Luke Harrison

Standard Life, part of Phoenix Group, has completed a £1.9bn bulk purchase annuity transaction with the Sedgwick section of the MMC UK Pension Fund.

Despite the latest 831(b) micro-captive case, CFM Insurance, Inc. v. Commissioner of Internal Revenue, once again going in favour of the Internal Revenue Service, this particular case proved a much closer affair, with the Tax Court ruling in favour of the captive on certain issues, particularly around risk distribution.

The Hong Kong Insurance Authority (HKIA) has granted authorisation to SAIC Motor Insurance, a captive owned by the SAIC Motor Corporation. 

Global law firm Goodwin has appointed Christopher Pozzo as partner in the company’s financial services practice.

Insurance intermediary, Specialist Risk Group (SRG) has completed the acquisition of German broker Ecclesia’s businesses in the Netherlands and Belgium.

WTW expects to manage up to five captives in France by the end of the year, according to Edwina Leclere, associate director of captives and insurance management solutions for France.

CIC Services has appointed Jake Ridgway as VP of people operations, where he will lead HR and operations to support organisational effectiveness, enhance company culture, and ensure company alignment with CIC Services’ objectives.

AM Best has revised the outlooks to negative from stable and affirmed the financial strength rating of A- (Excellent) and the long-term Issuer credit rating of “a-” (excellent) of Vermont-domiciled Agrinational Insurance Company.