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4th of February 2012

Costa Rican government’s captive rated

Costa Rican captive, Instituto Nacional de Seguros, (The National Insurance Institute) has received a financial strength rating of A- (excellent) and issuer credit rating of ‘a-’.

AM Best said the outlook assigned to both ratings is stable.

25/01/2012 more//

Sony’s captive rating affirmed

Sony’s captive had its ratings affirmed with a financial strength rating of A (excellent) and issuer credit rating of "a".

The Bermudian captive PMG Assurance was informed the outlook for both ratings is stable.

24/01/2012 more//

Bermuda signs TIEA with Turkey

Bermuda signed a Tax Information Exchange Agreement (TIEA) with Turkey on January 23.

Under Turkish tax law every payment made to corporations resident or operating in Turkey are subject to 30% withholding tax regardless of whether those corporations are taxpayers or not, or whether those payments are taxable or not.

24/01/2012 more//

Utah reports captive growth

Utah has licensed 69 captives, its highest number yet, in 2011.

The captive parent companies are located across 28 different states, primarily from the western USA.

23/01/2012 more//

Cayman boosts captive stats in 2011

The Cayman Islands reported having 739 captives at the close of 2011.

The domicile licensed 38 captives, but 37 licences were cancelled which left an increase of one captive throughout the year.

23/01/2012 more//

Ports America captive redomesticates to New Jersey

Ports America redomiciled its New York pure captive to New Jersey in December.

As the state’s third captive licensed, Ports Insurance Company, covers longshore workers compensation and liability exposure.

20/01/2012 more//

New Wills Re CEO

Willis Group Holdings has appointed John Cavanagh as Willis Re’s CEO.

He will succeed Steve Hearn, who became chairman and CEO Willis Global last December.

19/01/2012 more//

Two new senior appointments in Swiss Re

Swiss Re has appointed a new group CEO and CEO of reinsurance Asia.

Michael Liès is currently chairman of global partnerships at Swiss Re and will take over from Stefan Lippe on February 1, after working within the company for over 30 years.

19/01/2012 more//

Substantial captive growth reported globally

Bermuda, Guernsey and Vermont saw substantial growth in captives across 2011.

Vermont licensed 41 new captives, bringing the total to 952, with 590 active captives.

18/01/2012 more//

Florida captive bill passed unanimously

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.

The new bill would potentially allow for the creation of pure captives, association, industrial insured, special purpose, and reinsurance captives.

18/01/2012 more//

Rating could cut Solvency II costs says Fitch

Obtaining a credit rating on a captive could lower the overall capital costs under Solvency II, Fitch has argued.

The ratings agency predicts that for small captives with limited financial strength and expertise, the directive will be too burdensome, resulting in a limited outflow of captives from the EU.

18/01/2012 more//

Last quarter of 2011 saw cat bond boom

In the final quarter of 2011 $1.99bn of catastrophe bonds were issued, according to Aon Benfield Securities.

The $1.99bn issuance was across nine transactions, which was 43% of full year activity.

17/01/2012 more//

New Jersey licenses third captive from New York

New Jersey is hoping New Jersey-parented captives will redomicile in the state since it licensed its third captive, which has redomiciled from New York.

It has been argued by Gregg Sgambati, founder and president of New Jersey Captive Insurance Association, that if the Dodd Frank Act was to enforce self-procurement taxes, captives could save a large amount of premium by redomesticating to the same state as their parent.

17/01/2012 more//

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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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