Captive insurance and alternative risk transfer information

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What's New in the Captive Insurance Industry?

Captive Daily Wire

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7/29 No Captive E.U. Domicile Impact Reported Despite Impending II Solvency Rules

A recent Business Insurance article indicates the Solvency II, the European Union (E.U.) rules for insurance and reinsurance, “principle of proportionality” is being applied in a reasonably consistent manner by E.U. national regulators. The principle of proportionality mean national regulators should impose lighter reporting requirements for captives than on commercial insurance requirements. The article reports there “has not been a mass movement of captives away from the E.U. domicles to non-E.U. domiciles as a result of the upcoming Solvency II regime”. Read the Business Insurance July 20th article here.
7/28 Captives Done Right: Revolutionary Strategies for Optimizing Capital

The headline is the theme of the 2014 Connecticut Symposium on Captive Insurance to be held by the Connecticut Captive Insurance Association (CCIA). The Symposium is being jointly hosted by the CT Insurance Department, the CT Insurance and Financial Services Cluster and the CT Department of Economic Development. It will be held in Stamford, CT on September 17, 2014. "We increasingly hear from our captive owners about how the effective use of their captive not only better manages risk, but saves them significant capital which they can redeploy to promote important strategic initiatives," said Thomas Hodson, President of the CCIA. We have captured that sentiment and built this year's Symposium around that critical theme." Register here.
7/25 Volkswagen Captive Insurance Company (VICO) Installs New Administration Platform

VICO has recently upgraded its operations with the installation of fully integrated insurance administration software platform. The system assists with the gamut of needs from governance to business process workflow. VICO is an integral part of the Volkswagen Group and VW’s overall risk management strategy. It was established in Ireland in 1991 and only writes business originating from the Group. In 2012 VICO converted its license from a reinsurer to a direct writer and is authorized to write insurance business in all European countries. The software VICO has been installed by Eurobase Insurance Solutions and is called synergy2.
7/24 Saito Appointed Hawaii Captive Insurance Administrator

Acting Commissioner Sanford Saito has been appointed by Hawaii Insurance Commissioner Gordon as the Deputy Insurance Commissioner and Captive Insurance Administrator for the Department of Commerce and Consumer Affairs. Saito is a certified financial examiner and has been with the Insurance Division since 2004 as a captive insurance examiner. Prior to that, he worked in the department’s Division of Consumer Advocacy as a public utilities auditor. Hawaii is ranked fourth in the nation for largest captive domiciles and 11th in the world based on our total number of active captive licenses. In fiscal year 2013, the Captive Insurance Branch brought in $2.13 million in premium taxes and fees for the state. In addition, $18.4 million in economic benefit is attributed to Hawaii’s captive insurance industry through various professional services, annual conferences and visitor industry businesses. Hawaii has 279 captive insurers. Over the past five years, there has been continued growth with an increase in the total combined asset base from $7.2 billion to $15.6 billion.
7/24 Bermudian Reinsurers Contributed almost $900 Million to Local Economy

The international re/insurers who make up the membership of the Association of Bermuda Insurers and Reinsurers claim to have contributed nearly $900 million to the Bermuda economy in 2013. The industry representative body released its annual Bermuda Economic Impact Survey yesterday, which estimated that its members had contributed $886.8 million to the economy — up by $70 million over last year. Read the full story here. comment - "It would be interesting to be able to breakout the contributions from the alternative market the economy of each domicile."
7/23 Captive owned by MedStar Health Liable for Defending & Settling Lawsuit

A July 18, 2014 ruling of the U.S. District Court of Appeals for the D.C. has ruled that Greenspring Financial Insurance Ltd., the captive insurer of MedStar Health, is liable for defending and settling a lawsuit filed against a staffing agency nurse at the Washington, DC Hospital Center. Quoting the ruling “In 2003, Greenspring Financial Insurance Limited, Inc., issued an insurance policy providing coverage to employees of Washington Hospital Center for claims arising out of medical incidents within the scope of their employment. The central question in this case is whether a nurse hired by a staffing agency and assigned to work at the hospital on a temporary basis was a covered “employee” under the policy. The district court concluded that the nurse qualified as an employee of Washington Hospital for purposes of the Greenspring policy. The court therefore ordered Greenspring to pay the cost of defending and settling medical malpractice claims against the nurse. We agree with the district court’s construction of the Greenspring policy, and we see no grounds for excusing Greenspring from its obligations under the insurance contract.” Read the full court ruling here.
7/23 The Outlook for 3rd Quarter Global Markets

“Global markets have made decent gains so far this year with volatility declining across all asset classes” according to London & Capital, captive investment managers. Their Global Macro & Market Outlook-Third Quarter 2014 publication indicates that “the outlook is for more of the same but marked with bouts of heighten volatility.” The report includes a macro outlook for the U.S., European, UK, Japan economies and provides a perspective on emerging markets. Read the full report here.
7/22 Bermuda Looks to Latin America as New Source of Captive Business Opportunities

The Bermuda Royal Gazette reported today that a delegation of leading Bermuda captive industry executives attended the Multi-Latina Risk Management Conference in Cartagena, Columbia. It was reported the Bermuda delegation led several panel discussions and roundtables on captive formation, domicile selection, tax effectiveness, risk management solutions and Bermuda’s regulatory framework. The Bermuda Development Authority has a Latin American Committee that is negotiating a Tax Information Exchange Agreement with Columbia and Chile. See the full Royal Gazette article here.
7/21 Implementation of North Carolina Captive and RRG Legislative Changes

The upcoming North Carolina Captive Insurance Association (NCCIA) 1st Annual Conference will feature a discussion of the Technical Corrections Bill that has passed the Legislature and was signed by the Governor on July 7, 2014. A copy of that legislature can be read here. The statutory changes are numerous. They include the addition of authorization for special purpose captives, increased discretion for the Commissioner of Insurance and numerous other changes. The two and half day NCCIA conference will be held at the Ballantyne Hotel, Charlotte, NC August 24-26. Martin Eveleigh, Chairman of Atlas Insurance will lead an optional seminar on captive insurance and taxation on Sunday. Peter Mullen, Aon CEO, is the featured opening session speaker. His topic is “Global Trends in Risk Management”. See the entire conference schedule here. The conference registration form can be accessed here.
7/18 “Missouri’s Captive Programs and Capabilities” Seminar

The Missouri Captive Insurance Association has announced it will hold an education seminar that will feature MO Captive Department Manager Maria Sheffield and John Huff, Director of Dept. of Insurance, Financial Institutions & Professional Registration. They will lead a discussion of current captive topics and specific captive opportunities in MO. The seminar will be held in St. Louis at the Four Seasons Hotel starting with a reception on September 17 with the seminar starting early the following day. See seminar details here.
7/17 Weekly Investment Desk Bulletin Published by London&Capital

Managing the asset side of a captive balance sheet is often not given the attention it deserves. A number of firms that provide captive investment management services provide periodic reports that can assist captive managers and board members with an understanding of market issues. For example, every Tuesday the London&Capital investment desk provides their thoughts on the major macro and market developments across the globe. See the report for the week of July 15 here. If you are interested in receiving a complimentary copy of this weekly report you can sign up here. London&Capital’s primary business is to design investment solutions and provide investment management services for large captive insurers. They also focus on investment needs of cell captives.


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