With growing competition from new captive insurance domiciles, the Cayman Islands are evolving into an international insurance and reinsurance jurisdiction. This article summarizes the Insurance Managers Association of Cayman's (IMAC's) view of the transformation that is underway.
This article provides insights on recent captive insurance developments in China (both mainland China and Hong Kong) and proposes opportunities as well as challenges for future captive development in China.
The history of the Vermont Captive Insurance Association (VCIA) follows that of the captive industry in Vermont closely. Diane Leach has been an integral person in both since the mid-1980s. In an interview with Captive.com, Ms. Leach shared the story of her employment with VCIA and the Vermont captive industry, showing how the mission of VCIA evolved through the years.
The Vermont Legislature will be considering a number of changes to its captive legislation this year. This article provides a summary of the provisions of the Vermont 2017 Captive Legislation proposal being considered by the Legislature.
Many captive owners are being asked to consider writing cyber-liability coverage in their captives. The idea has been discussed at numerous captive conferences over the last several years. Additionally, there are dozens of articles available on captive vendor websites that explore the possibility. Reading these articles can lead many owners and board members to conclude that cyber-liability coverage is worthy of pursuing.
A.M. Best has downgraded the Financial Strength Rating of Security America Risk Retention Group, Inc. (SARRG), from B++ (Good) to B+ (Good).
Tax reform is on the agenda not only in the United States but elsewhere in the world, as well. A report of Oxfam, a global antipoverty agency, has joined those calling for corporate tax reform, and the Bermuda Business Development Agency responded quickly.
Rental captives are but one form of a captive insurance company. A captive insurer is an insurance company that is wholly owned and controlled by its insureds; its primary purpose is to insure the risks of its owners, and its insureds benefit from the captive insurer's underwriting profits.
Captive insurance association leaders comment on "conference fatigue" as a genuine malady for the captive insurance industry. Is there a solution?
The December 2016 issue of "Captive Insurance Company Reports (CICR)" looks at a current hot topic in the captive insurance community—the new ownership requirements for captives that have elected to be taxed under section 831(b) of the Internal Revenue Code—as well as other captive insurance current concerns.
Here are some recent and upcoming events in the captive insurance industry that may be of interest to our readers.
The president and CEO of SOBC Corp. explains the acquisition process for distressed insurance companies and risk retention groups.
Founders Indemnity Group, Inc., was licensed by the New Jersey Department of Banking and Insurance on November 2, 2016.
One of this editor's favorite songs is Elton John's "Where to Now St. Peter?" from the 1970 album "Tumbleweed Connection." It seems extremely apropos to the bond market after the recent election results.
The Vermont Captive Insurance Association (VCIA) is offering a webinar titled "Captive Taxation: A Shifting World," scheduled for 2:00–3:00 p.m. EST, Thursday, December 15, 2016.
Glenn Saslow, CPA, partner at Crowe Horwath LLP, recently offered a glimpse into his auditing experience with the captive insurance industry.
The sale of PPM Services, Inc., the holding company of Preferred Physicians Medical Risk Retention Group, Inc. (PPMRRG), to NORCAL Mutual Insurance Company has been approved.
When the Insurance Managers Association of Cayman (IMAC) hosts the 2016 Cayman Captive Forum November 29 to December 1 at the Ritz Carlton Grand Cayman, more than 1,400 attendees are expected to take part.
The District of Columbia Department of Insurance, Securities and Banking (DISB) held a webinar November 9, 2016, sponsored by the Captive Insurance Council of the District of Columbia (CIC-DC), discussing the state of affairs in the domicile.
More than 1,400 captive directors, chief financial officers, risk managers, service providers, and captive managers from around the world are expected to attend the upcoming 24th annual Cayman Captive Forum.