Randall & Quilter (R&Q) has completed a novation of reinsurance policies issued between 2006 and 2011 from a group captive domiciled in the Cayman Islands.
Recent natural disasters have shone a spotlight on captive insurance, which can play an important role in helping organisations defray some of the related financial losses, according to Anne Marie Towle, executive vice president and captive consulting practice leader at JLT Insurance Management.
One of the strengths of the Cayman Islands as a domicile is its team approach to captives, according to Julie Robertson, partner and chair at Honigman Miller Schwartz and Cohn.
Cayman Finance CEO Jude Scott has finished a two week visit to London to promote the Cayman Islands financial services industry and its role within the global financial economy.
The Cayman Islands Monetary Authority has promoted Suzanne Sadlier to deputy head of the insurance supervision division and Judiann Myles to deputy head of the compliance division.
The Federation of European Risk Management Associations (FERMA) has proposed guidelines for captive re/insurance arrangements aimed at ensuring a consistent implementation of the OECD recommendations on Base Erosion and Profit Shifting (BEPS).
Insurance and risk managers will need to work together to create a new business model, if they are to retain value and relevance to business, according to analysis from Airmic, AXA Corporate Solutions, Chubb and JLT Specialty.
Captives are continuing to demonstrate their value in the management and retention of risk, as they venture out from covering mainstay risks to the more non-traditional.
Ministers and high-level officials from 76 countries and jurisdictions have signed a multilateral BEPS convention to close loopholes in tax treaties and reduce opportunities for tax avoidance by multinational enterprises.
Greenlight Capital Re, a Cayman Islands-based provider of reinsurance solutions to insurers, risk retention groups and captives, has appointed Simon Burton as its CEO, effective July 1.