Guernsey has seen a 53% rise in licensed international insurers during 2011, licensing six captives, 12 protected cell companies (PCC) and 40 PCC cells.
One incorporated cell company (ICC), seven ICC cells and six life policy cells were also licensed last year.
17/01/2012
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Kane has raised additional funding from its principal shareholder and confirmed the appointment of Simon Hinshelwood as its CEO.
17/01/2012
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The Isle of Man has withdrawn its attribution regime for individuals (ARI), meaning its 0/10 corporate tax system complies with the EU Code of Conduct for Business Taxation.
17/01/2012
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Bermuda will not have to apply the most stringent aspects of Solvency II to captives, the European Commission has said.
The European Commission (EC) indicated captives will be allowed a carve-out in equivalence due to Bermudian insurance regulation being globally first league.
17/01/2012
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The US retailer has had its Vermont-based captive rated. Vine Court Assurance Incorporated was assigned a financial strength rating of A (excellent) and issuer credit rating of “a” by
AM Best. The outlook assigned to both ratings is stable.
16/01/2012
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Marsh has appointed Martin South to the new position of CEO of Marsh Europe, it was announced today.
South is still responsible for Marsh’s operations in Turkey and India, and remains CEO of Marsh, UK and Ireland, until a replacement is found.
16/01/2012
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Aon Benfield has grown its Asia Pacific division with two new recruits.
Henry To has become non-executive chairman of Aon Benfield, Greater China after working in the firm for 30 years.
16/01/2012
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Michigan is working on new proposals for its captive legislation, which are yet to be made public.
The new legislation would be designed to fill in gaps in the current legislation regarding issues such a outlining how a captive manager can be listed as licenced.
16/01/2012
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Marsh has strengthened its presence in emerging markets by appointing a new head of Latin American & Caribbean Captive Solutions.
Esteban Madero will be dedicated to assessments, feasibility, proposals and management services. He is based in Bogota, Colombia, but is responsible for supporting and driving captive growth
throughout LAC.
13/01/2012
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A Government Accountability Office report was not as decisive in assessing states overriding federal regulation as many of the risk retention group community had hoped.
The report said Congress should consider the merits of clarifying certain Liability Risk Retention Act (LRRA) provisions regarding registration requirements, fees, and coverage.
13/01/2012
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Sixteen jurisdictions have been offered the opportunity to partake in a ‘transitional regime’ for Solvency II equivalence. They include Guernsey, the Isle of Man and Singapore, but not
the US.
These countries would need to commit to converging to a solvency and prudential regime that is capable of meeting the equivalence criteria by the end of the transitional period in
order to be eligible, said, Karel Van Hulle, head of Unit Insurance and Pensions, European Commission, DG Internal Market and Services.
13/01/2012
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A new bill to encourage captive formations has been discussed by Florida’s economic affairs committee.
It would potentially allow for the creation of pure captives, association, industrial insured, special purpose, and reinsurance captives.
13/01/2012
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A new head of risk management has been appointed by Liberty Syndicate Management.
Dan Wilkinson has taken on the role after working as chief risk officer in an international insurance company.
09/01/2012
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![BNY Mellon [South America]](/article_images/articledir_3397/1698932/1_80by80.jpg)
