Captive Domiciles

  North Carolina State 480x377

North Carolina Considers New Tax-Friendly Captive Insurance Legislation

In a newsletter, the North Carolina Captive Insurance Association shared that North Carolina's General Assembly is currently looking at legislation to exempt captive insurance companies formed in other US captive domiciles from all North Carolina state taxes.
June 01, 2018 Read More
  Vermont 480x377

New Vermont Law Allows for Affiliated Reinsurance Companies

A new law in Vermont offers an onshore affiliated reinsurance alternative to insurance companies affected by the recent imposition of the Base Erosion Anti-Abuse Tax on reinsurance ceded to offshore affiliates. The law provides for a more favorable reinsurance alternative for US companies conducting business in offshore jurisdictions.
May 18, 2018 Read More
  Connecticut Seal 480x377

Connecticut Agency Captive Bill Sent to Governor for Signature

Connecticut's General Assembly recently passed Senate Bill 377, authorizing agency captive insurance companies. Specifically, the bill states that agency captives are owned or controlled by licensed insurance agents or producers to insure risks that are sold, solicited, or negotiated through the captive's owners or controllers.
May 16, 2018 Read More
  Nevis Flag 600x300

Nevis as a Captive Domicile: An Insider's Perspective

Atlas Management provides an insider's point of view for those considering the Caribbean island of Nevis as an offshore captive domicile. As a captive domicile, Nevis has many advantages compared to other offshore jurisdictions says Atlas Management.
April 23, 2018 Read More
  North Carolina Flag 480x377

North Carolina Rooted in as a Leading Captive Insurance Domicile

Nearly 5 years after the passage of captive legislation, North Carolina is firmly established as a leading captive insurance company domicile. Since the North Carolina Captive Insurance Act was enacted in October 2013, the Department of Insurance has licensed 248 captive insurers and approved 437 cells and series.
April 06, 2018 Read More
  Legal Code 600x300

Captive Domiciles Continue To Fine-Tune Their Captive Statutes

Legislators in states with captive insurance company laws are continuing their drive to modify their states' captive insurance company statutes to stay competitive with other domiciles. Read the latest roundup of state captive legislation in 2018.
March 21, 2018 Read More
  BDA Conference Chair Michael Parrish 600x300

Update with Bermuda Captive Conference Chair Michael Parrish

Captive.com recently spoke with Bermuda Captive Conference Chair Michael Parrish to discuss the 14th annual conference, happening June 11–13, 2018, at the Fairmont Southampton Resort, Southampton, Bermuda. Find out more in the interview with Mr. Parrish.
March 19, 2018 Read More
  Vermont Flag 480x377

Vermont Enhances Branch Captives and Standardizes Annual Filing Date

Vermont's latest captive insurance legislation recently signed into law includes regulatory enhancements for branch captives as well as the standardization of the state's annual filing date for annual reports and premium taxes.
March 16, 2018 Read More
  Up and Down Graph 480x377

SRS Charts the Total Number of Active Captives for 2017

Charts on the total number of active captive insurance companies were compiled by Strategic Risk Solutions (SRS) and presented at a recent SRS webinar, "The State of the Captive Insurance Market." The charts include captive counts, by captive domicile, for key US and international domiciles.
March 02, 2018 Read More
  Foundation Deep Crack-SF

Connecticut's Captive Insurance Solution to Crumbling Home Foundations

The state of Connecticut has decided to provide $100 million to fund a captive insurer that will insure the replacement or repair of residential foundations damaged by the high level of pyrrhotite in the concrete. The National Risk Retention Association's chairman, Dan Labrie, provides further details.
February 12, 2018 Read More
  Bermuda flag-SF

Bermuda Single-Parent Captive Formations Tripled in 2017

Bermuda, the world's largest captive domicile, licensed 17 new insurers in 2017, up from 13 in 2016, but saw its captive count fall to 739 last year, down from 776 in 2016. Jeremy Cox, Bermuda Monetary Authority CEO said, "It’s not about the number of captives on the Bermuda register; it's about the quality of the business being conducted here."
February 08, 2018 Read More
  Cayman Flag 480x377

Cayman Islands Reports 33 Captive Formations

The results for the final quarter of 2017 have been announced by the Cayman Islands Monetary Authority. Cayman is the world's second-largest domicile with 696 captive insurers at year end. Last year, 33 captives were licensed compared to 48 that turned in their licenses. Premiums were reported at $12.4 billion.
February 07, 2018 Read More
  Graph Growth 480x377

2017 Brings Moderate Captive Insurer Growth in Major Domiciles

Amid a soft commercial market, the number of captive insurers being set up in major domiciles continues to increase at modest levels. "It isn't just body count that is important. What also is important is that captives are taking on more business," said Tom Jones of McDermott Will & Emery.
February 02, 2018 Read More
  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