News

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Hong Kong moves to halve captive taxation

The Hong Kong government has announced its intention to cut by half the tax on profits for captive insurers and to reduce the deduction ceiling for employee retirement scheme contributions.   6 January 2014

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BMA appoints new director of insurance supervision

The Bermuda Monetary Authority has appointed Andrew Gibbs as director, supervision (insurance). He will report to Craig Swan, managing director, supervision.   6 January 2014

Analysis

North Carolina gets off to an impressive start

Despite receiving final approval for captive legislation only in October of last year, North Carolina licensed three captives and a protected cell insurance company by the close of 2013, with a speed of turn-around commended by Thomas Adams, president and CEO of the North Carolina Captive Insurance Association.   6 January 2014

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Willis appoints new CEO for captive management

Willis has announced the appointment of Paul Owens as CEO of the newly-formed Willis Global Captive Management division.   20 December 2013

Cayman analysis

ING redomesticates its reinsurance arm to Arizona

ING US, which will be rebranding as Voya Financial, has announced the redomestication of its reinsurance subsidiary, Security Life of Denver International (SDLI), from Cayman to Arizona.   19 December 2013

Analysis

Bermuda ramping up targeting of LatAm and Canada

Bermuda’s captive sector is ‘ahead of the game’ in securing the interest of Latin American companies that are getting increasingly comfortable with the captive concept.   18 December 2013

Actuarial & underwriting

Mobile giant Vodafone opts for Aon

The world’s largest mobile network, Vodafone which is based in the UK, has appointed Aon Risk Solutions as the reinsurance broker to its captive.   18 December 2013

Law & regulation

Royal Dutch Shell’s captive receives rating affirmation

Royal Dutch Shell’s Vermont-based captive, Noble Assurance Company has had its A+ (Superior) rating affirmed by AM Best, with a stable outlook.   18 December 2013

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FIO report suggests greater oversight likely

The Federal Insurance Office’s Modernization Report has recommended greater federal oversight, a drive towards uniformity in state insurance regulation, and potential punitive measures for those states unwilling to play ball.   16 December 2013

Analysis

Jersey and Guernsey to establish joint office in France

The Bureau des Iles Anglo-Normandes will replace the Bureau de Jersey. Expected to launch in early 2014, it will be funded jointly by Guernsey and Jersey.   11 December 2013

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