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Captive Insurance Industry Announcements

June 24, 2016:

June 22, 2016: 

June 17, 2016:

June 14, 2016:  A few conference announcements came in yesterday and today.  All links for conferences are found on the Conferences and Events page.

  • First, the Bermuda Captive Conference reports a record 800 attendees at this year's conference, which ends tomorrow, June 15th.  You might be interested in watching AM Best TV's coverage of the Bermuda Captive Conference
     
  • And from South Carolina, the Friendly Society Restored and SCCIA remind you to save the date for the SCCIA 16th Annual Conference to be held from September 13-15 at the Mills House, and that online registration is available right now!.

June 10, 2016

  • Another announcement from Bermuda:  Conference organizers tell us that there are record numbers pre-registered for the Bermuda Captive Conference next week – so far 770 registrants! 

  • Citadel Risk is delighted to announce that as a final step to full integration, the recently-purchased Bermuda entity, Cedar Management Limited now becomes Citadel Management Bermuda Limited. The name of US-based Cedar Consulting LLC, the captive insurance consulting firm, remains unchanged.

    Congratulations to our friends at Citadel Risk and Cedar Consulting on this news!  [Full story]

June 9, 2016:  It's official!  Connecticut Insurance Commissioner Katharine L. Wade today announced that the Department has licensed a non-profit captive insurance cooperative comprising several Connecticut municipalities and school districts that will give communities greater control of their health insurance costs.

Insurance Commissioner: Newly Licensed Captive Insurer Will Help Municipalities Control Health Care Costs

We wish success for this structure, hope to see many more like it.

June 6, 2016:  Important SIIA National Conference updates -- hotel room block is nearing capacity, so book your room now to avoid disappointment!  Also, this story unwraps more info on this event's exciting program. [Take me there now]

June 2, 2016:

  • Important public service announcement impacting captives and self-insured entitles -- SIIA Submits Comments to Treasury Dept. on Proposed TRIP Rules

    Note that the full comments may be downloaded from this link.

    Story begins, "The Self-Insurance Institute of America, Inc. (SIIA) this week submitted comments on behalf of its members to the US Department of Treasury (Treasury) in response to proposed rules about whether to apply the Terrorism Risk Insurance Program (TRIP) to self-insurance arrangements, including captive insurance companies...."  [More]

    SIIA continues to be a voice for our industry in Washington.  We encourage you to support this fine association in their efforts to secure legislation that works.
     
  • Another announcement just sent by the Bermuda Captive Conference:  Big congratulations to Jill Husbands, the Chairman and Managing Director of Marsh IAS Management Services (Bermuda), who has been selected the winner of the inaugural Fred Reiss Lifetime Achievement Award, to be presented at this month's Bermuda Captive Conference (June 13-15).
     
  • Now on the Conferences and Events page, CICA June webinar on "Bolstering Your Captive’s Value Through Analytics."  Find out how captive insurance companies can harness the power of quantifying risk and financing a portion of that risk through their captive at CICA’s June webinar “Bolstering Your Captive’s Value Through Analytics.” Scheduled for 12 p.m., CT, Wed., June 29, this session is the second in CICA’s new webinar series.

May 27, 2016:  South Carolina Licenses 300th Captive.  Story begins, "Today the South Carolina Department of Insurance (DOI) marked a major milestone in the ongoing development of its highly regarded captive insurance program now in its 16th year.  The Department issued captive license number 300 to Velocity Insurance Company, a Risk Retention Group owned by various subsidiaries of Roadrunner Transportation Systems, headquartered in Cudahy, Wisconsin...."  [Full story]

Big congratulations to all our friends at the the South Carolina DOI and USA Risk Group on this great news!

It's official -- Mancini's taking a hike!  "It is with a bittersweet mix of joy and sadness that I write this note to you.  I have reversed direction on this decision many times over the last several months, but at last I am unspeakably excited about pulling the trigger!" [More]

Going forward, CaptiveGlobal.com's in-depth articles will remain online as a valued resource for the captive insurance industry  Also, we are pleased to maintain the Conferences and Events page, posting events that captive professionals send to us for posting.  Please send your conferences, podcasts, and meetings that you wish to publicize to Mancini@CaptiveGlobal.com.  Announcements will be continued for any colleagues who wish to send them for posting, but we will not be scouring the bowels of the Internet, looking for news.

See you on the hiking trails!  

Older news and announcements:

May 23, 2016:  Save the date for the 2017 World Captive Forum, scheduled for January 29-31, 2017 in Boca Raton.  Preliminary information is now posted to the Conferences and Events page.

May 19, 2016:  On June 7, The DeSoto Holland Wealth Management Group/ Morgan Stanley will be hosting a networking breakfast in Charlotte, NC for professionals working in the captive insurance industry. The event will feature a short discussion “On the Markets” by Jeff Snyder with Morgan Stanley. Details and contact info has been posted on the Conferences and Events page.

May 17, 2016:  The Early Bird registration deadline for SIIA’s 36th Annual National Conference and Expo is less than a month away. This event takes place from September 25-27 in Austin, TX.  You will find a registration form on the Conferences and Events page for your convenience, or you may register online at www.siia.org/national.

May 11, 2016: 

  • Amended Vermont Captive Legislation Signed Into Law.  Technical enhancements include governance standards, expanding dormancy and allowing for cells to be transferred, sold, assigned or converted to stand alone captives without affecting the rights or obligations of the cell. [More]
     
  • Industry Movers and Shakers: Brentwood Reinsurance Intermediaries Inc. Appoints William (Bill) J. Hodson As Senior Vice President.  Congratulations to all on this good news!
     
  • CaptiveGlobal.com continues to be impressed by the work done by SIIA in service to the alternative risk transfer industry.  We have long advocated for captive and self-insurance associations to be more involved in  education, and to be proactive in political outreach, and we note that it is SIIA that is taking on these challenges.
    • The Self-Insurance Educational Foundation (SIEF) has  released a new video highlighting captive insurance solutions for mid-market companies, including stop-loss captive programs, enterprise risk captives, and property & casualty group captives. More info and access to the video is provided here

      Website visitors who may be interested in self-insured health plans, SIEF has produced a video for you too.  The Foundation offers many white papers and other useful educational materials that you will love.  
       
    • A second outstanding initiative offered by SIIA is SIPAC -- the Self-Insurance Political Action Committee.  Many of you appreciated the flurry of federal tax extenders for 831(b) ERC captives updates we received late in 2015 from Ryan Work on legislative matters emanating from Washington.  We anticipate another update from Ryan very shortly.  Ryan is SIIA's lobbyist on Capitol Hill, and has done a remarkable job thus far.  Such initiatives are costly.  SIPAC is currently hosting a number of fund raising dinners for supporters.  Chris Mancini was delighted and impressed with the dinner that was held at the Capital Grille in Hartford last Tuesday. 

      SIPAC contributions are welcome, but SIIA membership is required to participate.  Find more information here.

May 4, 2016:

  • It's official. We reported on April 9th that a feasibility study for a stop-loss captive insurance co-op was underway.  Here is an update on progress to date.

    According to an article in today's Journal Inquirer, "Faced with a 10 percent increase in the town’s annual premium for private health insurance, the Board of Selectmen on Tuesday voted to sign on to an option that would save the town $128,000. Officials said the new nonprofit state “stop-loss captive” insurance cooperative of area cities, towns, and school districts would save the town $128,000 and possibly more in subsequent years." The captive will be called CT Prime Inc. 

    Follow this link to the full article.
     
  • Artex Risk Solutions today announced that it has acquired Quest Holdings (Gibraltar) Ltd., the largest insurance manager in Gibraltar. Congratulations to all!  [Full story]

May 2, 2016:  May 24 from 1-2 is the date and time for Crowe Horwath's complimentary webinar, "Impact of the NAIC Cybersecurity Model Law on Insurance Organizations." See the Conferences page for more info and link to register.

April 27, 2016:  

  • Hanover Stone Partners Appoints Dan Labrie as Senior Risk Advisor.  Our congratulations to HSP and Dan on this great news!
     
  • July 7 is the date for the popular ILS Insight event in Zurich.  See the Conferences and Events page to download the brochure for this important event.

    There is more information on Insurance Linked Securities in Guernsey, available from the Articles page.  Why real risk?  What are Insurance Linked Securities?  Investing in Real Risk – Guernsey's Growing ILS Sector by Mark Helyar will answer your questions on this topic.  This article lays out the appeal of investing in real risk to the savvy insurance investor, with a focus on the growing ILS market in Guernsey. The article is available in web and downloadable formats.  [Take me there now]

April 25, 2016: 

  • On April 22 (see below), we reported minimal information on Alabama's amended captive legislation that is awaiting the governor's signature.  We now have both the marked up Alabama captive legislation, as well as a summary that the jurisdiction offers.  Links to both are provided here:

April 22, 2016:

  • Alabama passed its initial captive insurance legislation in 2006.  On April 19, amended Captive insurance legislation passed the Alabama Senate 29/0.  The bill now moves on to the governor for his signature.  The major amended areas include the following:
    • Modernization of the language and capital requirements for Protected Cell captives
    • Captives may form as any entity allowed under law, including Series LLCs and mutuals
    • Initial capital requirements are updated for some captives
    • Captives may obtain a 60-day provisional license
    • Clarification of premium tax requirements and codifying current Insurance Department practices regarding how premium taxes are levied

      For details on Alabama Captive Insurance, visit the Alabama Department of Insurance captive website for legislation (we assume this is the version that precedes the above modifications) and  forms. Regulations and more may be found here.

 

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