News

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. 

Japanese multinational TDK Corporation has formed a reinsurance captive in Luxembourg, managed by Strategic Risk Solutions.

Experienced insurance manager John Rowson has joined Alternative Risk Management as new business director.

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.

Vermont’s Department of Economic Development confirmed it issued 41 new captive licences in 2024, among its highest years for new formations.

SRS Altitude, the managing general underwriter (MGU) focused on alternative risk transfer solutions, has confirmed its launch into North America with the appointment of Milan Pavlik, formerly Amazon’s director of 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%.

Captives domiciled in the European Union may have to wait longer than expected for regulatory relief, after the European Parliament published Directive 2025/2, amending the text of Solvency II which should bring more proportionality for “small and non-complex undertakings”.