Nearly 100 years ago, the first single parent captive insurance companies were formed onshore in the UK. There has been tremendous evolution in the captives industry, but there has not been as much progress with the captive investment portfolio, says Callan’s Sara Hakim.
In an industry viewed as conservative or slow to change, some insurers might perceive insurtech as a fad, or worse, too risky. For the captive insurance industry, however, the upsides of an insurtech partnership are simply too good to dismiss, as Julie Bordo of PCH Mutual Insurance relates.
Welcome to the results of the inaugural Captive International Cayman Awards. In the following pages we reveal the results of a comprehensive survey conducted over many months designed to identify the most influential and highly regarded firms and individuals operating in the market.
Bermuda has long been the place most closely associated with reinsurance. In this business, Cayman has traditionally been an afterthought, but that is changing, as a growing number of reinsurers move to the Island, or launch their operations there.
This year has been excellent for group captives, with some of the best-known providers of group captive management in Cayman recording impressive growth.
With its thriving insurance industry, a host of technology companies, an open-minded regulator and a spirit of innovation, Cayman looks an obvious candidate to be ground zero for blockchain’s assault on the insurance industry.
Cayman is a well-regulated and effective domicile yet, like other offshore domiciles, it has become the target of various international bodies that wish to impose their own regulatory ideas. Artex’s Kevin Poole examines the recent rules and legislative changes that have been made in response.
The Captive Investors Fund represents a competitive advantage in captive investment management, using its scale to achieve results that captives would struggle to match on their own, says Scott Renninger of Captive Resources.
Captives owners are increasingly evaluating the possibility of expanding their existing self-insurance programmes to include non-traditional lines of insurance, says Claire Hutchinson of Advantage Insurance.
Captive insurance companies play a valuable role helping many entities structure and manage risk, but as the business landscape changes over time, there may come a point when the owner decides that it no longer needs or wants all or part of the captive, as RiverStone’s Matt Kunish explains.