09/04/2010
Financial holding company Concordis Group has announced that it is developing a ‘pipeline’ of five potential captive insurance cells in what it describes as “a wide range of industries and states”.
Concordis Group said in a statement that it anticipates majority of the cells will be created and launched by December 2010.
Trent Sommerville, CEO of Concordis Group said: "The business community's growing understanding of long-term strategic merit of operating a captive insurance cell appears to have become more widely understood and embraced by middle market companies, affiliated groups, and associations."
In January this year, the group confirmed it had received approval from the Cayman Island Monetary Authority for its new subsidiary Concordis Insurance SPC, managed by Caledonian Insurance Services.
Conor Jennings, managing director of Caledonian Insurance Services said in January that four new cell participants, including a hospital group would be ready for submission to CIMA within a few months of the SPC’s launch.
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WELCOME TO THE Captive Review Cell Company Handbook 2009 – the second edition of our global directory of cell company jurisdictions. Since we last published this directory, the general attitude toward cell companies seems to have shifted up a gear. Whereas single-parent companies have long ruled the captive roost, a slight uptick in the formation of pure captives at the beginning of this year can’t hide the fact that growth in this market is still sluggish.
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We at Captive Review are keeping a close eye on Malta, not only because of its reputation as a high-quality captive domicile, but also because it is on the forefront of Solvency II.
Originally planned as an insurance and reinsurance directive, Solvency II has undoubtedly unnerved the captive insurance industry.
Anitra 15/01/2012 4:29am
That's a smart way of loiokng at the world.
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