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NiSource captive gets Excellent rating affirmed

Richard Cutcher
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AM Best has affirmed the financial strength rating of NiSource Insurance Corporation, Inc. (NICI) as A (Excellent) and its long-term issuer credit rating of ‘a’ (Excellent).

The Utah-domiciled captive is owned by NiSource, Inc, a natural gas distribution company headquartered in Merrillville, Indiana.

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Washington State updates, clarifies captive oversight

Richard Cutcher
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Washington State updates, clarifies captive oversight

The Washington State Office of the Insurance Commissioner has published revised rules to clarify the reporting requirements of captives writing business in the State.

The previous Insurance Commissioner, Mike Kreidler, embarked on a protracted battle with large corporates headquartered in Washington between 2018 and 2022, concerning their use of captives to insure business in the State.

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Short: VCIA preview 2026

Richard Cutcher
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Short: VCIA preview 2026
Ian Davis, Aon
Elizabeth Steinman, Aon

In this GCP Short, produced in partnership with the Vermont Captive Insurance Association, we preview the VCIA annual conference that this year takes place in Burlington from August 11th to 13th.

Joining Richard to discuss what delegates can expect from a revamped conference are Ian Davis, president of the VCIA, and Aon’s Elizabeth Steinmann, who is conference chair for 2026.

The VCIA early bird rates end June 30th and it was announced just last week that former Disney innovator ⁠Duncan Wardle⁠⁠ ⁠will keynote on the Thursday.

Link to the ⁠general conference info page⁠ and ⁠VCIA agenda.

New York provides $2m loan to affordable housing captive

Luke Harrison
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New York Governor Kathy Hochul has announced a $2m loan to the Milford Street Association Insurance Company captive.

Vermont-domiciled Milford Street was formed in July 2024 and is owned by members of New York’s affordable housing industry to combat rising liability insurance premiums.

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Statewide captive insurance review could reshape Maryland’s regulatory landscape

Luke Harrison
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Statewide captive insurance review could reshape Maryland’s regulatory landscape
  • Health systems could pursue captive tax relief 
  • Wider captive study could impact other sectors and bring new regulation, taxes 
  • Washington State outcome feared, but Maryland taking informed approach 

Maryland has moved towards closer scrutiny of captive arrangements as lawmakers recently passed Senate Bill 890, requiring the Maryland Insurance Administration (MIA) to conduct a comprehensive study of how captives owned by Maryland-based organisations are used, regulated, and taxed within the state. 

Under SB 890, the MIA, in consultation with relevant stakeholders, must study the use, regulation, and taxation of captives by entities in the State. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Ci DataHub: Major Utah health group launches ‘home state’ captive 

Tony Griffiths
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Ci DataHub: Major Utah health group launches ‘home state’ captive 

Utah has licensed a new captive for a NYSE-listed healthcare firm that already owns a Bermuda-based entity, in a rare move for a domicile that has relatively few captives owned by public companies. 

The Beehive State’s list of registered captive insurers was recently updated to include Welsch Insurance Company, LLC, licensed on 18 April 2026. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Fortune 500 energy firm redomesticates Vermont captive to Texas 

Luke Harrison
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Fortune 500 energy firm redomesticates Vermont captive to Texas 

A Texas-based Fortune 500 energy firm has redomesticated its Vermont-domiciled captive to Texas. 

Recent updates to the list of Texas-registered insurance companies show that Energy Protection Insurance Company was licensed on 31 March.

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Adam Miholic rejoins Marsh Captive Solutions

Luke Harrison
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Adam Miholic rejoins Marsh Captive Solutions

Marsh Captive Solutions has appointed Adam Miholic as its national growth leader.

Chicago-based Miholic rejoins Marsh, where he first began his career in captives a decade ago, from Revatange, a Blackstone Portfolio Company, where he held the role of VP, head of captives and North American placement.

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

As cyber market softens, increased captive role remains 

Luke Harrison
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As cyber market softens, increased captive role remains 
  • Captives provide greater protection against market shifts 
  • Rate reductions may not be sustainable and could reverse 
  • Cyber frequently written as part of multi-line policies 

Despite a sustained decline in commercial cyber insurance rates, captive utilisation continues to increase, with captives playing an ever-greater role in how many organisations finance cyber risk. 

While softer pricing has traditionally reduced the incentive to retain risk within a captive, the current cyber market is not triggering a widespread retreat from captive utilisation. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Group captives Ascot’s largest growth potential – Mark Benz 

Luke Harrison
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0

Group captives are generating the largest amount of interest from US-based clients, according to Mark Benz, EVP and head of alternative risk at Ascot.  

Ascot launched a captives unit in 2023, citing hard market conditions as one of the main drivers behind the launch. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.
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