Interpretation of the NRRA will likely be unpredictable
Anderson Kill & Olick released a whitepaper arguing that the NRRA was probably not intended to apply to captives— but that might not matter when it comes to enforcing the legislation.
Gunther Saacke appointed CEO of Q-Re
Gunther Saacke has been appointed Q-Re’s new CEO. Q-Re, a subsidiary of the Qatar Insurance Company (QIC), is hoped to become one the world’s top multi-line reinsurers under Saacke’s lead.
Micronesia-domiciled Marble Re assigned strong rating
Marble Re, a single parent captive of Japan’s Marubeni Corporation domiciled in Micronesia, has been assigned a financial strength rating of A- (Excellent) and issuer credit rating of “a-” by AM Best. The outlook assigned to both ratings is stable.
Willis deputy chairman to step down
Willis Group has announced that its deputy chairman, Martin Sullivan will be leaving the firm in May to pursue other interests.
Farmer appointment confirmed by South Carolina senate
Raymond Farmer’s appointment as director of the South Carolina Department of Insurance has been confirmed by the state’s senate.
AM Best: AT&T captive benefits from corporate strategy
AM Best affirmed their rating of Vermont-domiciled Gateway Rivers Insurance Company, which provides insurance coverage to subsidiaries of AT&T.
KPMG calls for clarity over Solvency II roadmap
Ongoing uncertainty regarding the deadline and implementation of Solvency II are creating regulatory fatigue among European re/insurers, says KPMG in a new report.
EIOPA: Solvency II guidelines imminent
Gabriel Bernardino of EIOPA has promised to deliver a set of Solvency II implementation guidelines for consultation in the spring and due to be tabled at the EIOPA board of supervisors by autumn.
BASF subsidiary redomiciles from Vermont to New Jersey
Lumerica Insurance Company, a subsidiary of BASF Americas Corporation, has begun operations in New Jersey where it has redomiciled from Vermont.
Anderson Kill & Olick establishes Vermont office
Law firm, Anderson Kill & Olick, known primarily for representing policyholders in insurance coverage disputes, has announced that it will open a new office in Burlington, Vermont to better service the captive insurance industry.
