News

Insurance buyers are becoming more confident in their captive utilisation as line of business and retentions increase, particularly amongst the largest insureds.

Bermuda has seen significant growth in its segregated accounts company (SAC) porfolio, with a “noticeable” increase in the number of registered cells, according to Timae Flood, deputy director of supervision for insurance at the Bermuda Monetary Authority (BMA). 

The Connecticut State Senate has passed House Bill 6433, with the bill now waiting on the Governor’s desk to be signed into law.

AM Best has affirmed the financial strength ratings of ‘A’ (excellent) and the long-term issuer credit ratings of “a+” (excellent) of Switzerland-domiciled Solen Versicherungen AG (SVAG) and Texas-domiciled Noble Assurance Company (Noble).

There was an optimistic tone to conversations concerning the potential UK captive regime at the Airmic conference this week, as industry readies itself for further engagement with regulators.

The Financial Services Commission of Barbados has launched a consultation, with questions on legal and structural framework, financial and capital requirements and licensing timelines, among other topics.

Brown & Brown has entered into an agreement to buy Accession Risk Management Group, Inc, which encompasses significant captive and cell books managed by Oxford Risk Management Group and Risk Management Advisors.

Hong Kong’s first international captive owner and first new formation in seven years is a “promising” development for the domicile, while Australia is expected to keep producing new captive owners.