Collateral is the number one impediment to captive formation today, says Gary Osborne
Gary Osborne
19/08/2010
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A Malta-based insurance company has claimed it can free up capital which remains ‘locked up’ in captive insurers’ collateral arrangements.
Grafton (Europe) Insurance Company (Grafton Europe) was established in Malta in December 2009 to service the whole insurance market, following research conducted by Marsh last year.
23/08/2010
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Randall and Quilter (R&Q) has launched a captive management venture in Denmark and Sweden, in what it hopes will be the first step in a larger expansion into the management sector. Nordic
Insurance Management is a joint-venture between R&Q, the majority shareholder, and two individuals: Magnus Lindgren from Sweden and Danish actuary Nikolaj Boysen.
“The Nordic region made sense in terms of talent available and business contacts; we just needed to add our critical mass,” said Ken Randall, chairman and CEO at R&Q.
20/08/2010
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Aon Benfield Fac, the facultative division of Aon Benfield, is to roll out additional vehicles under its Fac Pool Re sidecar programme.
“With the sidecars that we’re building we’re looking to something have almost like aggregate restitution, so clients can access specific additional capacity as a top-up,”
said Oliver Schofield, chief strategy officer at Aon Benfield Fac.
12/08/2010
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Captive management and consultancy firm Strategic Risk Solutions (SRS) announced yesterday (11 August) that David Sykes is joining the company from IAS Marsh, where he was senior vice president.
"We are excited that David has decided to join SRS. He has tremendous experience in the Bermuda market and will be a valuable asset to our Bermuda team and the firm", said Brady Young,
president of SRS.
12/08/2010
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The State of Vermont has issued its 900th captive insurance company license to Lincoln Financial Group, according to the Vermont Department of Banking, Insurance, Securities and Health Care
Administration (BISHCA).
Lincoln Financial, based in Randor, Pennsylvania, is the 22nd new captive insurance company licensed this year in Vermont, during what has been a very active year for new formations in the
State.
11/08/2010
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India and China hold future potential for captive insurance business, according to promotional body Guernsey Finance.
Guernsey delegations will visit India and China in the autumn to enhance financial services links between the jurisdictions, focusing primarily on fund-management and wealth-management business.
11/08/2010
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Willis has indicated its interest in taking a thought leadership role in the area of employee benefit captive arrangements with the creation of a new consultancy position.
Kathleen Waslov has been appointed senior vice president and senior resource consultant at Willis to advise clients on captives and/or other funding alternatives for employee benefit programmes.
11/08/2010
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The South Carolina Department of Insurance has made a number of promotions within its Alternative Risk Transfer Services division and is looking to recruit additional staff
22/07/2010
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Vermont has licensed 17 new captive insurance companies in the first half of 2010, 3 more than the same time last year, according to a statement issued on 21 July
22/07/2010
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US President Barack Obama has signed into law the financial reform bill that includes provisions for Federal oversight of the insurance industry
21/07/2010
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The Bermuda Monetary Authority (BMA) announced the appointment on 19 July of Brad Erickson to the newly-created position of chief operating officer, effective immediately
21/07/2010
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The Bermuda Monetary Authority (BMA) has published details of its proposals for achieving regulatory equivalence with the European Union Solvency II Directive, including its Own Risk and Solvency
Assessment (ORSA) model
21/07/2010
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