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AM Best assigns rating to SAIC Motor Corporation captive

Luke Harrison
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AM Best has assigned a financial strength rating of A- (excellent) and a long-term issuer credit rating of “a-” (excellent) to Hong Kong-domiciled SAIC Motor Insurance Limited (SAIC Captive). The outlook assigned to these ratings is stable.

SAIC Captive is a single-parent captive of SAIC Motor Corporation Limited (SAIC Motor), the largest state-owned motor manufacturer in China.

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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.

ERISA litigation and the growing case for voluntary benefits captives 

Luke Harrison
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ERISA litigation and the growing case for voluntary benefits captives 
  • Lawsuits challenge employers’ oversight of voluntary benefits plans  
  • Broker commissions and carrier practices face fiduciary scrutiny 
  • Captives offer greater transparency and employee value  

Recent lawsuits concerning voluntary employee benefits plans in the United States should prompt employers to rethink how benefits are structured and captives can play a central role by providing better cost management, alignment and transparency around these programmes. 

Law firm Schlichter Bogard LLC recently filed a group of lawsuits alleging breaches of fiduciary duty under the Employee Retirement Income Security Act (ERISA) in connection with employee voluntary benefits programmes in the US. 

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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.

Parametric solutions offer protection for agricultural risk 

Luke Harrison
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As weather events become more extreme, parametric covers are likely to play a greater role in providing the agriculture sector with adequate insurance protection.

Unlike traditional insurance, which requires loss assessment, parametric policies pay when a predefined trigger is met, significantly reducing the time between an event occurring and funds being received. 

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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.

Alberta captives permitted to write surety risks 

Luke Harrison
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Alberta-domiciled captives are now permitted to assume surety insurance risks if they are underwritten by a licensed traditional insurer. 

Since the inception of its captive statute in July 2022, Alberta has proved a popular destination for Canadian businesses, and the jurisdiction now has 40 captives, according to Ci Datahub. 

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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.

AM Best places ITOCHU captive under review with “negative implications”

Luke Harrison
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0

AM Best has placed under review with negative implications the financial strength rating of A- (excellent) and the long-term issuer credit rating of “a-” (excellent) of Cayman-Islands GUNA Re.

GUNA Re is owned by Japanese Fortune 500 company, ITOCHU Corporation, which in March began novating policies from its Bermuda-domiciled captive NEWGT Reinsurance Company (NEWGT).

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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: Alvarez & Marsal launch captive tax practice

Richard Cutcher
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Paul Phillips, Alvarez & Marsal
Mikhail Raybsteyn, Alvarez & Marsal

In this GCP Short, produced in partnership with Alvarez & Marsal, we spotlight new arrivals Paul Phillips and Mikhail Raybsteyn as they build out a global insurance and captive tax practice at the firm.

The duo arrived at A&M at the start of April with Paul and Mike both appointed managing directors based in Dallas and New York respectively.

In a 20-minute discussion, they outline why they have madethe move to start a new global captive and insurance tax practice, their priorities for building a broader captive offering at A&M and observations on recent market events such as another 831(b) ruling against the IRS and Maryland’s announcement to conduct a captive market study.

For the latest news, data-driven analysis and thought leadership on the global captive market, visit ⁠Captive Intelligence⁠ and sign up to our ⁠twice-weekly newsletter⁠.

McMahon receives Bermuda 2026 Fred Reiss Lifetime Achievement Award

Luke Harrison
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Thomas McMahon, EVP of Davies Captive Management Bermuda, has been awarded the 2026 Fred Reiss Lifetime Achievement Award, recognising his contribution to Bermuda’s captive insurance industry and his decades of service to the captive community both locally and internationally. 

Presented annually at the Bermuda Captive Conference, the Fred Reiss Lifetime Achievement Award is awarded by the Bermuda Captive Network.  

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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.

Pinnacle expands Bermuda and Cananda practices with acquisition deal

Luke Harrison
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Pinnacle Actuarial Resources, Inc has acquired Bermuda-based Ordinance Holdings Limited and the renewal rights for clients of Canadian firm Grape Bay Actuarial Consulting Inc, effective 30 June. 

Ordinance provides actuarial consulting services to insurance, reinsurance, captive insurance and segregated accounts companies.  

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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.

Daniel Sims joins Lloyds as Head of Captive Insurance

Richard Cutcher
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Daniel Sims joins Lloyds as Head of Captive Insurance

Lloyds Corporate & Institutional has appointed Daniel Sims as its director and head of captive insurance.

Sims was previously with Barclays for more than 20 years, most recently as a relationship director for captive insurance within Barclays Investment Bank since 2021.

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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.

Paul Sykes departs Aon Guernsey

Richard Cutcher
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0
Paul Sykes departs Aon Guernsey

Captive veteran Paul Sykes has departed Aon Guernsey after being associated with the domicile and broker for more than 35 years.

Sykes leaves his role as managing director of Aon Guernsey and had previously worked for the global broker’s insurance management business in Malta and Gibraltar.

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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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