Captive News Updates – Business Insurance
http://businessinsurance.com/section/topics?tagID=60Arizona captive insurers record 120% rise in premiums in 2011
PHOENIX—Data released by the Arizona Department of Insurance shows that gross premiums written by the state’s captive insurance companies increased 120% in 2011, to more than $5.80 billion from more than $2.64 billion in 2010.
Swiss Re secures $400M catastrophe bond through Mythen
ZURICH—Swiss Reinsurance Co. Ltd. has secured $400 million in catastrophe bond protection through the Cayman Islands-registered vehicle Mythen Ltd., Swiss Re said Monday.
Labor Department captive benefits funding regulator Gary Lefkowitz to retire
WASHINGTON—Gary Lefkowitz, a Labor Department attorney who has been involved in reviewing captive insurance company employee benefits funding arrangements for more than 30 years, will retire at the end of next month.
Government agencies seek information on use of stop-loss insurance
WASHINGTON—Several federal agencies are seeking information on how group health plans use stop-loss insurance, focusing on the prevalence of stop-loss coverage at low attachment points.
Via Christi Health gets OK to fund life insurance risks through captive
WASHINGTON—The Labor Department last week gave tentative authorization to Via Christi Health Inc., a Wichita, Kan.-based health care system, to fund life insurance risks through the U.S.
Florida becomes newest state to allow formation of captive insurance companies
TALLAHASSEE—Florida Gov. Rick Scott on Tuesday signed into law a measure allowing the formation of captive insurance companies in the state.
Interest in ART vehicles grows among smaller firms
The use of alternative captive structures such as special-purpose vehicles and risk retention groups is growing, reflecting increased interest by smaller companies in alternative risk financing, a Marsh Inc. report shows.
Vermont licensed 8 new captives in first quarter 2012
MONTPELIER, Vt.—Vermont licensed eight new captives during the first quarter of this year, the most new captives formed in the state during a first quarter since 2005.
Vermont insurance regulatory agency gets new name
MONTPELIER, Vt.—The Vermont state agency responsible for insurance regulation is operating under a new name: the Department of Financial Regulation.
Vermont tweaks captive insurance regulations
MONTPELIER, Vt.—Vermont Gov. Peter Shumlin this week signed into law a bill making minor “housekeeping” changes to Vermont's captive law.
General Captive News – Yahoo News Feed Aggregator
Captive Insurance Expert Feldman to Lecture at University of Delaware
Stewart A. Feldman, CEO of Houston-based Capstone Associated Services, Ltd., will be a guest lecturer at the University of Delaware's inaugural Captive Insurance Risk Management Certificate Program, being offered from April 18 - June 6, 2012.
Verizon Sets Up Captive Insurer in N.J.; State Now Has 4 Captives
New Jersey officials announced this week that the state approved a captive insurance company for telecommunications services giant Verizon Communications Inc. The new captive, called Exchange Indemnity Company New Jersey (EICNJ), is a subsidiary of Verizon and the first captive …
Cayman Touts Insurance Industry Offering In America
A delegation from the Cayman Islands insurance industry attended the 50th Annual Risk and Insurance Management Society conference held last month, to promote the jurisdiction' position as a growing domicile for captive insurance companies.
Company Profile for Capstone Associated Services, Ltd.
Capstone Associated Services, Ltd. is the most integrated and largest outsourced provider of captive insurance services for the middle market. Jointly with their affiliated law firm, The Feldman Law Firm LLP, www.feldlaw.com, Capstone administers property & casualty insurance companies that provide alternative risk financing services to their affiliates.
Labor Department captive benefits funding regulator Gary Lefkowitz to retire
WASHINGTON—Gary Lefkowitz, a Labor Department attorney who has been involved in reviewing captive insurance company employee benefits funding arrangements for more than 30 years, will retire at the end of next month.Mr. Lefkowitz, 62, a senior employee benefits law specialist with the Labor
Arizona captive insurers record 120% rise in premiums in 2011
PHOENIX—Data released by the Arizona Department of Insurance shows that gross premiums written by the state’s captive insurance companies increased 120% in 2011, to more than $5.80 billion from more than $2.64 billion in 2010.Arizona regulators said the increased premium volume was
NY hearings on 'forced' insurance in foreclosure
Premiums for so-called force-placed insurance have more than tripled since 2004, producing enormous profits for insurers and the banks that take out policies when a homeowner fails to maintain coverage required by the mortgage, according to New York regulators.
Sutherland Expands Insurance Tax Practice with Addition of Two Partners
Sutherland Asbill & Brennan LLP announced today the continued expansion of the firm’s insurance tax practice with the addition of Dennis L. Allen and M. Kristan Rizzolo as partners in Washington, D.C.
New York Hearings on ?Forced? Insurance in Foreclosure
Premiums for so-called force-placed insurance have more than tripled since 2004, producing enormous profits for insurers and the banks that take out policies when a homeowner fails to maintain coverage required by the mortgage, according to New York regulators. In …
Lockton Chicago Expands Trade Credit And Political Risk Practice
CHICAGO, April 24, 2012 /PRNewswire/ -- The Chicago office of Lockton , the world's largest privately held insurance broker, has expanded its expertise in the areas of trade credit and political risk with ...
Captive Review – Daily Update
BMA makes international appointment
The Bermuda Monetary Authority has promoted Shanna Lespere to director of international affairs. Lespere will oversee the strategic promotion of Bermuda’s insurance regulation framework, identifying international regulatory trends and opportunities.
Ford’s captive ratings upgraded
Ford’s captive’s ratings were upgraded to a financial strength rating of A (excellent) from A- (excellent) and issuer credit rating to “a” from “a-”. The American Road Insurance Company (TARIC), based in Michigan, has a stable outlook for both ratings. TARIC’s capitalisation and operating performance is robust, said AM Best.
US and EU compare regulation at NAIC forum
International core principles, group supervision and resolution mechanisms for internationally active insurance groups were discussed at the NAIC International Insurance Forum on May 10-11. The US’ National Association of Insurance Commissioners (NAIC) International Insurance Forum had representatives from the European Insurance and Occupational Pensions Authority (EIOPA), and the Japanese financial services authority.
Dodd Frank faces implementation delays
Dodd Frank implementation may be delayed until December 31, 2012, the Commodity Futures Trading Commission (CFTC) announced yesterday. Some of the legislation may even take longer, a draft agenda drawn up by the CFTC suggests.
Gibraltar recruits for Solvency II
Gibraltar has been recruiting new financial analysts to prepare for Solvency II. Michael Oliver, head of insurance supervision at the Gibraltar Financial Services Commission (FSC) said the department has been “strengthening its financial analysis team, in part, to ensure that it meets the FSC's needs as it prepares for the new Solvency II regime”.
Bermuda and Hawaii target Asia
Bermuda and Hawaii are both targeting Asian captive markets. George Sumner III, Hawaii captive insurance administrator and deputy commissioner said Hawaii is currently working on licensing two Japanese captives.
Active Captive Management appoints captive expert
Active Captive Management has appointed a new alternative risk solutions executive vice-president. Cinda Carbone will bring to the California-based firm eight years of captive consulting experience, formerly working at Marsh & McLennan.
Verizon forms New Jersey captive
Telecoms giant Verizon has become the fourth company to form a captive in New Jersey. Exchange Indemnity Company New Jersey is a subsidiary of Exchange Indemnity Company, Verizon’s Vermont’s captive and one of the largest in the state.
Active Captive Management appoints captive expert
Active Captive Management has appointed a new alternative risk solutions executive vice-president. Cinda Carbone will bring to the California-based firm eight years of captive consulting experience, formerly working at Marsh & McLennan.