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16th of May 2012

Honeywell looks to write new risks

Vicky Beckett 03/10/2011

Honeywell is looking to write trade credit and supply chain risks into its captives.
 
The technology company is also going to reassess writing a UK medical program into one of its two captives in 2013.
 
Honeywell has a Vermont-based captive for domestic risks and tax purposes and a Bermudan captive for international risks with no tax benefits.
 
Lois Fuchs, vice-president of Honeywell risk management, said she had previously looked at trade credit from a market perspective but could not really focus on getting a program.
 
Fuchs said: “I thought if I get the right insurance partners perhaps the captive can have a role in it.”
 
She said the company’s biggest issue is supply chain risk, as the company already has more operations overseas than domestic.
 
Fuchs (pictured) said: “We are trying to dissect what the supply chain exposure is to Honeywell and see if our captives can play a role in the business. We have hired a team who are looking at it now and working with our supply chain team.”
 
Fuchs is currently working to provide insurance to the company’s Chinese suppliers.
.

Tags: Bermuda, Captive, Captive Live USA, China, Fuchs, Honeywell, Insurance, Lois, Risk management, Risks, Supply chain, Trade credit, Vermont

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Kaeden 11/12/2011 2:06am

And I was just wonedring about that too!

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