Artex Risk Solutions has made several appointments within its international division.
Julie Mix McPeak, the former commissioner of the Tennessee Department of Commerce and Insurance (TDCI), has been named as head of the new Nashville office of international law firm Greenberg Traurig.
Bermuda will this week send a delegation of government, regulatory and industry representatives to Toronto, Canada, to strengthen ties between the two countries and explore new opportunities for bilateral trade and investment.
The new EU Economic Substance Act represents a paradigm shift for the captives industry but is also an opportunity for Bermuda, despite many in the captives sector being understandably nervous about its implications.
Many captives are still paying over the odds for their collateral arrangements due to an inertia when it comes to exploring the use of captive collateral trusts instead of letters of credit (LoC). While more captives are starting to use the option, many captive owners and captive managers neglect the idea, often due to myths that do not stand up to scrutiny.
While a growing number of companies are using their captives to transfer cyber risk, some of the most innovative are also exploring the possibility of insuring reputational risk, according to Jason Flaxbeard, executive managing director, captive management and consulting, Beecher Carlson.
Many large companies are looking to better leverage their captives to avoid “unbudgeted” rate hikes on their traditional insurance programmes, John English, CEO, captive and insurance management, Aon, told Captive International.
Captive owners gave a ringing endorsement of Bermuda yesterday – saying they would have no hesitation in picking the Island again.
The volatility and uncertainty in many of the world’s economies can represent opportunities for captive managers willing to explore active rather than passive investment strategies. “There are plenty of opportunities for investors and captives to benefit from the volatility we are seeing,” Henk Potts, director, investment strategy, Barclays Private Bank, told delegates at the Bermuda Captive Conference yesterday (Wednesday June 12).
Bermuda’s captives industry remains robust and makes a substantial contribution to the country’s economy. But the sector also faces challenges and must learn to adapt and step up in the future – a process that could also mean some tough discussions with the regulator.