The Illinois General Assembly has voted to override the governor’s amendatory veto of SB 1737, a bill that would overhaul the state’s captive insurance laws.
The launch of the non-profit captive that will distribute remediation funds to assist homeowners with crumbling concrete foundations, Connecticut Foundation Solutions Indemnity Company (CFSIC), has been delayed.
DARAG Guernsey, via its wholly owned subsidiary SOBC DARAG, has acquired the entire share capital of SOBC Services, which is focussed on the sourcing, acquisition and management of insurance entities and portfolios in run off in the US, Bermuda and Caribbean.
Ratings agency AM Best has affirmed the financial strength rating of A (Excellent) of JPMorgan Chase’s single-parent captive, Park Assurance Company.
Jardine Lloyd Thompson Group’s shareholders have approved the $6.4 billion acquisition deal of JLT by Marsh & McLennan Companies (MMC).
SOBC DARAG, a joint venture between US-based run-off specialist SOBC and European legacy acquirer DARAG, has closed its first US run-off deal with the acquisition of Florida-based Peachtree Casualty Insurance Company.
Ratings agency AM Best has affirmed the financial strength rating of A (Excellent) of Vermont-based Spirit Insurance Company and Cayman-based Radius Insurance Company, the captive insurers of energy company Phillips 66.
First Insurance Company of Hawaii (FICOH) has appointed Kei Kobayashi to the role of vice president, along with the position of chief operating officer of First Risk Management Services (FiRMS), a FICOH subsidiary offering non-standard risk solutions and captive management services.
Risk transfer veteran Ted Blanch has introduced a new Florida-focused broker with a unique ownership model that he claims will lower costs and disrupt catastrophe reinsurance.
Specialist insurer QBE North America has created a new healthcare unit that will be led by Cindy Oard, senior vice president, underwriting leader.