Insurance broker and consultant Woodruff Sawyer has appointed Dan Schmidt as senior vice president of its healthcare practice.
The automotive, manufacturing and retail industry was responsible for the majority of new formations on Bermuda in 2017, according to the BMA Captive Report 2018.
Bermuda captives writing cyber risk experienced the greatest year-on-year percentage increase out of any line of business in the market in 2017, according to the BMA Captive Report 2018.
Captives that buy large amounts of reinsurance could be facing higher premiums in 2019 if a number of recent industry reports prove accurate.
The US state of Michigan has changed some of the reporting requirements that relate to captives in the state. One of the changes means that captives can now report using international financial reporting standards.
AM Best has assigned a financial strength rating of B++ (Good) to Mid-Pacific Insurance Company (MPIC), a single parent captive insurer of Robert’s Hawaii Holdings (RHH), a company primarily engaged in providing transportation services (tours, transfers, and municipal and school bus services) in Hawaii.
AM Best has affirmed a financial strength rating of A- (Excellent) of Nova Casiopea Re (NCRe), the captive reinsurer of Telefonica, a Spanish multinational broadband and telecommunications provider with operations in Europe, Asia, and North, Central and South America.
Risk Retention Groups (RRGs) remain financially stable and continue to provide specialized coverage to their insureds in the third quarter of 2018, despite the economic and political uncertainty, according to a report by Douglas Powell, a senior financial analyst at Demotech.
A New York lawsuit has accused home care agencies Edison Home Health Care and Preferred Home Care oh New York of using a captive insurance company Healthcap Assurance to cheat their workers out of millions of Wage Parity Act (WPA) dollars, which would be paid in wages or employee benefits.
Arthur J Gallagher has hit back at the Arizona-based lawsuit accusing it and its subsidiary Artex Risk Solutions of selling and managing illegal tax-advantaged captives, the firm said in a statement.