A group of reinsurers located in the Cayman Islands has formed a new industry group, the Cayman International Reinsurance Companies Association. Founding members include Aureum Re, Barents Re, CIBC Cayman Reinsurance Ltd., Greenlight Re, Knighthead Annuity & Life Assurance Company, Nassau Re (Cayman) Ltd., and United Insurance Company.
Captive insurance companies in Bermuda, the Cayman Islands, and Barbados rated by A.M. Best outperform their counterparts in the commercial casualty insurance sector, according to the rating agency. Meanwhile, 2019 pretax operating income for this group of captives was the highest ever recorded, according to A.M. Best.
While 2020 has been a tumultuous year for most everyone, Management Services International (MSI) has helped save businesses during the pandemic by providing tailored coverages and finding the right business solutions. Now, MSI is growing. MSI, a captive manager providing services to clients nationwide, prides itself on its customer service.
Corporate giant International Paper Co. has moved its captive insurance company to Tennessee from Vermont to become, including cell captives, Tennessee's 700th captive insurance company. The relocation of International Paper's captive insurance company to Tennessee was applauded by the state's governor.
Single-parent captive insurance companies play a vital role in reducing their parents' cost of risk, benefiting businesses and their stakeholders. The effort to address pandemic-related business interruption losses offers another opportunity for captive insurance companies to prove their merit.