Transocean’s captive, Ranger Insurance, will not have to pay claims or defence costs to BP has been ruled.
BP had filed claims against Transocean’s insurers last year seeking coverage under property and liability policies held by Transocean.
24/11/2011
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UK parented captives may face more volatility in taxes, depending on the outcome of the UK’s Chancellor of the Exchequer’s Autumn Budget Statement.
George Osborne is due to release his Autumn Budget Statement on November 29 which will impact all UK-based and parented insurance companies.
24/11/2011
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Arizona regulators will discuss the Holdings Company Act and corporate governance standards with industry insiders next January.
For the first time, on January 18, 2012, at the Ashton Tiffany offices, Phoenix, the Arizona department of insurance will be transmitting a training session live simultaneously via webinar and
phone to Arizona’s wider community.
22/11/2011
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The Arizonan director of insurance has reached the end of her eight year appointment.
Christina Urias was appointed director of the Arizona department of insurance in November, 2003, but her appointed term has come to an end.
22/11/2011
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Anguilla insurance regulators are hoping to pass a new insurance act to bring regulation up to IAIS standards.
The Draft Insurance Act 2011, currently before the legislative committee, caters for a number of different types of captive.
22/11/2011
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A Bermudan captive reinsurer parented by YMCA was liquidated on November 9.
The captive, Y-Mutual, was liquidated on the solvent basis it had satisfied all of its reinsurance obligations in just four and half years after stopping active underwriting.
22/11/2011
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$800m floating rate insured notes have been affirmed an ‘a’ debt rating, due to 2037 notes being issued by the captive of the world’s largest disability insurance company, Unum
Group.
Unum’s captive, Northwind Holdings, was created for the limited purpose of holding the stock of Northwind Re issuing the notes and engaging in other activities incidental to the performance
of its duties.
21/11/2011
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Zurich has signed an agreement with workers’ compensation provider, Patriot National Insurance Group, to underwrite workers’ compensation through its agency captive platform.
Under the agreement with Zurich, Patriot is a captive program administrator with full underwriting and claims settlement authority for Patriot's preferred agency captives.
21/11/2011
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Risk managers should budget for somewhat higher insurance costs but capacity remains abundant.
Average renewal premiums increased in the third quarter in three main business lines, said a RIMS benchmark survey.
16/11/2011
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Underwriters are looking to make a greater underwriting profit due to a lack of investment income after suffering from large scale natural catastrophes in 2011.
They have reportedly taken a more traditional approach to risk in 2011, which has increased costs for risk managers.
15/11/2011
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The US healthcare reforms’ impact on workers’ compensation, increasing by 5-10% a year, is over spilling into non-medical areas.
If medical costs represent a third to a half of workers’ compensation costs, obviously workers’ compensation expenses are going to go up across the board said Arthur Koritzinsky,
managing director and captive advisory leader at Marsh.
15/11/2011
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Aon has updated its UK terrorism catastrophe model to meet Solvency II requirements.
The model estimates the financial loss to life insurers from potential terrorism by simulating attacks on more than 2,000 potential UK targets, including places of worship, financial centers,
infrastructure, government and military locations.
14/11/2011
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New Zealand’s captive market is expected to increase in the wake of the 2011 earthquakes.
Higher reinsurance costs are leading companies to consider alternative risk transfer, such as captives, AM Best has reported.
14/11/2011
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