Captive insurance

Carr, Riggs & Ingram (CRI) Prepares to Host Webinar for Insurance Industry Professionals

Retrieved on: 
Tuesday, June 1, 2021

ENTERPRISE, Ala., June 1, 2021 /PRNewswire/ --Carr, Riggs & Ingram (CRI) has announced a complimentary webinar entitled, "2021 Insurance Update: What's Next?"

Key Points: 
  • ENTERPRISE, Ala., June 1, 2021 /PRNewswire/ --Carr, Riggs & Ingram (CRI) has announced a complimentary webinar entitled, "2021 Insurance Update: What's Next?"
  • This webinar will take place on Wednesday, June 30, 2021, at 10:00 a.m. (CDT).
  • This live session will provide an in-depth discussion of the current state and future changes in the insurance industry for regulators, carriers, captive insurance companies, and many more.
  • Presenters will also examine updated regulatory and tax matters that are currently affecting insurance companies across the board.

Vermont regulator rises to the top in Captive Review's annual "Power 50" poll

Retrieved on: 
Monday, May 31, 2021

A record fourteen captive insurance professionals with ties to Vermont were recognized.

Key Points: 
  • A record fourteen captive insurance professionals with ties to Vermont were recognized.
  • Sandy manages Vermont's captive regulatory operations and licensing and monitoring of the financial condition of captive insurers domiciled in Vermont.
  • "We thank them for their tremendous work in making Vermont a leader in the captive insurance industry."
  • 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.

New Vermont captive legislation signed by Governor Phil Scott

Retrieved on: 
Thursday, May 27, 2021

MONTPELIER, Vt., May 27, 2021 /PRNewswire-PRWeb/ --Governor Phil Scott signed new legislation into law strengthening Vermont's captive regulation in a variety of areas.

Key Points: 
  • MONTPELIER, Vt., May 27, 2021 /PRNewswire-PRWeb/ --Governor Phil Scott signed new legislation into law strengthening Vermont's captive regulation in a variety of areas.
  • This year marks 40 years since the passage of the Special Insurer Act of 1981, which created the captive industry in Vermont.
  • "Through the years, Vermont has remained proactive in modernizing our laws to help the industry grow in the state," said Governor Phil Scott.
  • "Vermont has seen a variety of redomestications, where a captive moves their captive from another state to Vermont, and Vermont has benefitted from this movement," Said Richard Smith, President of the Vermont Captive Insurance Association.

Pinnacle’s Michael Corbett Named to Captive Insurance Hall of Fame

Retrieved on: 
Friday, May 21, 2021

b'Pinnacle Financial Partners captive insurance advisor Michael Corbett has been named to the Captive Review Hall of Fame, an honor given to only a few captive professionals worldwide each year.

Key Points: 
  • b'Pinnacle Financial Partners captive insurance advisor Michael Corbett has been named to the Captive Review Hall of Fame, an honor given to only a few captive professionals worldwide each year.
  • It \xe2\x80\x9ccelebrate[s] the most influential individuals, who have contributed to the industry for decades and without whom the industry would not be where it is today,\xe2\x80\x9d according to the publishers of Captive Review, a London-based magazine for the global risk management and captive insurance community.\n\xe2\x80\x9cJoining Captive Review\xe2\x80\x99s Hall of Fame is an honor,\xe2\x80\x9d Corbett said.
  • Prior to Pinnacle he was the regulatory director of captive insurance for the State of Tennessee\xe2\x80\x99s Department of Commerce and Insurance (TDCI), where he licensed 669 Risk Bearing Entities (RBEs) made up of 200 captive insurance companies and 469 cell companies, representing over $1.4 billion in annual premiums.
  • He also led a consulting practice that specialized in captive insurance and was chair of the Vermont Captive Insurance Association.\n\xe2\x80\x9cWe knew Michael was one of the world\xe2\x80\x99s top captive leaders when we hired him,\xe2\x80\x9d said Sam Belk, senior lending officer at Pinnacle.

NFP's Risk and Insurance Strategy Collective Welcomes Industry Specialist TJ Scherer

Retrieved on: 
Thursday, April 29, 2021

b'NEW YORK, April 29, 2021 /PRNewswire-PRWeb/ -- NFP, a leading insurance broker and consultant that provides property and casualty (P&C), corporate benefits, retirement, and individual solutions, today announced that TJ Scherer has joined its Risk and Insurance Strategy Collective (RISC) as a senior captive consultant.

Key Points: 
  • b'NEW YORK, April 29, 2021 /PRNewswire-PRWeb/ -- NFP, a leading insurance broker and consultant that provides property and casualty (P&C), corporate benefits, retirement, and individual solutions, today announced that TJ Scherer has joined its Risk and Insurance Strategy Collective (RISC) as a senior captive consultant.
  • RISC is a specialty practice within NFP that provides a comprehensive rangeoftech-forwardalternative risk, captive consultingandongoing captive management solutions.
  • Together they will also provide strategic captive consultation and planning to clients evaluating the utilization of a captive insurance company and those with existing captives.
  • He will report to Tencellent.\n"We are excited to have TJ join NFP and our RISC team," said Tencellent.

Simply Business Launches Liability Insurance Product for Social Workers

Retrieved on: 
Tuesday, April 6, 2021

BOSTON, April 6, 2021 /PRNewswire/ -- Simply Business, Inc ., Boston based digital insurance agency offering small business owners access to top insurance providers, today announced a partnership with the National Association of Social Workers (NASW) Risk Retention Group, Inc. to offer general and professional liability insurance solutions for social workers and allied health professionals.

Key Points: 
  • BOSTON, April 6, 2021 /PRNewswire/ -- Simply Business, Inc ., Boston based digital insurance agency offering small business owners access to top insurance providers, today announced a partnership with the National Association of Social Workers (NASW) Risk Retention Group, Inc. to offer general and professional liability insurance solutions for social workers and allied health professionals.
  • The NASW Risk Retention Group is a captive insurance company established to provide liability insurance for a specific group of policyholders who share a common interest, such as members of a professional association.
  • "Demand for social workers has increased, and so have the different risks they need to manage," said David Summers, Group CEO of Simply Business.
  • Simply Business is changing the way small business owners find business insurance by offering customers tailored insurance coverage online.

Industry Specialists Jonathan McKenzie and Rob Ramos Join NFP's Risk and Insurance Strategy Collective

Retrieved on: 
Monday, April 5, 2021

These additions reflect NFP's focus on adding specialists that help clients overcome complex risk challenges and continued commitment to the captive industry.

Key Points: 
  • These additions reflect NFP's focus on adding specialists that help clients overcome complex risk challenges and continued commitment to the captive industry.
  • McKenzie comes to NFP with more than 20 years of captive and risk management experience.
  • Most recently, he served as head of captive management at Alterna, where he developed captive insurance operations, providing financial and regulatory services to US-domiciled captive insurance companies.
  • "Adding an industry veteran like Jonathan will help us continue our momentum in the alternative risk solutions space," said Stopford.

Vermont Captive Insurance Recognizes George Chaffee, Pioneer of Captive Industry

Retrieved on: 
Wednesday, February 24, 2021

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

Retrieved on: 
Tuesday, February 23, 2021

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

Retrieved on: 
Friday, February 19, 2021

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.