Captive insurance

Captive insurance deputy commissioner David Provost to retire

Retrieved on: 
Friday, May 27, 2022
Department, DoD Inspector General Distinguished Service Award, Family, Leadership, Goal, Distinguished Service Award, National Association of Insurance Commissioners, Gold standard, Humour, Long Trail, Captive insurance, DFR, American Discovery Trail, Industry, Retirement, Time, CICA, Heart, Applied linguistics, National Association, Financial services, Security (finance), Financial regulation, Maple syrup, Insurance, Whaling, Insurance

MONTPELIER, Vt., May 27, 2022 /PRNewswire-PRWeb/ -- Deputy Commissioner of the Captive Insurance Division at Vermont's Department of Financial Regulation (DFR), David Provost, has announced his plan to retire at the end of the summer to ensure a smooth transition within the Department to new leadership.

Key Points: 
  • David Provost has over 30 years of experience in captive insurance in both the private and government sectors.
  • He joined Vermont's then Department of Banking, Insurance, Securities and Health Care Administration in 2001 and was appointed to the role of Deputy Commissioner of the Captive Insurance Division in 2008 by then Governor James Douglas.
  • In Provost's time as Deputy Commissioner, Vermont's regulatory staff increased to 30 staff members, dedicated solely to captive insurance.
  • Provost licensed over 400 captive insurance companies in his time as Deputy Commissioner and had a hand in the formation of many more throughout his career.

David Provost receives the Distinguished Service Award. Vermont staff remain key leaders in the captive industry.

Retrieved on: 
Monday, March 28, 2022
Captive insurance, Risk, Gold, Distinguished Service Award, World Golf Village, Gold standard, National Association of Insurance Commissioners, Research, National Association, CICA, Compliance, Industry, NAIC, Knowledge, Secretary of State of Vermont, Time, Financial regulation, Department, Michigan Department of Insurance and Financial Services, Eye, Corporate governance, Insurance, Risk management, Insurance

MONTPELIER, Vt., March 28, 2022 /PRNewswire-PRWeb/ -- Earlier this month at the Captive Insurance Companies Association (CICA) international conference in Tucson, Arizona, Deputy Commissioner David Provost of Captive Insurance, Department of Financial Regulation, received the prestigious Distinguished Service Award, which is presented annually to a single individual or entity that has made a significant contribution to the captive insurance industry.

Key Points: 
  • Earlier this month, David Provost, Vermont's Deputy Commissioner of Captive Insurance, was awarded CICA's Distinguished Service Award.
  • "Dave Provost has been an active champion of the captive industry and generously shares his knowledge.
  • Deputy Commissioner Provost has over 30 years of experience in captive insurance in both the private and governmental sectors.
  • Upon receiving the award Provost said, "I appreciate that it's called a 'service' award, because that's what I feel like this job is about: serving the captive industry.

Insurium Announces Appointment of Insurtech Veteran Len Rodkey as Vice President of Industry Solutions

Retrieved on: 
Thursday, January 20, 2022
Data Management, Professional Services, Technology, Insurance, Software, Diamond, Alliance for Telecommunications Industry Solutions, HARRP, Technology, Captive insurance, Management information system, LinkedIn, Workforce, Insurance, Information technology, MBA, Solution, Regulatory compliance, Review, VP, Florida State University, Industry, Implementation, Marketing, Risk, University of South Florida, Twitter, Bachelor, University, Policy, Workers' compensation, Risk management, Facebook

Insurium, a market-leading cloud-based core software platform for the commercial insurance industry, announced the appointment of Insurtech industry veteran Len Rodkey, as Vice President of Industry Solutions.

Key Points: 
  • Insurium, a market-leading cloud-based core software platform for the commercial insurance industry, announced the appointment of Insurtech industry veteran Len Rodkey, as Vice President of Industry Solutions.
  • With over two decades of workers compensation expertise, Len brings a unique blend of experience to the Insurium team.
  • Prior to joining Insurium, Len has had the opportunity to review, implement, and manage numerous policy and claims administration systems.
  • The company enables commercial insurance companies to compete and win by delivering the best technology solutions, tailored for their business.

SteadPoint Insurance Group selects Insurity's Workers' Comp Suite to expand rapidly into all 50 States

Retrieved on: 
Thursday, January 6, 2022
Data Management, Professional Services, Technology, Insurance, Software, Workforce, Policy, Insurance, Software, Organization, MGA, Software as a service, P&C, National Union of Insurance Workers, CEO, Risk, GI Partners, Industry, Comp, Leadership, Captive insurance, Insurity, SteadPoint, INSURITY, STEADPOINT

Insurity , a leading provider of cloud-based software for the property and casualty (P&C) insurance industry, announced today that SteadPoint Insurance Group, a regional workers' compensation carrier, is leveraging Insurity's Workers' Comp Suite software to expand its business.

Key Points: 
  • Insurity , a leading provider of cloud-based software for the property and casualty (P&C) insurance industry, announced today that SteadPoint Insurance Group, a regional workers' compensation carrier, is leveraging Insurity's Workers' Comp Suite software to expand its business.
  • Insurity's powerful end-to-end suite, combined with the Workers Comp Suite self-service configuration capabilities, will enable SteadPoint to add policy, billing, and claims administration features for new states in less than 30 days.
  • A core differentiator of Insurity's Workers Comp Suite is that it enables SteadPoint to rapidly configure the software itself, furthering its ability to enter new markets.
  • "We are thrilled to grow our business nationally and serve more employers, with the help of Insurity's software," said Chaz Bryan, President & CEO, SteadPoint Insurance Group.

Insurium Announces Appointment of Insurtech Veteran Jeremy Williams as Chief Executive Officer

Retrieved on: 
Tuesday, September 28, 2021
Professional Services, Data Management, Technology, Other Technology, Insurance, Mobile, Wireless, Software, Diamond, Technology, Insurance, Policy, Solution, Multimedia, LinkedIn, Twitter, CEO, Captive insurance, HARRP, Growth, Risk, Product, Industry, Risk management, Management

Insurium, a market-leading cloud-based core software platform for the commercial insurance industry, announced the appointment of Insurtech industry veteran Jeremy Williams as Chief Executive Officer.

Key Points: 
  • Insurium, a market-leading cloud-based core software platform for the commercial insurance industry, announced the appointment of Insurtech industry veteran Jeremy Williams as Chief Executive Officer.
  • Jeremy previously served as Chief Operating Officer and Vice President of Product & Technology for Tropics Software Technologies, subsequently acquired by Insurity.
  • View the full release here: https://www.businesswire.com/news/home/20210928005188/en/
    Jeremy Williams @ Insurium (Photo: Business Wire)
    I am excited about partnering with Bow River Capital and their compelling vision for Insurium.
  • Insurium, backed by Bow River Capital, is a market-leading SaaS Insurtech platform for policy and claims life cycle management, billing, real-time decision support and analytics.

Best’s Market Segment Report: U.S. Captive Insurers’ Flexibility, Control Enable Them to Outperform Commercial Peers

Retrieved on: 
Wednesday, August 4, 2021
Other Professional Services, Professional Services, Insurance, Types of insurance, Insurance, Captive insurance, Offshore finance, Alternative risk transfer, Captive

The new Bests Market Segment Report, Captives Flexibility and Control Enable Them to Outperform Commercial Peers, states that captives inherent flexibility and control in managing risk drives profitability and retained earnings, while creating value for their policyholders and stakeholders, regardless of market conditions.

Key Points: 
  • The new Bests Market Segment Report, Captives Flexibility and Control Enable Them to Outperform Commercial Peers, states that captives inherent flexibility and control in managing risk drives profitability and retained earnings, while creating value for their policyholders and stakeholders, regardless of market conditions.
  • Year over year, the AM Best-rated U.S. captives recorded a 4.1-percentage point improvement on their combined ratio to 97.9 in 2020.
  • Overall, captive insurers remain nimble and stable despite persistently low interest rates and the recent turbulence in equities.
  • For current Bests Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive .

AM Best to Host Briefing on How Market Forces Are Driving Interest in Captive Insurance

Retrieved on: 
Tuesday, July 27, 2021
Insurance, Professional services, Finance, Money, Economy, Types of insurance, Captive insurance, Offshore finance, Insurance, Alternative risk transfer, AM Best, Analytics, Credit rating agency

A panel of AM Best analysts and industry leaders will discuss the state of the captive insurance market and the regulatory and risk issues affecting the captive sector at AM Bests Captive Market Briefing, which will take place on Aug. 4 at 2:00 p.m. (EDT).

Key Points: 
  • A panel of AM Best analysts and industry leaders will discuss the state of the captive insurance market and the regulatory and risk issues affecting the captive sector at AM Bests Captive Market Briefing, which will take place on Aug. 4 at 2:00 p.m. (EDT).
  • They also will discuss market trends affecting the sector, including the impacts from COVID-19 and hard market conditions in the commercial lines insurance sector on uses and formations, as well as opportunities to grow into new lines of business.
  • For current Bests Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

Cayman Islands reinsurance industry continues its upward trajectory

Retrieved on: 
Thursday, July 1, 2021
Tax, Offshore finance, Corporate tax avoidance, Tax avoidance, Cayman Islands, Cayman, Captive insurance, Outline of the Cayman Islands, Economy of the Cayman Islands

GRAND CAYMAN, Cayman Islands, July 1, 2021 /PRNewswire-PRWeb/ --The reinsurance industry in the Cayman Islands continues to grow after a three-year high in registered insurance companies in the Cayman Islands was recorded in 2020 ( source ; source ), and this growth shows no signs of slowing down anytime soon.

Key Points: 
  • GRAND CAYMAN, Cayman Islands, July 1, 2021 /PRNewswire-PRWeb/ --The reinsurance industry in the Cayman Islands continues to grow after a three-year high in registered insurance companies in the Cayman Islands was recorded in 2020 ( source ; source ), and this growth shows no signs of slowing down anytime soon.
  • As a result, the Cayman Islands has earned a spot as one of the top three captive insurance domiciles in the world ( source ).
  • Ebanks notes that the Cayman Islands is poised to grow an industry that has typically domiciled in other jurisdictions.
  • Dart Real Estate is a development company based on Grand Cayman in the Cayman Islands, a British Overseas Territory.

Best's Market Segment Report: Hardening Market and Regulatory Developments in the Gulf Cooperation Council Region Drive Interest in Captive Insurers

Retrieved on: 
Monday, June 14, 2021
Insurance, Professional services, Types of insurance, Captive insurance, Offshore finance, Actuarial science, Insurance, Reinsurance, Finance, Financial services, Economy

While the global captive insurance industry has experienced steady growth over the past decade, the use of captive (re)insurers in the Gulf Cooperation Council (GCC) countries has been limited to date.

Key Points: 
  • While the global captive insurance industry has experienced steady growth over the past decade, the use of captive (re)insurers in the Gulf Cooperation Council (GCC) countries has been limited to date.
  • However, as hardening international commercial insurance rates and regulatory developments in some GCC jurisdictions have made it easier to establish a captive, interest in captives has been growing in the region, according to a new AM Best report.
  • A new Best's Market Segment Report, Gulf Cooperation Council: A Hardening Market and Regulatory Developments Drive Interest in Captive Insurers notes that it is not only the traditional users of captivesthe energy and heavy industry sectors, and state oil enterprisesexpressing an interest.
  • A wider gamut of companies is now investigating self-insurance solutions in response to hardening rates in the international commercial insurance and reinsurance markets.

AM Best to Sponsor and Exhibit at Bermuda Captive Conference

Retrieved on: 
Wednesday, June 9, 2021
Insurance, Professional services, Offshore finance, Captive insurance, Insurance, Landforms, BERMUDA, Alternative risk transfer, Oceans, Captive, Islands

AM Best will sponsor and exhibit at the annual Bermuda Captive Conference, to be held June 14-15, 2021.

Key Points: 
  • AM Best will sponsor and exhibit at the annual Bermuda Captive Conference, to be held June 14-15, 2021.
  • AM Best is a longtime sponsor of the Bermuda Captive Conference and in 2021 is a bronze-level sponsor of the online event.
  • For more information about the Bermuda Captive Conferences virtual event, please visit the conference overview and agenda .
  • For current Bests Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive .