News

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. 

The Prudential Regulation Authority’s (PRA) proposal to allow UK captives to insure owner-controlled insurance programmes (OCIPs) could boost the appeal of its pending captive regime among companies involved in major infrastructure projects. 

The Vermont Captive Insurance Association (VCIA) celebrated and recognised three legends of the domicile and wider market at its annual conference in Burlington this week.

The Kingdom is currently exploring the possibility of introducing a framework for captives as part of its broader efforts to strengthen its domestic insurance sector. 

The Prudential Regulation Authority (PRA) outlined its draft regulations (CP11/26) for captives in the United Kingdom on 14 July, including a new “proportionate and tailored” solvency regime, importantly, outside of Solvency UK.