuda, Cayman Islands and Barbados (BCIB) captive composite reported a pretax income of approximately $1.4 billion, a 46% increase over the previous year.

Key Points: 
  • A new Bests Market Segment Report, Rated Bermuda, Cayman Islands, and Barbados Captives Continue to Outperform Peers, states that AM Bests rated Bermuda, Cayman Islands and Barbados (BCIB) captive composite reported a pretax income of approximately $1.4 billion, a 46% increase over the previous year.
  • Between 2015 and 2019, BCIB captives added $2.7 billion to their year-end capital and surplus and paid $1.4 billion in dividends.
  • The use of captive vehicles during this period over the use of commercial insurers translates into nearly $4.2 billion in savings.
  • Captives no longer are formed solely to protect against the lack of available capacity or peaks in the market cycle.

International Re Hires Nate Reznicek as Head of US Distribution

Thursday, December 17, 2020 - 8:43pm

LONDON, Dec. 17, 2020 /PRNewswire/ --International Re (IRE), the specialist captive insurance and reinsurance MGA, has appointed Nate Reznicek as Head of US Distribution, to continue the growth of IRE and its revolutionary REPAID product in its primary market of the United States.

Key Points: 
  • LONDON, Dec. 17, 2020 /PRNewswire/ --International Re (IRE), the specialist captive insurance and reinsurance MGA, has appointed Nate Reznicek as Head of US Distribution, to continue the growth of IRE and its revolutionary REPAID product in its primary market of the United States.
  • Andy Jeckells, Co-CEO IRE, commented: "Nate Reznicek is a tireless advocate for captive ownership in the United States, to which IRE is equally committed.
  • Nate Reznicek, Head of US Distribution, IRE added, "I was immediately impressed with IRE's unique REPAID product, which allows up to 50% of premium spend to be retained for commercial property and casualty lines with A-rated carriers.
  • International Re (IRE) is a London-based, alternative risk transfer insurance and reinsurance MGU.

Vermont Wins Captive Insurance International Domicile Of The Year Award

Wednesday, December 16, 2020 - 7:00pm

The award is given to the top captive insurance domicile in the world outside of the European Union that has outperformed competitors and demonstrated excellence in servicing the European captive insurance marketplace.

Key Points: 
  • The award is given to the top captive insurance domicile in the world outside of the European Union that has outperformed competitors and demonstrated excellence in servicing the European captive insurance marketplace.
  • Earlier this fall, Vermont won two other prestigious awards: The inaugural Domicile of the Year award from the Captive International publication and the Domicile of the Year Award for a record seventh year in a row by the Captive Review.
  • For more information about the Vermont captive insurance industry, please visit http://www.vermontcaptive.com or contact Brittany Nevins at 802-398-5192 or Brittany.Nevins@vermont.gov .
  • Captive insurance is a regulated form of self-insurance that has existed since the 1960s and has been a part of the Vermont insurance industry since 1981 when Vermont passed the Special Insurer Act.

Joe Fox Joins CopperPoint to Lead Pay as You Go

Thursday, December 10, 2020 - 8:00pm

PHOENIX, Dec. 10, 2020 /PRNewswire/ --CopperPoint Insurance Companies, a western-based super regional commercial insurance company, announced Joe Fox has joined the company as Vice President, Pay as You Go.

Key Points: 
  • PHOENIX, Dec. 10, 2020 /PRNewswire/ --CopperPoint Insurance Companies, a western-based super regional commercial insurance company, announced Joe Fox has joined the company as Vice President, Pay as You Go.
  • Joe will be responsible for developing and implementing a new premium payment process for CopperPoint's workers' compensation business: Pay as You Go.
  • Joe is a seasoned insurance executive with more than 25 years of experience in the property and casualty industry.
  • CopperPoint Mutual Insurance Holding Company is the corporate parent of CopperPoint Insurance Companies, Pacific Compensation Insurance Company and Alaska National Insurance Company.

Cannabis Insurance Group Announces Initial Product Offering At MJBIZCON 2020

Wednesday, December 2, 2020 - 3:16pm

LAS VEGAS, Dec. 2, 2020 /PRNewswire/ -- The National Cannabis Risk Management Association (NCRMA) is pleased to announce the launch of the first of several insurance products designed to normalize insurance availability and coverage all along the cannabis vertical.

Key Points: 
  • LAS VEGAS, Dec. 2, 2020 /PRNewswire/ -- The National Cannabis Risk Management Association (NCRMA) is pleased to announce the launch of the first of several insurance products designed to normalize insurance availability and coverage all along the cannabis vertical.
  • The NCRMA initially announced its intent to endorse an exclusive captive backed insurance programduring MJBIZCON 2019, but the effort has been delayed by the pandemic, according to the organization's senior leadership.
  • "The challenge associated with the creation of an association owned captive insurance company for NCRMA members has been daunting," said Rocco Petrilli, chairman of the NCRMA.
  • NCRMA provides a rapidly growing membership with pioneering and innovative risk management and insurance solutions through its expansive list of high-value service partners and offerings.