Captive insurance

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

Retrieved on: 
Wednesday, January 27, 2021
Insurance, Professional services, Capital requirement, Types of insurance, Captive insurance, Offshore finance, Insurance, Finance, Money, Insurance regulation, Solvency II, Own risk and solvency assessment

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

Retrieved on: 
Monday, January 11, 2021
Insurance, Professional services, Organizations, Captive insurance, Offshore finance, World economy, Economy, Captive, Gulf Cooperation Council, Insurance, Alternative risk transfer

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

Retrieved on: 
Friday, December 18, 2020
Banking, Professional services, Insurance, Finance, Tax, Offshore finance, Cayman Islands, Corporate tax avoidance, Tax investigation, Insurance, Captive, Captive insurance

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

Retrieved on: 
Thursday, December 17, 2020
Types of insurance, Actuarial science, Reinsurance, Insurance, Captive insurance, Alternative risk transfer, Finance, Money, Financial services, Reinsurance companies

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

Retrieved on: 
Wednesday, December 16, 2020
Types of insurance, Captive insurance, Offshore finance, Insurance, Vermont, United States

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 [email protected] .
  • 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

Retrieved on: 
Thursday, December 10, 2020
Types of insurance, Insurance, Finance, General insurance, Mutual insurance, Captive insurance, Connect

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

Retrieved on: 
Wednesday, December 2, 2020
Types of insurance, Health sciences, Insurance, Captive insurance, Medical cannabis, Pharmaceutical sciences, Branches of biology

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.

AM Best to Lead Webinar With American Land Title Association on State of U.S. Title Insurance Industry

Retrieved on: 
Monday, October 19, 2020
Professional services, Insurance, Finance, American Land Title Association, Finance, Insurance, Title insurance, AM Best, Captive insurance, Money

AM Best will lead a webinar in conjunction with the American Land Title Association (ALTA) on the state of the U.S. title insurance industry.

Key Points: 
  • AM Best will lead a webinar in conjunction with the American Land Title Association (ALTA) on the state of the U.S. title insurance industry.
  • The sudden economic slowdown and uncertainty brought on by the COVID-19 pandemic led AM Best to revise its market segment outlook on the title insurance industry to negative in April 2020.
  • Eslami has a focus within AM Bests alternative risk transfer group, rating domestic and offshore captive insurance companies, along with title insurance companies.
  • ALTA is a national trade association representing the interests of more than 6,400 title insurance companies, title and settlement agents, independent abstracters, title searchers and real estate attorneys.

Vermont Department of Economic Development announces new hire

Retrieved on: 
Wednesday, September 30, 2020
Captive insurance, Offshore finance, Vermont, Montpelier station, United States

MONTPELIER, Vt., Sept. 30, 2020 /PRNewswire-PRWeb/ --The Vermont Department of Economic Development (DED) is pleased to announce that Brittany Nevins has been hired as the new Captive Insurance Economic Development Director.

Key Points: 
  • MONTPELIER, Vt., Sept. 30, 2020 /PRNewswire-PRWeb/ --The Vermont Department of Economic Development (DED) is pleased to announce that Brittany Nevins has been hired as the new Captive Insurance Economic Development Director.
  • Nevins will be responsible for the marketing and business development of Vermont's captive insurance industry, working closely with the Department of Financial Regulation and the Vermont Captive Insurance Association to continue to strengthen the state's reputation as the premier onshore captive insurance domicile.
  • Brittany brings a wealth of experience in the economic development and regulatory sectors.
  • "We are excited about Brittany's international experience as Vermont seeks to expand further into the Latin American markets," said Richard Smith, President of the Vermont Captive Insurance Association.

AM Best: Pandemic-Related Exposures, Market Conditions Create Openings for Captives (AM BestTV)

Retrieved on: 
Tuesday, August 11, 2020
Insurance, Professional services, Captive insurance, Offshore finance, Reinsurance, Insurance, Captive, Vermont, Money, Finance, United States

Participants said that due to the impact of the COVID-19 pandemic, the captive industry may see some new opportunities.

Key Points: 
  • Participants said that due to the impact of the COVID-19 pandemic, the captive industry may see some new opportunities.
  • The captive industry tends to be very flexible and adaptive, said Ellen Charnley, president, Marsh Captive Solutions.
  • It can very much offer opportunities in response to current market conditions, said Rich Smith, president, Vermont Captive Insurance Association.
  • As the commercial market is feeling some strains and the reinsurance market is raising its premiums, these situations provide opportunities for captives to step in and respond.