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Shiwei Jin moves into new global progammes role at AXA XL

Richard Cutcher
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Shiwei Jin moves into new global progammes role at AXA XL

AXA XL has continued its reorganisation of multinational and captive services by appointing Shiwei Jin head of global programmes for APAC & Europe.
 
Based in Hong Kong, Jin will be dedicated to AXA XL’s global programme strategy, value proposition and transformation for its multinational clients in Asia, Australia and Europe.

“Global programmes are at the core of our strategy and a key area of focus for our APAC & Europe Business Unit,” said Adias Gerbaud, chief operating officer for AXA XL in APAC & Europe.
 
“Shiwei is a seasoned insurance professional, specialised in global commercial insurance programs. She has a proven track record in working with international clients to provide bespoke and complex solutions and excellent service.”

Jin’s title was previously global programmes and captives regional director for APAC and the change follows news that Marine Charbonnier is now head of captives and facultative underwriting for APAC & Europe.

Jin and Charbonnier will continue to work closely together with clients in both regions.

Charbonnier, a respected captive practitioner in Continental Europe, was previously global programmes & captives regional director for Europe at AXA XL.

In her new role, Charbonnier will lead AXA XL’s captive business for the APAC & Europe business unit. She will also be responsible for implementing the company’s outwards facultative underwriting strategy for the APAC & Europe business unit, supporting local underwriters.

Captive formation activity in 2023

Richard Cutcher
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Collecting and making sense of captive insurance statistics is not a straightforward task, but this data, if collated, contextualised and communicated properly, provides valuable insight for the industry on trends and, in particular, new business activity.

Captive Intelligence is in direct contact with captive and insurance regulators in more than 60 domiciles around the world as they report their year-end numbers.

Our approach is to contact each regulator directly with questions regarding new captive licences issued during the calendar year, number of surrendered licences, year-end totals, breakdown by type of captives and the latest premium and assets under management (AuM) amounts.

Every domicile defines and counts captives in a slightly different way, while definitions and names of captive types vary too. Some domiciles struggle to provide breakdowns, but it is our aim to work with regulators to best understand and communicate their numbers as accurately as possible.

Some rules and definitions we follow that are important to note when using and understanding the below data:

  • This is a live table that is updated when new data is provided to Captive Intelligence.
  • We only publish data when we have verified numbers provided directly to us from the relevant regulatory body.
  • The core of cell or ‘sponsored’ captive structures (ie. PCC, ICC, SPC, SAC, Series) are included in our captive count, but individual cells and series are not.
  • We do collect individual cell and series data where domiciles provide it, and we will list those numbers, but the industry does not currently have a consistent approach.
  • Group and Association captives are counted together under ‘group’.
  • We have included the latest available Premium and Assets under Management (AuM) data provided by domiciles. In most cases this is from 2021, with 2022 updates expected from April this year.

Captive Intelligence will be adding further tables displaying all the statistics from other regions and domiciles as we receive them in the coming weeks.

UNITED STATES

EUROPE

BERMUDA & CARIBBEAN

ASIA PACIFIC & MIDDLE EAST

Tennessee appoints Mark Wiedeman as new captive director

Luke Harrison
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<strong>Tennessee appoints Mark Wiedeman as new captive director</strong>

The Tennessee Department of Commerce & Insurance (TDCI) has appointed Mark Wiedeman as director of its captive insurance section.

Wiedeman is the State’s third captive director since 2020, succeeding Jonathan Habart who was promoted to the role in November 2021 and Belinda Fortman who took over in June 2020.

Wiedeman  brings captive regulatory experience having previously been assistant director of the captive insurance division in Utah. He left that role in September 2022.

“Mark’s return to the field of insurance regulation is a huge win for TDCI, for all of Tennessee’s captive insurance licensees, and for the State of Tennessee,” said TDCI Commissioner Carter Lawrence.

“His proven leadership and sterling reputation in the captive insurance industry will build on our momentum as a first-choice domicile for captive insurance companies both domestically and internationally. I am thrilled to welcome Mark to the TDCI team, and I am confident he will take Tennessee to the next level of success.”

Tennessee said it has 151 active licensed captive insurance companies and a total of 562 risk-bearing entities with annual gross written premium exceeding $1.72bn.

“Tennessee has a great reputation among captive domiciles, and I am excited to be joining Tennessee’s team where I will work to help them continue in their success,” Wiedeman said.

“My goal is to maintain a regulatory structure that allows for stable and sustainable growth while giving captive companies a domicile in which they can succeed in providing their parent companies with innovative insurance products.”

François-Xavier Dub appointed general manager of Generali Employee Benefits

Luke Harrison
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<strong>François-Xavier Dub appointed general manager of Generali Employee Benefits</strong>

Generali Employee Benefits (GEB) has appointed François-Xavier Dub as general manager, where he will report directly to GEB CEO Ludovic Bayard.

Dub has held the role of head of insurance within the partnerships division at Generali France since 2019.

GEB is a leading fronting network for employee benefits programmes reinsured into corporate captives, with presence and local partners in more than 120 countries.

The GEB network operates through 12 Regional offices worldwide coordinated by its headquarters in Luxembourg (Assicurazioni Generali SpA- Luxembourg Branch).

Dub began his career in 2008, within the General Inspectorate of Société Générale, before joining the strategy consulting firm Exton Consulting in 2010, first as a senior consultant and then as a manager.

In 2014 he joined Generali France as director of operations within the partnerships department. He was appointed director of personal insurance solutions in 2016, and then extended his scope of responsibility to P&C Insurance Solutions in 2019.

Renewables sector embracing cell captive solutions

Luke Harrison
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<strong>Renewables sector embracing cell captive solutions</strong>

There has been a rise in the utilisation of protected cells in the renewables market due to the accessibility for smaller players and a challenging market environment.

As with many in the commercial market, the renewables sector has faced pricing and coverage challenges despite a rising appetitie from (re)insurers to underwrite the associated risks.

“There has definitely been an uptick in the use of protected cells, particularly given it’s a much easier entry point for many of the smaller players, as they can get involved and share some of that expense, while still getting the bulk of the benefit,” Michael Kolodner, global renewable energy & US power leader at Marsh, told Captive Intelligence.

“There’s a lot of existing single parent captives at the high end of the maturity scale. There are also a number of group captives that already existed.”

Energy Insurance Services (EIS) owns and manages a sponsored captive in South Carolina which members of Energy Insurance Mutual (EIM) can access.

Megan Ogden, chief operating officer of EIS, said in an upcomoing Global Captive Podcast episode that they were increasingly seeing renewable projects and infrastructure insured by their members using the cell facility.

“We have seen a big upswing in coverage for renewable projects in the last 12 months in EIS,” Ogden said.

“There are several risks factors including construction risks, regulatory risks, technological risks, operational risks and environmental risks that are participants need to address.

“While the commercial market is currently offering a more consistent approach to renewables in both capacity and pricing, a captive or cell is a very valuable alternative risk management and financing tool.”

Kolodner highlighted how captives are particularly useful in the renewables market as there is a high amount of dismemberment and specification within the class.

“If you are an oil and gas major, the marketplace for your risk is different than if you are an independent developer simply looking for insurance for a solar facility,” he said.

“So, the market is segmented and specialised, and renewables can be a hyper specialisation within the broader space, or it can be just another asset.

“And this is where captives actually help bridge this gap quite significantly.”

The most mature players in the renewables market are ultimately using their captives to control the different market access challenges.

Kolodner added: “So, if you run everything into your captive and then you approach the market, on a wholesale basis, you’ve got the ability to go with a more diversified portfolio than if you’re bringing individual projects to the market to the renewables only market in a particular region.”

Captive Intelligence will be publishing a Long Read on captives in the renewables sector on Thursday, 16 February.

Are ERISA benefits back in fashion for captives?

Luke Harrison
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Are ERISA benefits back in fashion for captives?
  • “Several” captive applications in to the Department of Labor
  • Applicants undeterred by expected lead time and administration, but cost-effectiveness questioned
  • Uncertainty whether the expedited process (ExPro) may return
  • Further changes to exemption process have been touted by the DoL

After a gap of four and a half years between successful captive exemption applications to the Department of Labor (DoL), the 2022 achievements of Phillips 66 and Comcast is laying the path for further employee benefits activity in the United States.

Bursting the flood gates is too strong a term to describe the increase of interest in a notoriously admin-heavy process, but consultants and (some) clients are bullish about their desire to reinsure employee benefits under the United States’ Employee Retirement Income Security Act (ERISA) into their captive.

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Stonefort Friend of the Pod

Richard Cutcher
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Stonefort Group stands as one of the largest and most successful insurance, reinsurance, and captive management businesses in Luxembourg. Established in 2000 and with an excellent A.M. Best A- rating, Stonefort Group provides bespoke B2B solutions to those seeking advanced alternative risk management solutions. Entrepreneurship is built on trust and principles, and mastering risk management is essential. Stonefort Group’s underwriting philosophy and risk appetite places the effective management of risk at the core of its risk selection process. 

Based in Luxembourg, a center of excellence for insurance and reinsurance, and the top European captive domicile, the Group comprises of three integrated business units – Stonefort Insurance, Stonefort Reinsurance, and Stonefort Captive Management – enabling it to offer a comprehensive one-stop-shop experience for a broad range of risk exposures and business activities worldwide. 

The importance of a reliable and financially sound insurance partner has never been more critical, and Stonefort Group has the independence, credentials, experience, and financial strength to be the trusted partner of choice. 

With regards to Stonefort Captive Management, it is a fully independent provider for captive management services, offering also strategic advice and guidance, as well as extensive support for clients’ needs throughout the entire duration of their business cycle. Our expertise and our business units’ integration allow us to provide clients with upper-class services to optimize operational efficiency and cost reduction, while also promoting robustness against market volatility. At the same time, our solutions ensure that the model upholds good governance and duty of care, as well as adheres to corporate social responsibility. By entrusting us with their needs, clients can rest assured that their risks are in safe and sound hands. 

At Stonefort, we understand that captive management is a complex endeavor, and our clients need to be assured that their requirements are properly met. That is why our team is dedicated to providing the very best in terms of specialized advice and support, with an emphasis on ensuring that clients receive the solutions they need. With our assistance, clients can expect a captive management process that is tailored to their individual needs, while offering the highest levels of protection.

KEY CONTACTS

John Morrey

Group Chief Executive Officer

john.morrey@stonefort.com

fabrice volkaerts

Group Chief Operating Officer fabrice.volkaerts@stonefort.com

bertrand gilson

Client Relationship Manager

Bertrand.gilson@stonefort.com

STONEFORT ON THE GLOBAL CAPTIVE PODCAST

Sonepar captive second to sign up to UN’s principles for sustainable insurance

Richard Cutcher
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Sonepar captive second to sign up to UN’s principles for sustainable insurance

Switzerland-domiciled Sonepar International Re is the second captive to become a signatory of the United Nations’ Principles for Sustainable Insurance (PSI).

The UNI PSI serves as a global framework for the insurance industry to address environmental, social and governance risks and opportunities.

Sonepar is an independent family-owned French multinational providing business-to-business distribution of electrical products, solutions and related services. It had sales of €26.4bn in 2021.

François Beaume, vice president for risks and insurance at Sonepar, said: “Being a member of the PSI initiative reinforces our position as a leading pioneer of the energy transition, by leveraging risk management and insurance and operating with complete integrity.”

Captive Intelligence reported in December that Enel Insurance had been the first captive to sign up to the PSI, and more were expected to follow.

Speaking exclusively to Captive Intelligence in GCP #76, Antonio Nervini, head of insurance in the Netherlands at Enel, explained why and how they had become the first captive signatory of the PSI.

Nervini said one of the motivations to become a signatory was to lead the way and he now hoped other captives will follow suit.

“We understood that it was time for us to step in and take the lead and try to advocate for sustainable insurance,” he said.

“It’s time for captives to join the PSI. It’s time to take action. So we would like to think that others will come soon. This is our main goal, to invite others to join us.”

HDI appoints Jason Tyng as its first US captive leader

Luke Harrison
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HDI appoints Jason Tyng as its first US captive leader

Jason Tyng has joined HDI Global in the newly created role of lead of US Captive Solutions at the multinational industrial insurer.

HDI Global, which already has strong captive expertise in Europe, said that the appointment was in response to the importance of the American market to its captive solutions business.

Tyng joins HDI Global from Amazon, where he recently served as head of construction risk, handling placements of both international and domestic programs, and brings more than than 15 years of sales and leadership experience in commercial insurance.

“As a Captive partner, our goal is to provide holistic, long- term management across multiple lines of business, be it property, liability, marine or cyber,” Tyng said.

“Our clients often conduct international business. With us, they have the knowledge and confidence to choose a risk management team that will work with them to find the best solution that fits their organization in the long term.”

HDI Global’s Captive Services, in the last three years, has had a Compound Annual Growth Rate (CAGR) of ceded premiums to captives averaging 26%.

Dr Thomas Kuhnt, member of the board of HDI Global SE responsible for Captive services, said: “While in Europe we are already a leading captive player, building up our presence in the US with Jason is part of our global growth strategy.

“For us, it is crucial to stay close to our clients and build on local expertise to understand their needs. We can then help our clients in finding the most suitable traditional or non-traditional solutions for risks that the classical insurance market struggles to cover.”

Sixty-two new captives for North Carolina in 2022

Luke Harrison
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The North Carolina Department of Insurance (NCDOI) licensed 62 new captives in 2022, while more than 100 cells and series were also approved.

The licences were a combination of new formations and the transfer of existing captive insurers to North Carolina from other captive domiciles.

A variety of industries are represented in the new cohort of captive owners, including healthcare, construction, financial services and insurance.

Mike Causey, North Carolina Insurance Commissioner, said: “We are excited by the continued success of our captive programme here in North Carolina as we approach the 10th anniversary of the passage of the Captive Insurance Act in 2013.

“Our programme’s growth is fuelled by helping meet the risk management needs of captive owners and members with business-friendly regulation and a focus on professional, responsive customer service.”

There was a total of 1,024 risk bearing captives under the regulation of the NCDOI as of 31 December 2022, comprised of 294 captive insurance companies and 730 cells and series. These numbers include conditional licences and approvals.

Of the 294 active captives at year-end 2022, 215 are pure captives, 51 protected cell captives, 10 risk retention groups and 18 special purpose captive insurers.

The department said that all indications signify that 2023 will be another year of growth for North Carolina’s captive industry as companies of all sizes “seek increased flexibility and lower costs while managing their risk profiles in the hardening market”.

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