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Captive Insurance World: What's Happening Now

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December 02, 2016

Pinnacle Actuarial Resources' Consulting Actuaries Visit Puerto Rico Regulator

Rob Walling and Arthur Randolph, consulting actuaries at Pinnacle Actuarial Resources, Inc., met recently with Rubén Gely-Rodríguez, director of the International Insurers and Reinsurers Division of the Office of the Commissioner of Insurance of Puerto Rico. Mr. Walling reports in his November 30, 2016, blog on the Pinnacle Actuarial Resources website, titled "Puerto Rico—A Domicile on the Move," that the visit "reinforced our impression of Puerto Rico as a strong, NAIC-accredited [National Association of Insurance Commissioners] regulator with staff that is knowledgeable about international insurers."

According to the Business in Puerto Rico website, the Office of the Commissioner of Insurance of Puerto Rico "regulates 52 domestic insurers and 343 foreign re/insurers and reinsurers writing $11 billion of premium for 2011," and Puerto Rico "constitutes the third largest insurance market in Latin America." This means Puerto Rico is highly capable of handling growth in its captive insurance industry.

Latin American Forum a Success

The Bermuda Business Development Agency (BDA) hosted the biennial Latin American risk management forum, ALARYS Congress 2016, September 25–27, 2016. According to a November 30, 2016, BDA press release, titled "Bermuda's Hosting of LatAm ALARYS Forum a 'Success,'" it "attracted 160 delegates from Argentina, Brazil, Colombia, the Dominican Republic, El Salvador, Mexico, Panama, Peru, Puerto Rico, the US, and Venezuela, as well as Bermuda—with 40 percent attending from overseas."

The next ALARYS event will be held in the Dominican Republic in 2018.

Register for the World Captive Forum

The Business Insurance World Captive Forum will be held January 29–31, 2017, in Boca Raton, Florida. The conference's focus will be on new and emerging risks facing companies and organizations worldwide. It will highlight how captives can offer solutions that may not be available in the traditional insurance marketplace. The Forum is a domicile-neutral conference that provides knowledgeable educational content for risk managers, benefit managers, and financial executives who administer, or are thinking about starting, a captive. Numerous regulators and representatives from major domiciles, along with some of the leading providers of captive services, such as captive management, legal, accounting, actuarial, claims, asset management, and fronting, will be in attendance.

Cayman Captive Forum Reports

The 2016 Cayman Captive Forum reportedly attracted more than 1,500 delegates, setting a new attendance record that continues its reputation as the largest offshore captive conference in the world.

For those not in attendance at the Forum, A.M. BestTV conducted 17 interviews during the Forum. The series of interviews provides a look at a number of hot topics and concerns. The following are a few of the episodes that are available.

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