Transit Insurance Group made the decision transform into a sponsored captive to better serve the “diverse” needs of the public transit community within the United States.

Richard is joined by Barbara Rhoades, CEO of ⁠Ohio Transit Risk Pool⁠ and a board member of Transit Re, and Sandy Bigglestone, deputy commissioner of captive insurance in the State of Vermont.

The Cayman Islands Monetary Authority (CIMA) issued 12 new international insurer licenses in the fourth quarter of 2024, including three B(i)s licences, eight B(iii)s, and one Class C. 

Japanese multinational TDK Corporation has formed a reinsurance captive in Luxembourg, managed by Strategic Risk Solutions.

Experienced insurance manager John Rowson has joined Alternative Risk Management as new business director.

Despite the Internal Revenue Service making some concessions in its long-awaited final version of 831(b) regulations, particularly in relation to loss ratio thresholds, industry commentators believe it continues to target micro captives unfairly, with one legal challenge already filed.

The US Department of Labor (DoL) has issued a notice of Employee Retirement Income Security Act (ERISA) exemption for New York-based Memorial Sloan Kettering Cancer Center (MSKCC), regarding a pension risk transfer to its captive.

Vermont’s Department of Economic Development confirmed it issued 41 new captive licences in 2024, among its highest years for new formations.