Captive insurance

Gemini Launches Captive Insurance Company and Custody Insurance Solution with Leading Brokers Aon and Marsh

Retrieved on: 
Thursday, January 16, 2020
Economy, Money, Finance, Types of insurance, Gemini, Insurance, Captive insurance

NEW YORK, Jan. 16, 2020 /PRNewswire/ --Gemini Trust Company, LLC (Gemini), a cryptocurrency exchange and custodian, today launched Nakamoto, Ltd. (Nakamoto), a captive insurance company licensed by the Bermuda Monetary Authority (BMA) to insure Gemini Custody.

Key Points: 
  • NEW YORK, Jan. 16, 2020 /PRNewswire/ --Gemini Trust Company, LLC (Gemini), a cryptocurrency exchange and custodian, today launched Nakamoto, Ltd. (Nakamoto), a captive insurance company licensed by the Bermuda Monetary Authority (BMA) to insure Gemini Custody.
  • Nakamoto the world's first captive to insure crypto custody allows Gemini Custody to increase its insurance capacity beyond the coverage currently available in the commercial insurance market.
  • This insurance solution gives Gemini Custody $200 million in insurance coverage the largest limit of insurance coverage purchased by any crypto custodian in the world.
  • Additionally, Marsh's Digital Asset Risk Transfer (DART) team brokered excess insurance from the commercial insurance markets to provide a robust custody insurance solution.

Best’s Market Segment Report: Rated Bermuda, Cayman Islands and Barbados Captives Steadily Navigate Market Cycles

Retrieved on: 
Tuesday, November 26, 2019
Insurance, Professional services, Economy, Tax, Money, Offshore finance, Insurance, Insurance industry, Captive, General Electric, Cayman Islands, Captive insurance

A new Bests Market Segment Report, Rated Bermuda, Cayman Islands, and Barbados Captives Steadily Navigate Market Cycles, states that AM Bests rated captive composite reported a pretax income of approximately $1.0 billion, an 8.3% increase over the previous year.

Key Points: 
  • A new Bests Market Segment Report, Rated Bermuda, Cayman Islands, and Barbados Captives Steadily Navigate Market Cycles, states that AM Bests rated captive composite reported a pretax income of approximately $1.0 billion, an 8.3% increase over the previous year.
  • Between 2014 and 2018, BCIB captives added $2.7 billion to their year-end capital and surplus and paid $1.4 billion in dividends.
  • According to the report, captives no longer are formed solely to protect against the lack of available capacity or peaks in the market cycle.
  • 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 Participate in Vermont Captive Insurance Association’s Road Show in Boston

Retrieved on: 
Friday, November 8, 2019
Banking, Professional services, Insurance, Finance, Economy, Finance, Money, Types of insurance, Offshore finance, Captive insurance, Insurance, Captive, Credit rating agency, AM Best, Alternative risk transfer

AM Best is a sponsor of and a participant at the Vermont Captive Insurance Association (VCIA) Road Show, to be held Nov. 14, 2019, at the Seaport Hotel and Conference Center in Boston, MA.

Key Points: 
  • AM Best is a sponsor of and a participant at the Vermont Captive Insurance Association (VCIA) Road Show, to be held Nov. 14, 2019, at the Seaport Hotel and Conference Center in Boston, MA.
  • Sessions at the event feature captive owners and executives discussing key issues in putting a successful captive program together, including feasibility studies, cost structures and capital requirements.
  • 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 and information provider with an exclusive focus on the insurance industry.

AM Best Associate Director to Discuss Best’s Credit Rating Methodology, Draft Innovation Criteria at Hawaii Captive Forum

Retrieved on: 
Monday, October 14, 2019
Insurance, Professional services, Economy, Finance, Money, Credit rating agencies, Offshore finance, AM Best, Tewksbury Township, New Jersey, Captive insurance, Captive, Insurance

AM Best Associate Director Fred Eslami will participate in the Hawaii Captive Insurance Councils (HCIC) Annual Forum, taking place Oct. 2124, 2019, in Koloa, HI.

Key Points: 
  • AM Best Associate Director Fred Eslami will participate in the Hawaii Captive Insurance Councils (HCIC) Annual Forum, taking place Oct. 2124, 2019, in Koloa, HI.
  • Eslami will deliver a presentation on Wednesday, Oct. 23, at 3 p.m. (HST), titled, The AM Best Rating Process Case Study From a Hawaii Captive, in which he will explore the analysis that goes into AM Bests credit ratings, as detailed in Bests Credit Rating Methodology, as well as discuss AM Bests approach to rating captive insurance companies.
  • AM Bests draft criteria procedure on innovation, which recently was refined following an initial comment period, is available at www.ambest.com/ratings/methodology.asp .
  • For current Bests Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive .

Hylant Adds Anne Marie Towle, Further Investing in Its Global Captive Solutions Business

Retrieved on: 
Tuesday, September 10, 2019
Insurance, Professional services, Economy, Money, Finance, Captive insurance, Offshore finance, Captive, Insurance, Vermont

In her new role, Towle will continue the growth of Hylants Global Captive Solutions business.

Key Points: 
  • In her new role, Towle will continue the growth of Hylants Global Captive Solutions business.
  • Adding Anne Marie to our team furthers this commitment as we look to make our captive business into a global resource in the captive and alternative risk space, said Richard Hylant, President, Sales & Innovation.
  • Kip Irle, who has led captive consulting, will continue to lead Hylants private equity and M&A business while supporting captives alongside Anne Marie.
  • She has been actively involved in captive insurance organizations at the local, state and national level, serving on numerous boards and committees with the Vermont Captive Insurance Association (VCIA), International Center for Captive Insurance Education (ICCIE), Captive Insurance Companies Association (CICA), World Captive Forum (WCF) and the South Carolina Captive Insurance Association (SCCIA).

AM BestTV: NAIC’s NYC Event Draws Insurance Industry to a Meeting of the Minds

Retrieved on: 
Thursday, August 15, 2019
Insurance, Professional services, Economy, Insurance, Finance, Types of insurance, Insurance in the United States, Insurance industry, National Association of Insurance Commissioners, Captive insurance, Reinsurance, Thomas Leonardi

In this AMBestTV episode from the National Association of Insurance Commissioners Summer Meeting in New York, NY, insurance regulators and industry participants say the meetings provide a forum to clarify important insurance issues.

Key Points: 
  • In this AMBestTV episode from the National Association of Insurance Commissioners Summer Meeting in New York, NY, insurance regulators and industry participants say the meetings provide a forum to clarify important insurance issues.
  • Coverage from that event includes:
    Captive Insurance Leaders Say the Sector Provides a Sense of Purpose: Attendees at the VCIA conference said supporting the captive sector helps policyholders, members and the larger society: http://www.ambest.com/v.asp?v=vcia4919 .
  • AM BestTV covers exclusive AM Best and insurance industry information and reports, targeted topics and key developments in the insurance, reinsurance and related sectors daily.
  • AM Best is a global rating agency and information provider with a unique focus on the insurance industry.

AM BestTV at VCIA: Regulators Say Overseeing Captives Requires a Different Perspective

Retrieved on: 
Friday, August 9, 2019
Finance, Banking, Professional services, Insurance, Captive, Captive insurance

Walker added that this especially holds true for her, as North Carolina is a newer captive domicile.

Key Points: 
  • Walker added that this especially holds true for her, as North Carolina is a newer captive domicile.
  • Most business owners understand that theres laws in place that they must comply with, said Walker.
  • For a lot of the captive owners, this is their first experience being a regulated entity, said Provost.
  • Provost also said larger group captives can be more challenging to regulate compared with single-parent or smaller group captives.

Vermont Wins Top Captive Insurance Domicile for a Record Sixth Time

Retrieved on: 
Thursday, August 8, 2019
Economy, Money, Finance, Captive insurance, Offshore finance, Captive, Insurance, Vermont

The award ceremony was held on the eve of the Vermont Captive Insurance Association (VCIA) Annual Conference, North America's largest captive insurance event.

Key Points: 
  • The award ceremony was held on the eve of the Vermont Captive Insurance Association (VCIA) Annual Conference, North America's largest captive insurance event.
  • The award is given to the top captive insurance domicile in the world that has "outperformed their competitors and demonstrated the highest levels of excellence in the captive insurance industry."
  • Vermont is home to nearly 600 active captive insurance companies, making it by far the largest U.S. domicile for captive insurance and third largest in the world.
  • Dave Provost, Deputy Commissioner of Captive Insurance and Ian Davis, Director of Financial Services accepted the award on behalf of Vermont.

CIC Services, LLC announces the formation of Knox Reinsurance Company, Inc.

Retrieved on: 
Wednesday, August 7, 2019
Economy, Types of insurance, Finance, Insurance industry, Insurance, Captive insurance, Reinsurance, CICS

KNOXVILLE, Tenn., Aug. 7, 2019 /PRNewswire/ --CICS Services, LLC (CICS) announced today the launch of a new reinsurance pool for property and casualty coverages.

Key Points: 
  • KNOXVILLE, Tenn., Aug. 7, 2019 /PRNewswire/ --CICS Services, LLC (CICS) announced today the launch of a new reinsurance pool for property and casualty coverages.
  • Knox Reinsurance Company Inc., referred to as Knox Re, is licensed and regulated by the North Carolina Department of Insurance.
  • Brokers for quality insureds and existing captive owners are encouraged to visit https://captivatingthinking.com/bundled-captive-insurance-program/ , or contact CIC Services directly at 865-248-3044.
  • CIC Services, LLC is a risk management and consulting firm, specializing in the formation and operation of captive insurance companies for our clients nationwide.

AM BestTV: Rated Captives Build Surplus, Outperform Commercial Sector, Says AM Best Associate Director

Retrieved on: 
Monday, August 5, 2019
Insurance, Professional services, Economy, Finance, Money, Captive insurance, Offshore finance, Insurance, Dividend

In this AMBestTV episode, Fred Eslami, associate director, AM Best, examines a new report that finds captive insurance organizations rated by AM Best have been growing surplus, returning dividends and reporting better combined ratios than the overall commercial insurance sector.

Key Points: 
  • In this AMBestTV episode, Fred Eslami, associate director, AM Best, examines a new report that finds captive insurance organizations rated by AM Best have been growing surplus, returning dividends and reporting better combined ratios than the overall commercial insurance sector.
  • The captive industry has consistently outperformed the commercial market by double-digit percentage points, said Eslami.
  • To access a copy of this special report, titled, Rated Captives Continue to Build Upon Strengths, visit http://www3.ambest.com/bestweek/purchase.asp?record_code=288168 .
  • AM Best is a global rating agency and information provider with a unique focus on the insurance industry.