Luke Harrison

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.

Luxembourg licensed seven new reinsurance companies in 2024, while five surrendered their licences, taking its year-end total to 197.

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. 

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.

The Internal Revenue Service has finalised the long-awaited update to its 831(b) regulations which sees the loss ratio for micro captives considered as “listed transactions” reduced to 30%, while the loss ratio for “transactions of interest” has been reduced to 60%.

Captive advisory firm, GuideFire has been launched by industry veteran Jesse Olsen to provide captive advisory, management, development, formation and feasibility services for captives.

Law firm Womble Bond Dickinson has made several changes to its firm, office, and practice group leadership, including the appointment of Jeffery Simpson as managing partner at its Wilmington, Delaware office.