Captive Insurance Industry Announcements
We are delighted to share the news that CaptiveGlobal.com has been acquired by Hale Stewart and Beckett Cantley. Hale and Beckett have been popular authors for CaptiveGlobal.com, having contributed a number of fine articles that you can download from the articles page here.
The new CaptiveGlobal.com website is in its final stages of development, with a new look and new content offerings.
We look forward to working alongside Beckett and Hale in the months and years ahead. To learn more about Beckett and Hale; visit http://www.uscaptiveinsurancelaw.com/.
August 8, 2016:
- Today, USA Risk Group, Inc. (USA Risk), a leading independent captive management firm, announced that Chief Operating Officer, Andrew Sargeant, plans to retire effective December 31, 2016.
Sargeant, who has been with the USA Risk team since 1995, serves as Chief Operating Officer of the group as a whole and Vermont Office Head, based in Williston, Vermont. Cindy Lyford, Vice President, based in the Barre, Vermont office, will be taking over Andy’s duties as the Vermont office head. Shawn Burger, who joined USA Risk Group in March as Senior Vice President Sales and Operations, will take over the COO duties.
Big congratulations and best wishes to Andy for an outstanding retirement, and to our friends at USA Risk Group as a new chapter in the company's growth begins! [Download full story. Pics included]
- Captive conference update: Cayman Captive Forum online registration is now available! Follow this link to reserve your spot for the conference and the closing reception on Seven Mile Beach now! This event takes place from November 29 - December 1, at the Ritz Carlton on Seven Mile Beach in Cayman. As always, links to this and other important captive conferences and seminars are available from the Conferences page.
August 3, 2016: Bermuda’s Parliament has passed an impressive raft of new corporate legislation to update the island’s legal framework, stimulating growth and keeping the jurisdiction globally competitive amid ever-changing market demands. See full story entitled, "Bermuda welcomes raft of new corporate legislation."
August 2, 2016: The submission deadline for the 2016 CICA International Conference has been extended to 5:00 pm Central on Friday, August 19th, 2016. Follow this link to submit your presentation idea.
This year's conference will take place from March 12-14 at the Manchester Grand Hyatt, San Diego, California.
August 1, 2016:
- VCIA is just 8 days away! August 3 is the last day for online registration, so don't delay. Info and links are available on the conferences page. See you there!
- A.M. Best presents one of the most popular webinars of the year: The State of the Captive Insurance Market on August 5th at 2:00 p.m. More info and links are now on the conferences page.
- Also, September 19-20 are the dates for the 2016 Alabama Captive Association Conference at the Hyatt Regency Birmingham. This event has also been added to the conferences page.
July 29, 2016: Just added to the Conferences and Events page, VCIA webinar: "Life Beyond Duration Matching: Investment Strategies for Captives." See September 15th posting for more info and registration link.
July 25, 2016: Learn how Pleiades Insurance Co. Ltd. has consistently responded to the needs of its parent company ─ Subaru of America, Inc., by growing both the range of its insurance coverages and its value to shareholders at the Captive Insurance Companies Association’s (CICA) webinar at 12:00-1:00 p.m. Central Time, Thursday, Aug. 25. Download full story here, then use this link to register.
For your convenience, this event is now available from the Conferences page.
July 21, 2016: News from Guernsey Finance recapping its recent ILS Insight event.
Natural disasters in the second half of this year could have a serious impact on the returns generated by the insurance linked securities (ILS) and reinsurance linked investment markets in 2016, a panel of industry figures has claimed. Speaking at the Guernsey-hosted ‘ILS Insight’ masterclass in Zurich earlier this month, Des Potter, Head of GC Securities, EMEA, told the audience that three sizeable events in the first half of this year had created a scenario where further disasters, such as hurricanes, in the latter part of 2016 could lead to losses being incurred by some ILS funds. [Download full story]
July 18, 2016: CIMA today has reported that Mr. Ruwan Jayasekera has been confirmed to the post of Head of the Insurance Supervision Division at the Cayman Islands Monetary Authority (CIMA) effective 14 July 2016. Our congratulations to all on this good news! [Full story]
July 13, 2016:
- "Over the last 35 years, Vermont has grown to become known as the ‘Gold Standard’ of domiciles in the Captive Insurance industry and is held up as the model of sound regulation by other domiciles. This July marks the 35th anniversary of Vermont’s captive insurance legislation signed into law by the now late, Governor Richard Snelling. In 1981, Snelling’s vision was to create a premiere captive insurance environment that would rival offshore competitors and to create economic opportunities for Vermonters..."
Well-deserved kudos to Vermont on their exemplary work on behalf of VT captives, and the industry as a whole. Download full article: Vermont Celebrates 35th Anniversary of Captive Insurance Legislation -- State Grown to be the Industry ‘Gold Standard’'.
- Just added to Conferences page: The impact of global developments on innovation and growth in the insurance sector will be the focus of the Guernsey Insurance Forum 2016. The event, titled ‘Future stars – where next for the (re)insurance market?’, takes place on Wednesday 21 September.
Download press release to learn more, and then register here.
We note that Mark Helyar, who penned the fine article, "Investing in Real Risk – Guernsey's Growing ILS Sector" is among the speakers at this important event.
July 11, 2016:
Conference reminder: The NC Captive Insurance Association Annual Conference is right around the corner August 22-24 at the Ballantyne Hotel & Lodge in Charlotte. "Early bird" registration ends at Midnight, this Friday, July 15th. Follow this link for more information or to register.
- Artex Risk Signals Change with Launch of New Brand Platform. Story begins, "Today, Artex has announced the launch of a new logo and brand platform. The new verbal and visual identity supports the go-to-market strategy for the company and reinforces the fact that it is the fastest-growing and most diverse insurance manager in the industry. Artex has nearly 400 staff operating out of more than 15 global locations managing over 1,000 risk bearing entities in 30 of the world’s leading domiciles." [To full story and more info on the Artex website]
July 8, 2016: Mauritius Issues Captive Insurance Rules. Story begins, "In December 2015, Mauritius enacted the Captive Insurance Act that paved the way for it to be a domicile of choice for companies in the African and Asian region looking to set up a captive. The Act currently applies only to “pure captives”, meaning the business of undertaking liability restricted to the risks of parent and affiliated corporations..." [Full story]
July 5, 2016: Connecticut Insurance Department Places HealthyCT Under Order of Supervision. Moves Immediately to Safeguard CO-OP’s 40,000 Policyholders.
Also download HealthyCT FAQS for additional details.
June 24, 2016:
- Bermuda Development Authority (BDA) Statement on Brexit vote. Story begins, "The CEO of the Bermuda Business Development Agency (BDA), Ross Webber, today made the following statement on the United Kingdom’s vote to withdraw from the European Union..." [More]
June 22, 2016:
Richard J. Badolato Sworn In as Commissioner of the New Jersey Department of Banking and Insurance.
- Important reminder from VCIA. Early bird registration is closing in, and will expire on June 30th.
- Expert speakers from some of the world's most prestigious organizations. Click here to view speaker list.
- Two compelling keynote speakers: David Pogue is an Emmy award winner and the founder of Yahoo! Tech. He will speak about disruptive technology. And CEO of Stone Point Capital, Chuck Davis, will give an overview on the broader financial services and insurance marketplace.
- More advanced sessions and innovative learning formats than ever before. Interactive, creative sessions and a custom conference app will engage audiences to promote better understanding.
- Visit the VCIA Conference Website for complete information and registration forms.
June 17, 2016:
Legislative Update from Tennessee: Amended captive legislation has been signed into law by Tennessee Governor Haslam. The 2016 legislation will reinforce the walls of protection between cells in a cell captive structure. Additionally, the legislation provides a seamless procedure for captives to redomicile from offshore jurisdictions to Tennessee. Additionally, for those captives that call Tennessee their home state, these entities are now eligible to forego paying premium taxes in either the first or second year of their operation, provided they commit to staying in operation for five years or pay back the foregone premium tax with interest.
For the full story, download New Legislation Strengthens Tennessee’s Captive Insurance Market --
Tennessee Will Be More Attractive to Offshore Captive Insurance Companies
- Record-breaking Bermuda Captive Conference hailed a big success with 809 attendees. Note that BCC will shift to the fall next year to avoid a clash with the America's Cup, and has been scheduled for September 11-13, 2017..
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.
We wish success for this structure, hope to see many more like it.
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