A Kansas-based health system, Via Christi Health, has withdrawn a Labor Department application to fund life insurance risks through its captive.
Under the proposal, the policies would be written by Minnesota Life Insurance, which would reinsure the risk through the parent company’s Virgin Islands branch of its Cayman-domiciled
captive.
06/01/2012
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PetroChina and China National Petroleum Corporation (CNPC) signed an agreement on 4 January to establish a joint captive and have applied for approval from the China Insurance Regulatory
Commission.
The registered capital of the company will be RMB 5bn.
05/01/2012
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The director for business development of Delaware’s department of insurance has stepped down to become Alvarez & Marsal’s risk management advisory group director.
Mary Jo Lopez (pictured) has served the state of Delaware for the past three years, working with the Delaware Captive Insurance Association under Commissioner Stewart.
05/01/2012
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The head of South Carolina's insurance agency resigned at the end of December 2011.
Governor Nikki Haley appointed David Black to head up the department only eleven months ago.
04/01/2012
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Marsh announced today that it has completed its acquisition of the brokerage business, Alexander Forbes (AF).
This includes its South African insurance broking operations, Alexander Forbes Risk Services and connected subsidiaries, and AF’s insurance broking operations in Botswana and Namibia.
04/01/2012
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An Act offering incentives for establishing captives became applicable in Connecticut on January 1 2012.
‘An Act Promoting Economic Growth and Job Creation in the State’ was signed into law by Connecticut’s Governor Malloy in October 2011.
03/01/2012
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Four industry associations have demanded that a court decision to allow risk retention groups to operate in Nevada is upheld.
The 9th US Circuit Court of Appeals in San Francisco ruled that a Nevada District Court should allow a risk retention group (RRG) to continue to operate in the state in July 2011.
03/01/2012
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Liberty Syndicate Management, a member of Liberty Mutual Group, has appointed a new business advisory team leader.
Rene Dubois, a commercial lawyer, has joined the team with over 17 years of experience in the insurance and reinsurance markets.
03/01/2012
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Microsoft has received provisional authorisation to expand benefit risks using the company’s captive.
The additional coverage, tentatively authorised by the Labor Department will impact about 54,000 US employees, according to its application submitted in October by George O'Donnell, senior
vice-president of Aon Hewitt, New Jersey.
20/12/2011
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Non-life insurers may fall short of Solvency II capital requirements Fitch ratings has predicted, despite charges being lowered.
This is based on premium calibration charges proposed under the fifth Quantitative Impact Study (QIS5).
19/12/2011
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The Cayman Islands’ catastrophe bonds market is expected to thrive in 2012 due to the economic crisis and new special purpose vehicle legislation.
Under new legislation the Cayman Islands regulators have created a separate class for special purpose vehicles (SPVs) under the captive arena.
19/12/2011
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San Antonio Internacional, a Latin American onshore drilling and well services provider is looking to own a captive.
The company has an annual premium of over $1.5bn is looking to purchase business interruption and erection all risks.
16/12/2011
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Bermuda will not have to apply the most stringent aspects of Solvency II to be deemed equivalent, the European Commission has announced.
Karel Van Hulle, the European Commission’s head of unit for insurance and pensions, said ‘segmented equivalency’ was permitted.
16/12/2011
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![BNY Mellon [Europe]](/article_images/articledir_1753/876987/1_80by80.jpg)
