Group Management Services has merged with three third party administrators—Ogden Benefits Administration, Employee Benefits Concepts and Variable Protection Administrators—as the combined entity looks to drive down client medical costs associated with Obamacare.
Michel Barnier, the EU’s internal markets commissioner has indicated that the planned start date for Solvency II has been moved to January 1, 2016.
Rob Leadbetter, chairman of the Insurance Managers Association of Cayman (IMAC), extended his thanks to UK Prime Minister.
The program is expected to be rolled out globally over the coming months.
Bermuda-based Nissan Global Reinsurance, which provides property, casualty and “extended service contract business” to the car manufacturer, has had its A- (Excellent) rating affirmed by AM Best.
Despite suggestions that the US is ramping up scrutiny of captive insurers, the industry has little to fear, with increasing regulatory oversight having been a feature of the captive landscape for some time.
The action could impact more than a quarter of a million medallion taxis in Philadelphia, the rating agency said.
The Hawaii Captive Insurance Council (HCIC) announced this week that the domicile’s captives closed out 2011 with just over $14 billion in assets.
Brokers Marsh & McLennan and Aon Benfield have indicated their support for renewal of the Terrorism Risk Insurance Act (TRIA).
Law firm, Carey Olsen, has strengthened its Cayman practice with the appointment of a new head of litigation.