AM Best’s rated captive composite reported a pretax profit of approximately $1.1 billion in 2018, down 16 percent from the $1.3 billion reported in 2017, but still profitable.
Delaware licensed 12 captives in the first half of 2019 through June 30, according to Steve Kinion, director of the bureau of captive and financial insurance products (BCFIP) at the Delaware Insurance Department.
Mineral Mountain Mining and Milling has changed its name to Quad M Solutions and is launching a healthcare program for the small and medium-size employer (SME) market. Its healthcare program enables customers to self-insure and replace unsustainable and fully insured major medical insurance plans, the company said.
Sompo Global Risk Solutions (SGRS) has entered into a strategic partnership with VGM Insurance and Financial Solutions (VGM) to offer its insurance products and services to golf courses and country clubs in the US.
Nexus Group, the independent specialty managing general agent (MGA), has acquired Plus Risk, a London-based financial and professional lines (finpro) MGA providing management liability and niche professional indemnity insurance.
Insurance broker and risk adviser Marsh has appointed Ian Drillot as head of its captive solutions office in Guernsey.
Jay Ritchie, executive vice president and chief operating officer of Tokio Marine HCC’s (TMHCC) stop loss group, has been promoted to president of that business.
Accountancy and advisory firm Carr, Riggs and Ingram (CRI) has expanded its presence in Mississippi via a merger with WM. F. Horne and Company.
Risk Strategies, a privately held insurance brokerage and risk management firm, has acquired Gerard B. Tracy Associates.
AM Best has affirmed the financial strength rating of A (excellent) for Jupiter Insurance, and of A- (excellent) for Saturn Insurance, both captives of the oil and gas company BP.