Captives’ surplus lines should not be impacted by the Dodd Frank Act, a new whitepaper has reported.
The Vermont Captive Insurance Association (VCIA)said the broadness of definitions by Dodd Frank’s Non-admitted and Reinsurance Reform Act (NRRA) raises questions about the Act’s
impact on captive insurance.
14/10/2011
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Leading insurance broker, Miller, has recruited a new head of risk.
Seema Bradbury (pictured) is now responsible for identifying and managing risks, focusing on operational, legal, regulatory, financial and strategic risks.
13/10/2011
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The National Association of Insurance Commissioners has charged its financial condition committee with investigating how insurers are using captives to transfer third-party insurance risks.
The committee will study insurers' use of captives to transfer third-party insurance risk in relation to existing state laws and regulations.
13/10/2011
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Fifteen of the UK’s largest housing associations are doing modelling analyses’ and seriously considering joining a new PCC.
The new Guernsey-based property protected cell company (PCC), set up by the broker Acumus, has received a large amount of interest since Affinity Sutton, Gallion Housing association and RCT Homes
took cells in the company.
12/10/2011
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Willis will act as risk management advisor and placing broker for mobile satellite operator Inmarsat’s new generation of satellites.
The agreement covers the launch and in-orbit operation of Inmarsat’s highly anticipated broadband satellite network, Global Xpress, and the additional launch of the Alphasat
satellite
12/10/2011
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JP Morgan Chase & Co has novated liabilities from its Bermudan captive into its Vermont-based captive.
Hatherley Insurance’s portfolio consists of mainly liability coverages, including high deductible reimbursement policies issued to JPMorgan Chase, which covers workers’
compensation, auto liability and general liability.
12/10/2011
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Nissan’s captive has had affirmed its financial strength rating of A- (excellent) and issuer credit rating of “a-”. The outlook for both ratings is stable.
Bermuda-domiciled Nissan Global Reinsurance (NGRe) is a single parent captive of Nissan, the seventh-largest automaker in the world and third-largest in Japan.
12/10/2011
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The captive of Colombia’s largest petrol company has been assigned a first-time Baa3 insurance financial strength (IFS) by Moody's Investors Service. The rating outlook is stable.
Black Gold Re (BGRe) is the pure reinsurance captive of state-owned Ecopetrol, Colombia’s largest oil company.
11/10/2011
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Three UK property housing companies predict to save hundreds of thousands of pounds a year from joining a protected cell company.
Affinity Sutton has teamed up with broking firm, Acumus, which has launched Guernsey-based Igloo Insurance PCC to avoid market volatility and to lower risk management costs.
11/10/2011
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The Tennessee department of commerce and insurance has appointed Michael Corbett director of captive insurance.
Corbett previously specialised in captive insurance investment management for domestic and international captive insurance companies.
11/10/2011
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Guernsey is sending a delegation to Singapore and Hong Kong to raise the profile of its financial industry.
The team will be led by Carla McNulty Bauer, minister for the commerce and employment department, Jarrod Cowley-Grimmond, director of the finance sector development unit of the Guernsey government,
Peter Niven, chief executive of Guernsey Finance.
11/10/2011
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The New York State Insurance Department has released outlined its expectations of state-domiciled insurers’ enterprise risk management.
In its proposed circular letter the NYSID stated that an effective ERM function should be able to “identify, measure, aggregate, and manage risk exposures within predetermined tolerance
levels, across all activities of the insurer or group of insurers”.
11/10/2011
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A captive board meeting accident insurance program has been launched specifically to cover trips to domiciles.
Connecticut –based Trinity Risk believes there is a gap in the market for group captives clash exposure with multiple insureds being involved in one accident.
10/10/2011
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