Wednesday, July 24, 2024

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Meta deploys captive alongside Side A ‘Laser DIC’ policy

  • Hard D&O market prompted Meta to look for alternative options
  • Corporate Law changes in Delaware earlier this year permitted the use of captives for some Side A risks
  • Laser DIC policy tailored to ensure Ds & Os retain coverage equivalent to the commercial market
  • Meta creates separate cell within its Hawaii captive to segregate D&O capacity from other risks

Meta, the parent company of Facebook and WhatsApp, has used its Hawaii-domiciled captive to provide Side A insurance coverage to its directors and officers.

The technology giant originally formed Honu Insurance Company, LLC in December 2020 to start reinsuring international employee benefits.

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