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Illinois overrides veto of captive reform bill
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.
Crumbling foundations captive postponed
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 acquires SOBC Services; takes on four captive entities
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.
JPMorgan captive gets ‘Excellent’ rating
Ratings agency AM Best has affirmed the financial strength rating of A (Excellent) of JPMorgan Chase’s single-parent captive, Park Assurance Company.
JLT shareholders approve $6.4bn merger with Marsh
Jardine Lloyd Thompson Group’s shareholders have approved the $6.4 billion acquisition deal of JLT by Marsh & McLennan Companies (MMC).
SOBC DARAG completes first US run-off acquisition
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.
AM Best gives Excellent ratings to Phillips 66 captives
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.
Hawaii captive manager FiRMS appoints COO
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.
Reinsurance vet launches cat broker with unique ownership model
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.
QBE North America creates new healthcare unit
Specialist insurer QBE North America has created a new healthcare unit that will be led by Cindy Oard, senior vice president, underwriting leader.
