Captive Domiciles

  Cayman Flag 480x377

Cayman Issues 14 New Captive Insurer Licenses in Second Quarter 2018

The Cayman Island Monetary Authority (CIMA) reported that it issued 14 new captive insurer licenses in the second quarter of 2018. Highlights from the CIMA data are presented as well as class description summaries.
July 18, 2018 Read More
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Guernsey ILS Market Update

Guernsey has seen a positive start to the year in the insurance-linked securities (ILS) market. To date, statistics for new cells of protected cell companies, the main method of writing new ILS business, are well ahead of those for 2017.
July 17, 2018 Read More
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North Carolina's Captive Insurance Program Produces Rapid Economic Boost

North Carolina's rapidly growing captive insurance program had an estimated $30 million economic impact on the state last year, based on a recent study by the North Carolina Department of Insurance on the economic impact of the state's captive insurance company program.
June 28, 2018 Read More
  VCIA Rich Smith

Vermont's Captive Conference Is Part of a Thoughtfully Woven Tapestry recently crossed paths with Rich Smith, president of the Vermont Captive Insurance Association (VCIA), to discuss its annual captive conference, happening August 7–9 in Burlington, Vermont. True to this year's conference theme, "Where the Captive World Comes to Meet!" VCIA will host 1,100 people from all over the world.
June 27, 2018 Read More
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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
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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 State Seal

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
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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 Against Blue Sky and Clouds

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
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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 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
  Wrinkled Vermont flag

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
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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 with ragged edges

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
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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
  Wrinkled Vermont flag

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