09/04/2010
© GM Corp
General International Limited (GIL), General Motors’ Bermuda-based captive insurance company, is to be independently managed by a new company born out of the captive’s current management team.
According to local newspaper reports, Granite Management, a new consultancy and captive management company comprising three former GIL employees, will oversee the running of the GM captive.
Phil Heaney, GIL's former chief operating officer, will be the new COO of Granite, Brian Quinn will be chief underwriting officer and Walter Ralph, who works out of Ohio, will be the human resources consultant.
The three directors will each own a third of the new company, which will be based in the same offices as GIL, in the Chartis Building in Hamilton, Bermuda.
Heaney, who has been with GIL since 1988, said to the Bermuda Royal Gazette that GIL had saved GM around $50m last year. "GM appreciates the value of the Bermuda location," said Heaney. "There are no thoughts at the moment of relocating."
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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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