Reorganised GM captive breeds new manager

General International Limited (GIL), General Motors’ Bermuda-based captive insurance company, is to be independently managed by a new company, Granite Management, born out of the captive’s current management team

Concordis develops cell captive network

Financial holding company Concordis Group has announced that it is developing a ‘pipeline’ of five potential captive insurance cells in what it describes as “a wide range of industries and states” to be created and launched by December 2010

Heritage lays claim to first PCC amalgamation

Heritage Insurance Management has performed the first amalgamation of two protected cell companies into a single PCC entity, Harlequin Insurance PCC

Micronesia licenses first captive

The Federated States of Micronesia (FSM) has licensed its first captive insurance company, under the management of the recently approved Aon captive office in the domicile

Cayman Islands chases further TIEAs

The Cayman Islands has announced that it is to conclude a further 16 tax information exchange agreements (TIEAs) with several G-20 jurisdictions

RIMS and SIIA back LRRA property bill

The Risk and Insurance Management Society (RIMS) has added its voice to that of the Self-Insurance Institute of America (SIIA) in backing a reintroduced bill proposing extension of the Liability Risk Retention Act (LRRA) to include commercial property insurance

Ariel’s Kramer makes way for Rivaz

Ariel Holdings has announced that founding member Don Kramer has stepped down from the CEO role and will be replaced by president George Rivaz

FERMA concerned by ‘excessive’ capitalisation

The Federation of European Risk Management Associations (FERMA) has reiterated its concern that ‘excessive levels’ of capitalisation under Solvency II will harm the European insurance industry.

FERMA said it shared the views expressed in a recent report published by the European Insurance Association (CEA) entitled ‘Why excessive capital requirements can harm consumers and the economy’.

WTC captive settles for $657m

The WTC Captive Insurance Company has agreed to settle claims up to a value of $657m filed by around 10,000 plaintiffs. The plaintiffs claim they were injured as a result of the cleanup operation following the 11 September 2001 World Trade Center attacks.

Missouri hits billion-dollar captive mark

The captive insurance market in Missouri reached an annual premium volume of just over $1bn in 2009, according to the state's Department of Insurance (DoI)

Willis mourns loss of Guernsey captive head

Willis Global Captive Practice has announced the sad loss of Richard Falla, MD of its Guernsey Captive Operations, to cancer on 21 February
 

HIM not part of HIBL sale to Marsh

The HSBC Group has refuted claims that HSBC Insurance Management (HIM) is on the brink of sale as part of the agreement to sell HSBC Insurance Brokers Limited (HIBL) to Marsh

SRS expands into Hawaii

Strategic Risk Solutions (SRS) has announced the expansion of its captive management operations into Hawaii with the hiring of former captive regulator Judy Nako