Following the appointment of Craig Swan as Managing Director, Supervision, the Bermuda Monetary Authority (BMA) has restructured its management team.
The Iowa-domiciled captive of Toyota Motor Corporation received an upgrade in its financial strength and issuer credit ratings from A.M. Best.
The US’s largest insurer, MetLife has moved to close its Cayman-based captive following accusations from the New York Department of Financial Services that the entity was obscuring risks held by the insurer.
Atlanta headquartered Brown & Brown has moved to acquire insurance and risk management broker, Beecher Carlson in a cash move.
Thanks to broad bipartisan political support in the state for the enactment of captive legislation, North Carolina looks set be the latest US domicile to enter the captive field.
Governor Jay Nixon of Missouri signed legislation authorizing the formation and operation of sponsored captive insurance companies—or segregated cells—last week.
BP’s Guernsey-based captive, Jupiter has had its financial strength rating affirmed as A (Excellent) and its issuer credit rating at “a” by AM Best as a result of almost $2 billion in technical profit achieved in 2012.
The Hon. Craig Cannonier, the Premier of Bermuda, has said the island’s regulatory regime is committed to remaining flexible and competitive to make certain it remains the jurisdiction of choice for both the captive industry and the international re/insurance industry.
Bermuda welcomed a class 2 multi-owner captive and a long-term class B captive in April despite headwinds associated with the soft commercial market and pressure on offshore domiciles from the global taxman.
The Monetary Authority of Singapore (MAS) has announced its intention to “significantly” strengthen its framework for tax cooperation and ending cross-border tax offences.