Red Re, Coca-Cola’s South Carolina-domiciled captive insurer, has received approval from the US Department of Labor to expand its use to include benefits coverage.
AM Best has assigned a financial strength rating of A+ (Superior) and issuer credit rating of “aa-“ to Risk Reinsurance Limited (RRL), a captive insurance company of state-owned enterprise Transpower New Zealand Limited.
Following a rating downgrade from AM Best, Jamaica International Insurance has opted to no longer participate in the firm’s interactive rating process.
Bermuda is the world’s largest domicile by number of active captives, reporting a total of 856 at the end of 2012.
This week the Cayman Islands Legislative Assembly passed an amendment to allow the registration of portfolio insurance companies (PICs) within segregated portfolio company insurers (SPCs).
Cayman-based Palms Insurance Company has been assigned a financial strength rating of A (Excellent) by rating agency, AM Best.
Allianz Global and Corporate Specialty has recruited five new heads of business as it ramps up its African operations.
According to a market study conducted by the Captive Insurance Companies Association, the greatest challenge in owning a captive, as reported by the survey participants, is retention/growth/expanded utilisation.
In a move that could signal the first stages of establishing itself as a captive insurance domicile, Maryland legislators have introduced a bill ordering a study of the captive insurance industry.
EIOPA has signed an operational Memorandum of Understanding with the World Bank agreeing to collaborate on the development of the global insurance sector.