A delegation organised by the Bermuda Development Agency (BDA) to Canada to spell out the benefits of establishing captive insurance companies and e-commerce entities in Bermuda has already picked up several promising leads as a result of the mission.
The Governor of Vermont, Peter Shumlin, will sign in new captive legislation today (May 7, 2015).
The Delaware Captive Insurance Association (DCIA) has backed legislation aimed at increasing the premium cap on 831(b) captives.
Rating agency Standard & Poor’s has reaffirmed its AA+ rating of Guernsey, on the basis of “a wealthy and open economy, accountable institutions, and strong track record of effective and responsive policymaking”.
Randall & Quilter (R&Q) has appointed Nick Frost as president of its captive management division.
Independent insurance manager Robus has appointed Ruth Mathews as a director in Gibraltar.
Mitsubishi Motors North America has replaced its captive financing company, Mitsubishi Motors Credit of America, with Ally Financial.
Offshore captive domicile Bermuda has had its credit rating downgraded by rating agency Standard & Poor’s (S&P).
Bermuda will highlight the benefits of establishing captives on the Island, when a team of 15 delegates head to Canada for a roadshow.
A strong Bermudian delegation, headed by Bermuda’s Premier, is currently attending the Risk and Insurance Management Society (RIMS) annual conference in New Orleans.