The Captive Insurance Companies Association (CICA) has presented its distinguished service award to Gary Bowers, tax partner at Johnson Lambert and Co, and its outstanding captive award to American Contractors Insurance Group (ACIG).
White Rock, the Aon-owned company that launched the first protected cell company in Guernsey in 1997, has expanded the concept to a seventh domicile in the District of Columbia, US.
While captives that make the 831(b) election have come under increased scrutiny over the past few years, there are other small captive solutions that are gaining traction, which is especially the case in Puerto Rico, according to David Kirkup, chief operating officer and chief financial officer of Captive Alternatives.
The Government of Barbados’ overhaul of its insurance law is expected to give the domicile a competitive advantage and enhance its international reputation, according to Kenneth Campbell, director, investment promotion, at Invest Barbados.
Since assigning its first insurance financial strength rating in October 2016, Kroll Bond Rating Agency (KBRA) now has almost 60 published and unpublished insurance financial strength ratings and aims to double that figure by the end of the year.
Against a backdrop of increased scrutiny, high-profile tax court cases, and regulatory overreach by home state regulators, the captive industry continues to be misunderstood, according to Dan Towle, president of the Captive Insurance Companies Association (CICA).
Lockton has formed a new reinsurance business and hired three senior executives from Guy Carpenter and Marsh, including the former leader of Marsh Captive Solutions, Nick Durant.
Michigan State University (MSU) had set up a captive insurance company following its former primary insurer, United Educators, introducing “onerous” new terms after allegedly failing to provide general liability insurance coverage for lawsuits and claims arising from the Larry Nassar sex abuse scandal.
North Carolina has introduced a new bill aimed at attracting redomestications of captive insurance companies back to the state through a "premium tax holiday".
AM Best has given US-based Nuclear Electric Insurance Limited (NEIL) a financial strength rating of A based on the insurer’s strong balance sheet, marginal operating performance, favorable business profile and enterprise risk management.