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Captive Daily Wire

Captive Daily Wire -- The captive insurance industry's premier news feed powered by LexisNexis™. Subscribe or un-subscribe for e-mail delivery each afternoon or read online at captive.com

 

4/18 Spring Consulting Granted Patent for Employee and Retiree Pension Funding Program

Spring Consulting Group announced today that they have been issued U.S Patent No. 8,676,686 for their Program for Alternative Funding of Employee and Retirement Benefits by the United States Patent and Trademark Office." Read More Here.
4/18 NRRA Executive Discusses Implications for RRGs of Recent Appeals NY Appeals Court Decision

The recent ruling by the Second Circuit of Appeals in New York has far-reaching implications for RRGS according to Joe Deems, Executive Director of the National Risk Retention Group. See his interview on WRIN.tv here. Read More.
4/18 NAIC 2013 Annual Report

Think you familiar with the activities of NAIC? The 2013 NAIC Annual report gives a great overview of this non-governmental non-profit where decisions are made that basically dictate what happens with the state insurance legislation and regulation. Read the full report. Did you know that NAIC has $115,345,845 of unrestricted assets or in insurance terms surplus? The NAIC 2013 Audit Report indicates the NAIC surplus grew by more than $25 million. The excessive amount of unrestricted assets deserves the attention of State Regulators, Governors and Legislators. Read More.
4/17 LAUNCH OF SPECIALIST (RE)INSURANCE CONSULTING FIRM, CMC INSURANCE LIMITED

Leading Banking Sector Consultancy, CMC Europe, Starts Activities in the (Re)insurance Sector, Names Nick Stammers as Director
LONDON, U.K., 17 April 2014 – CMC Europe, the specialists in delivering business change and transformation solutions in risk, regulatory and finance data, today announces the formal launch of sister company, CMC Insurance Limited (CMC Insurance). Soft-launched in February 2014, the new company is a specialist firm that delivers complex programmes in regulatory, risk and finance data for the global (re)insurance market. Read More.
4/17 Where are Commercial Lines and Employee Benefit Rates Headed?

Willis Group Holdings has released the report Market Place Realities: Innovation and Continuity as a guide for North American insurance buyers that are preparing for 2014 insurance program renewals. Captive executives and managers assessing the potential effect of the commercial insurance market on their rates and writings will want to read the full report here. Willis expects commercial Property rates to fall by an average of 10–15% for non-catastrophe- exposed risks, while risks exposed to natural catastrophes such as hurricanes will likely decrease in the 7.5–12.5% range. The downward pressure is being driven by ample capacity, the absence of major catastrophe losses and revised catastrophe modeling which is generating lower loss estimates for windstorm risk. For commercial Casualty lines, Willis experts are seeing mostly single-digit rate increases but occasional decreases on umbrella and excess rates. Primary Casualty rates are expected to range from flat to +7.5%, with umbrella Casualty rates ranging from -5% to +5% and excess rates moving from -7.5% to +3.5%. Workers’ Compensation rates are forecast from -5% to +15%, with greater increases in states such as California. Click here for the PDF.
4/16 April 2014 Risk Retention Reporter Headlines

One of the Risk Retention Reporter lead articles, “RRG Premium Flat in 2013”, indicates the premium for 2013 was $2,632.6M compared with $2628.8M in 2012. Among other articles are: “RRGs that Reinsure Include Many Top Performing Groups”, “Transportation Sector Reports Record Premium in 2013” and “Continued Controversies Plague IICRRG (indemnity Insurance Corporation) Rehabilitation Process”. A subscription the Risk Retention Reporter can be ordered here through captive.com.
4/15 DOL Employee Benefit Ruling a Landmark Ruling

Spring Group has announced that Intel Corporation’s Hawaii based captive, Technology Assurance Limited (TAL), has received approval from the Department of Labor to fund their employee benefits in their captive. Karen Landry led the team effort at the Spring Consulting Group. She believes “This case is a landmark ruling that is sure to be cited in the future as other employers look to create new fast track processes and to have Spring play a role in it is very exciting.” Intel will be reinsuring their life and accidental death and dismemberment coverage through their captive. Funding employee benefit risks is a financial strategy that is being increasingly pursued by businesses through their captives. Read a copy of the DOL ruling filed in the Federal Register here. The link to the Spring Consulting Group website http://www.springgroup.com
4/15 Innovative Progression of Hospital RRG Described

The April issue of Risk & Insurance describes the development and subsequent progress of Cassett Retention Group, Inc. which is domiciled in Vermont. The RRG has five shareholders, nine hospitals and more than 1,200 insureds. The President and Chief Executive Officer Eric Dethlefs outlines the evolution an offshore class-2 insurer in 1999, an RRG in 1997, a RRG holding company in 2006, a patient safety organization in 2012 and an segregated cell captive in 2013. Read the full article here.
4/14 Bipartisan Agreement on Terrorism Risk Insurance Act (TRIA) Reached in Senate

A press release issued by U.S. Senator Charles Schumer indicates that a bipartisan group of Senators has reached an agreement on legislation that will authorize and extend the TRIA program for 7 years. The proposed legislation would increase insurers' copay after the deductible to 20% from 15%, with the government still covering 80% of each insurer's additional losses, with the increase being phased in incrementally over five years. The recoupment provisions of the program would also change. The TRIA program currently imposes mandatory policy surcharges that require recoupment of federal payments made under the program. The proposed legislation would raise the mandatory recoupment threshold to $37.5 billion. When the insurance industry's aggregate uncompensated losses are below $37.5 billion the Federal Government will be required to recoup from insurers its TRIA payments outlaid to insurers. Read the full text of the U.S. Senator Schumer’s press release here.
4/11 Why Would A Charity Have A Captive?

But with no tax drivers, and no shareholders demanding increased prof its, or demonstrations of risk governance, why would a charity have a captive? Read the full blog of Kathrine Outhwaite, a Captive Consultant with Willis Global Captive Practice International in London.
4/11 Texas Accepting Captive Applications Under 2013 Act

Texas-based companies previously wanting to insure their risks through a captive previously had no option but to form a captive in another jurisdiction. Under statutory revisions enacted in mid-2013 and rules promulgated by the Texas Department of Insurance, applications are now being accepted from insurance companies domiciled in other jurisdictions that would like to relocate. The Texas statute requires that parent companies have significant operations in Texas in order to form a captive here. Texas-based captives can only insure operational risks of affiliated companies and controlled unaffiliated business; Texas legislation prohibits captives from accepting insurance policy risks of an insurance affiliate.
4/10 Catalina to Purchase Sparta

Catalina Holdings Ltd (Bermuda) will acquire Sparta Insurance Holdings, Inc. subject to regulatory approval. The transaction is expected to close in the third quarter of 2014. Catalina CEO Chris Fagan has indicated it will add significantly its operations in northeastern U.S. The Sparta’s press release indicates…”The alternative market customers and program administrators will be offered an opportunity to transfer, along with some of the senior leadership team from Sparta, to Arch Insurance Company. We are committed to working with Catalina to assure a smooth completion of this transaction for all parties." Read the full press release here.
 

 

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