News

The Cayman Islands Monetary Authority (CIMA) has revoked Class B(ii) licence of Progressive Grocers Insurance SPC, Ltd after failing to pay fees, and meet solvency and reporting requirements.

Hong Kong is expected to attract both new captive formations and existing captives currently domiciled overseas as it seeks to strengthen its position as a leading captive hub in Asia, according to Steve Hutchinson, head of corporate risk & broking in Hong Kong & Macau at WTW.  

Africa Finance Corporation (AFC) has established AFC Captive Insurance Company Ltd (AFC Captive), backed by up to USD$30m in equity capital.

SRS Altitude, the managing general underwriter (MGU) specialising in providing alternative risk transfer solutions to corporate clients and captives, has been approved as a Lloyd's Coverholder.

As part of the relaunch, I–RE has increased its commercial property primary limit to $20m and its general liability limit to $5m and added a new excess facility for both lines up to required limits. 

The captive began writing business in 2023 as a special purpose insurer, providing contractual liability insurance for the decommissioning of oil and gas wells and facilities owned by its parent company, OneNexus LLC.

Michael Parrish joins Aon with more than 30 years of experience across captive insurance, alternative risk financing, risk management and insurance consulting.

Since introducing its captive statute in July 2023, Alberta has proved a popular destination for Canadian businesses, with the jurisdiction now hosting 45 captives.