The State of Vermont licensed 38 new captive insurance companies in 2020, according to the Vermont Department of Economic Development, with 11 of those licenses issued in Q4 alone.
TowerBrook Capital Partners and Further Global Capital Management have agreed to acquire ProSight Global, the specialty and captive insurance company, in an all-cash transaction valued at approximately $586 million.
Hawaii licensed 21 new captives in 2020, including nine in the fourth quarter, according to Hawaii’s Department of Commerce and Consumer Affairs.
Davies Group has acquired Northshore International Insurance Services, a provider of audit, claims management and subrogation management and consulting services to the global insurance market.
International Paper, the Memphis-based global fiber-based packaging, pulp and paper company, has relocated its captive insurance company to Tennessee from Vermont.
Zurich Insurance Group is eyeing the acquisition of the US property and casualty (P&C) business of MetLife, the New York-based insurer.
Construction companies are increasingly prolific users of captive insurance companies, according to Randy Sadler, principal at CIC Services, at a time when a lower US tax rate and deregulation have encouraged a building boom.
Risk Strategies has acquired LaRocca & Associates, a specialty brokerage with expertise in health and welfare benefits across several industries.
The Vermont Captive Insurance Association (VCIA) will hold its August 2021 annual conference virtually.
Enstar Group has completed the first insurance business transfer (IBT) to occur in the US.