Captive Domiciles

  Vermont Flag 480x377

Vermont Update: 24 New Captive Insurer Licenses Issued in 2017

Vermont's Department of Financial Regulation has announced that the state's captive insurance industry experienced solid growth in 2017. The department reported 24 new captive licenses, bringing Vermont's total number of captives to 1,112 with 566 active captive insurance companies.
January 10, 2018 Read More
  Vermont Flag-SF

UVM Health Network To Relocate Captive Insurance Company to Vermont

The University of Vermont (UVM) Health Network has announced it will move its captive insurance company from Bermuda to Vermont. The change is the outcome of a unanimous decision by the Board of Directors of VMC Indemnity Company, Ltd., the health network subsidiary that provides medical malpractice insurance coverage for its medical providers.
January 04, 2018 Read More
  Time for Transparency-SF

Bermuda Monetary Authority Releases Its "Captive/SPI Report 2017"

Bermuda Monetary Authority recently released its 2017 captive/special purpose insurer (SPI) statistics. This article reviews the report, and selected highlights are included. Other captive domiciles would do well to follow Bermuda's lead and create greater transparency in the captive industry.
December 06, 2017 Read More
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Chinese Reinsurer Formed in Guernsey, Europe's Top Captive Domicile

Chinese reinsurer Brilliant Reinsurance Limited has formed as Guernsey's first Chinese insurance company, providing further proof of the growing connection between Guernsey's insurance industry and China's business sector. Alternative Risk Management, an independent insurance manager, will manage Brilliant Reinsurance's retroceded business from the Lloyd's of London re/insurance market.
November 28, 2017 Read More
  Fact versus Fiction

Bermuda Delineates Fact from Fiction in Answering ICIJ Reports

Recent reports from the International Consortium of Investigative Journalists (ICIJ) expose the names of people and companies behind what it alleges are "secret offshore structures" that, in some cases, are used to reduce or avoid taxes. Bermuda has responded to the ICIJ reports to delineate fact from fiction.
November 13, 2017 Read More
  Bermuda Flag-2-SF

Bermuda Remains Resilient to Major, but Improbable, Catastrophe Events

The resilience of Bermuda's re/insurance sector to withstand potential catastrophic events strengthened year over year (2015 to 2016), per the Bermuda Monetary Authority second annual "Catastrophe Risk in Bermuda" report. While gross catastrophe exposure increased by about 9 percent year over year, capital levels also increased at a slightly higher rate.
November 06, 2017 Read More
  Connecticut Seal 480x377

Connecticut Introduces Captive Insurance Tool Kit for Business Owners

The Connecticut Insurance Department has launched CT Captive Solutions for Business—a new online resource for business owners exploring ways to control insurance costs and manage their risk. The tool kit includes instructions on licensing a captive insurer in Connecticut, a list of recognized captive managers, FAQs, and Insurance Department contacts.
October 27, 2017 Read More
  Cayman Flag 480x377

Cayman Island Insurance Company Formations Clipping Along in 2017

To date for 2017, the Cayman Islands Monetary Authority has issued 23 new insurance company licenses. This count includes 20 Class B licenses and 3 Class C licenses. The 2016 year ended with a grand total of 39 new insurer licenses, following 22 in 2015 and 23 in 2014.
October 17, 2017 Read More
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Tennessee Delivers 3 Modernized Rules for Captive Insurers

The Tennessee Department of Commerce & Insurance is ushering in new, more modern rules to guide the Volunteer State's burgeoning captive insurance industry. The new rules relate to dormancy, audits, and financial exams.
October 12, 2017 Read More
  Photo of David Gibbons, Bermuda Captive Conference chair, and event logo

Bermuda Captive Conference Chair David Gibbons Fills in the Blanks

This week, Captive.com sat down with David Gibbons, chair of the Bermuda Captive Conference, to discuss the 13th annual event, which is September 10–13 at the Fairmont Southampton Resort. Mr. Gibbons encourages Captive.com readers to register online now to avoid missing out on this paramount event.
August 17, 2017 Read More
  VCIA Hot Topics 2017-SF

Vermont Provides Most Current Captive Insurance Figures at VCIA Conference

Vermont's most current captive insurance figures were outlined by Sandy Bigglestone, State of Vermont director of captive insurance, during a "Hot Topics" panel held August 10 at the Vermont Captive Insurance Association (VCIA) 2017 Annual Conference. Vermont's numbers make it the leading captive domicile in the United States.
August 16, 2017 Read More
  2017 VCIA agency captives panelists: Jesse Crary, Bob Gagliardi, Peter J. McDougall

Vermont Agency Captive Insurance Law Details Revealed

Vermont's captive bill (H.85), signed into law May 1, added agency captives to the types of captives that can be formed in the state. An agency captive is a reinsurance company formed/owned by an insurance agency or brokerage to provide reinsurance to its insured clients.
August 15, 2017 Read More
  Connecticut state flag

Connecticut Licenses First Healthcare Liability Captive Insurer

The Connecticut Insurance Department announced the licensure of the state's first healthcare liability captive insurance company: Keystone Indemnity Company, Ltd. Michael Maglaras & Company advised Masonicare and Keystone on the re-domestication. Masonicare is Connecticut's leading provider of health care and retirement living communities for seniors.
August 10, 2017 Read More
  Texas Capitol Building 480x377

Rundown of Texas Law Updates Related to Insurance and Captives

During the 85th legislative session in Texas, a number of bills became law related to insurance and captives. The Texas Captive Insurance Association has produced a summary of these laws, including those coming into effect on September 1, 2017.
August 07, 2017 Read More
  North Carolina Flag 480x377

North Carolina’s Captive Insurance Law Fuels Rapid Captive Growth

North Carolina's captive insurance program’s rapid growth is turning heads, both nationally and globally. Businesses are finding the state’s thorough but fair regulation a plus when it comes time to select a jurisdiction to domicile a captive insurance company. The law also provides for low formation and operations costs.
July 21, 2017 Read More
  Signing Legislation-SF

Captive Domiciles Update Their Laws To Attract and Keep Captive Insurers

States with captive insurance laws are not resting on their laurels but are continuing to enhance those laws to attract new captive insurers and retain current ones with at least six state captive domiciles so far this year passing measures amending their captive statutes.
July 05, 2017 Read More
  Barbados Coat of Arms 480x377

Barbados Ranked Favorably and Adds 11 Captive Insurance Entities

Barbados was recognized by the Organization for Economic Cooperation and Development's (OECD's) Global Forum as a transparent and highly cooperative jurisdiction, receiving the ranking of "largely compliant" during 2016. The jurisdiction also recorded a net addition of 11 captive insurance entities for the fiscal year ended March 2017.
June 29, 2017 Read More
  TxCIA Logo

Opportunities Enlarge as Texas Expands Its Captive Law

Governor Greg Abbott has signed House Bill 1944, which makes important changes to the Texas captive insurance law, opening up a variety of opportunities. This is the second consecutive session in which the Texas Legislature has made improvements to the captive statute since its enactment in 2013.
June 19, 2017 Read More
  Global Economy Key-SF

Bloomberg and BDA: Bermuda Plays a Special Role in Global Economy

Michael Bloomberg, three-term former New York City mayor and founder of Bloomberg LP, commented on Bermuda's special role in the global economy at an invitation-only forum cohosted by the Bermuda Business Development Agency last week at Bloomberg headquarters and titled "The Future of International Business Deals: How To Position for Long-Term Growth."
May 22, 2017 Read More
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New Law Further Improves Montana Captive Insurance Regulations

Montana captive insurance regulations get a boost as Governor Steve Bullock signs into law Senate Bill 245. Among the positive changes enacted by the new bill includes removing the requirement that a reciprocal insurer have 25 or more persons domiciled in Montana.
May 11, 2017 Read More