A legal firm as has establish a captive branch after spotting a gap in the market for legal advice for smaller captive management companies.
Liverpool-based O’Connors LLP was receiving an influx of requests for legal advice from smaller captive management firms that do not have the resources in house.
03/02/2012
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Risk managers need to engage with regulators to avoid duplicating documentation for Solvency II Pillar Three, industry insiders argue.
Valerie Alexander, Deutsche Bank head of corporate insurance, said looking at Basel II is a good way of seeing where Solvency II is going.
03/02/2012
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Captive Review was interviewed for AM Best’s January Global News Roundup on supply chain risks.
The monthly podcast interviewed Vicky Beckett on the benefits of putting supply chain risk through a captive to help manufacturers react to big losses despite issues of complexity.
03/02/2012
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Claims managers in the US and UK are said to offer a different service due to cultural differences.
Risk managers have reported US claims managers to be less flexible or willing to chat than their UK counterparts.
03/02/2012
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If France introduces a financial transactions tax, proposed by the European Commission, it may make the country more costly to do business with.
The European Commission (EC) have suggested a pan-European tax is imposed on financial services, from 2014, to help governments in the economic crisis.
02/02/2012
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Solvency II may not consider the amount of outsourcing of services in a captive as appropriate.
Valarie Alexander, head of corporate insurance for Deutsche Bank, said: “One interesting thing that came out of the equivalence assessment in Bermuda was a statement from EIOPA that the
extent of outsourcing that is common place in this market is beyond that which would be considered appropriate under Solvency II.
02/02/2012
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An increase in natural catastrophes and supply chain disruptions is pushing captive owners to adopt hybrid solutions for low frequency, high severity events.
Marsh has reported an increase in interest in a blending of parametric trigger solutions alongside other insurance products.
27/01/2012
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Solvency II will not be delayed until 2016, contrary to what was reported yesterday.
In a preview article, due to be published today, the Financial Times Deutschland reported the rules may be introduced in 2015 instead of 2013 and take full effect in 2016 instead of 2014.
27/01/2012
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Many entities within the captive and risk retention group (RRG) community have reacted positively to Florida’s new captive legislation.
The Florida captive insurance legislation was unanimously passed by the Senate Budget Subcommittee on General Government Appropriations and the House Economic Affairs Committee on January 12.
27/01/2012
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Hawaii gained five new captives in 2011, after licensing ten and losing five.
This gives the domicile a net total of 172 captives, Hawaii is also working on five new applications for 2012.
27/01/2012
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In a Solvency II survey only 20% of firms had a high level of confidence in having a strong risk management framework for Pillar II.
Only 62% of respondents had ‘medium confidence’ in the validation of their company’s internal solvency II model and its use, post implementation.
26/01/2012
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Vermont has licensed three captives to date this January, and is planning several technical additions to its captive legislation
This year the captive insurance department is looking to allow captives to uses trusts to meet capital requirements.
25/01/2012
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The GAO allowed the NAIC to comment on their report regarding risk retention groups as the industry has no federal regulator.
Some members of the risk retention group (RRG) community were concerned this would put a bias on the report.
25/01/2012
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