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Cayman issues 33 insurance licences in 2022

Luke Harrison
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The Cayman Islands Monetary Authority (CIMA) issued 33 new insurance licenses in 2022, among the highest numbers of new licenses issued in a single year since 2013, according to new data released by the regulator.

CIMA stated it had a total of 670 international insurance at the end of 2022, the fourth consecutive growth year for the total number of insurance licensees.

Of the 670 international insurance companies, 277 are pure captives, 127 are group captives and 155 segregated portfolio companies (SPCs), meaning 559 can be classed as captives.

This does not included individual cells within the SPCs, while there are also 20 special purpose vehicles, 18 commercial insurers and 73 reinsurance companies.

Lesley Thompson, chair of the Insurance Managers Association of Cayman (IMAC), said the performance of industry in supporting captive owners and insurers navigate tough direct and reinsurance market conditions demonstrated the confidence investors have in the fundamental features of Cayman’s insurance and reinsurance sector.

“Cayman’s exceptional combination of experienced professionals, a responsible yet proportional regulatory regime and tax neutrality continue to make it the domicile of choice for international insurance/reinsurance,” Thompson said.

“Our significant growth in 2022 is a strong motivator to enhance our efforts to engage global investors with the story of the Cayman Islands insurance/reinsurance industry and push for even greater growth in 2023 and beyond.”

Total premium for the 670 companies in the international insurance sector reached $23bn in 2022 with assets under management of $74.1bn.

The vast majority (89%) of risks insured in Cayman relate to North America. Medical malpractice and workers’ compensation continue to be the largest primary lines of business of Cayman insurers with a share of 22% each, followed by general liability (13%) and property (11%).

EY Luxembourg sees EB consulting opportunities, broader captive services

Richard Cutcher
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EY Luxembourg sees EB consulting opportunities, broader captive services

EY Luxembourg’s insurance consulting practice is targeting the captive employee benefits sector and believes it can “complement” existing propositions in the market.

Speaking on a GCP Short released on 29 March, EY partner Emiliano Luzzi and Vittorio Zaniboni, captive and insurance excellence leader, discussed the firm’s decision two years ago to establish an insurance consulting practice in Luxembourg and their focus on employee benefits.

The consulting practice has grown to 13 people with Zaniboni joining in September 2022 having previously been chief insurance officer at General Employee Benefits.

With regards the broader insurance consultant practice that Luzzi oversees, he said he is excited for it to be part of EY’s Global Captive Network.

Luzzi explained they will be focusing on supporting captive owners on underwriting and renewal cycle management, cash flow optimisation, risk appetite and retro protection management.

“It has a long history within EY and is one of the most successful captive service providers amongst the Big Four,” he said.

“With a growing number of captives domiciled in the EU and especially Luxembourg, where we have a lot of companies moving in to establish their captives, our idea is to complement the services offered by our US colleagues by adding additional ones, which can really make a difference in the captive offering space.”

EY has not historically been known for its work on the international employee benefits side of captives, but Zaniboni believes there is a unique role a firm such as EY can play.

“I realised that none of the Big Four were structurally present in providing support to captive from the [employee benefits] consulting side,” Zaniboni said.

“We believe that we can complement the current offer that is out there already. There are a number of entities that are pretty active supporting captives on the EB side, providing knowledge and expertise on the specific benefits that are offered on the different local markets and on the transactional parts of setting up a captive, an EB captive deal.

“While there is not so much support on what I call the insurance side of the equation, meaning running the book, running the captive with EB portfolio insight and being sure that all the governance aspects are properly taken care of.

“It’s true EY hasn’t been very active in this sector so far, but I believe that there are all the necessary elements in the value proposition that we are putting on the market to make it meaningful.”

Listen to the full episode with Emiliano Luzzi and Vittorio Zaniboni here or on any podcast app. Just search for ‘Global Captive Podcast’ and click follow or subscribe.

GCP Short: EY builds captive presence in Luxembourg

Richard Cutcher
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Emiliano Luzzi, EY
Vittorio Zaniboni, EY

In this GCP Short, produced in partnership with the EY Global Captive Network, Richard is joined by Emiliano Luzzi, partner and insurance consulting leader in Luxembourg, and Vittorio Zaniboni, captive and insurance excellence leader, to discuss the recent expansion into Luxembourg.

In a 15 minute discussion, Emiliano tells us about the development of EY’s insurance practice in Luxembourg over the past 18 months and its main areas of focus, while Vittorio explains the role he sees for EY in employee benefits consulting.

For more information on the EY Global Captive Network, visit their Friend of the Podcast page here.

Everen declares $200m dividend, appoints new COO

Luke Harrison
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The board of energy mutual Everen has appointed Robert Foskey its chief operating officer, succeeding George Hutchings who is retiring year, end but will remain with the company for the balance of 2023 as special advisor.

The newly elected board also selected John Weisner as chair and Robert Wondolleck deputy chair for 2023.

Everen recorded a net loss of $776.7m in 2022, driven by net investment losses of $524.8m, net underwriting losses of $229.2m and general and administrative expenses of $22.7m.

Board directors declared a dividend in the aggregate amount of $200m payable on or before 29 September 2023 to shareholders.

Bertil Olsson, president and CEO, said: “While 2022 was financially challenging, our insured losses were within expected levels. Everen is focused on creating long term value and a strong commitment to our shareholders.

“Our goal is to continuously deliver stable and sizeable capacity with consistent terms and conditions through difficult market environments. Over the past nine years, Everen has charged premiums of $4.1bn while returning almost $3bn in dividends to shareholders.

“The Board’s decision to issue the $200m dividend carefully considered the company’s multi-year capital management plan and potential future capital needs of the strategic plan.”

Robert Foskey, senior vice president and COO, said: “During 2022, Everen focused on several strategic plan initiatives including expanding our product offering by increasing the limit to $450m, rollout of the company’s new brand and website, and enhancing our internal and external marketing activities.

“We continue to see strong interest from energy companies around the world and welcomed two new shareholders including CEZ from the Czech Republic and Colonial Enterprises from the United States.”

In a recent interview with Captive Intelligence, Olsson discussed how Everen is helping to facilitate the global transition to a greener economy by providing an insurance option to all types of energy companies, including both old and new projects.

New French legal framework an “unprecedented opportunity” for captives – Emma Sansom

Richard Cutcher
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New French legal framework an “unprecedented opportunity” for captives – Emma Sansom

French legislation passed at the end of 2022 is presenting an “unprecedented opportunity” for captives in Europe, according to Emma Sansom, Zurich’s group head of captives.

In a wide-ranging interview as guest co-host of GCP #81, Zurich’s new captive chief discussed her priorities for the new role, where she expected to see further innovation and the overall value proposition of captive insurance.

Sansom moved to Switzerland to take on the new role at the start of the year, having previously been Zurich’s head of captive services in the UK. Captive Intelligence reported today that Esme Gould will succeed Sansom in that role.

Discussing recent moves in Europe for new captive legislation, Sansom said developments in France were particularly promising.

“The recent legal framework that has been announced I think is actually an unprecedented opportunity in this space,” she said.

“You’ve got the French Treasury talking about captives providing support for systemic risks for their parents. We need to be getting in and engaging with the market and understanding what it is that Zurich can do to support their customers and their new potential customers in this space.

“There’s been conversations about potential repatriation, but actually I think there’s a huge opportunity for new formations as well.

“We can provide some support and insight into those conversations along with the likes of Aon, WTW and Marsh.”

Sansom also said she was keen to explore whether more group captive-type structures could become better utilised in Europe.

Zurich already works with group captives in the North American market and in January 2023 announced it had partnered with Innovative Captive Strategies (ICS) to launch a Cayman-domiciled group captive that will bring together companies wanting to optimise their risk management programmes and advance sustainable practices.

“Why it’s worked so well in the US is because you have quite a large market, which means that diversification across a group captive portfolio is quite easily achieved,” Sansom added.

“So I think we need to establish whether or not that’s possible in Europe. They also have dedicated distribution channels and therefore they have experience in management and marketing of these structures. So it is quite well defined and quite mature in the US.”

GCP #81: Zurich’s Emma Sansom and Megan Ogden of EIS Insurance Services

Richard Cutcher
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Emma Sansom, Zurich
Megan Ogden, EIS Insurance Services

In episode 81 of the Global Captive Podcast, Richard is joined by guest co-host Emma Sansom, group head of captives at Zurich, who discusses her priorities in the new role, their view on D&O in captives and Zurich is supporting more cyber captive programmes.

There is also an interview with Megan Ogden, chief operating officer at Energy Insurance Services, a sponsored captive in South Carolina which provides cell facilities to members of Energy Insurance Mutual.

Both interviews reference a recent Long Read on Captive Intelligence about renewable energy companies and their interest in utilising captives. Read it here.

For more information on Zurich’s captive services, visit their Friend of the Podcast page here.

Zurich appoints Esme Gould as new UK head of captives

Richard Cutcher
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Zurich appoints Esme Gould as new UK head of captives

Esme Gould will be Zurich UK’s new head of captives, effective from 1 April, leading a team of six captive underwriters to develop and grow new and existing captive programmes.

Esme Gould, Zurich UK

Gould’s appointment follows Emma Sansom’s move into Zurich’s group head of captives position at the start of the year.

Bernadette Hackett, Zurich’s head of customer and distribution management, said: “Esme is a talented leader, and brings with her deep insight and knowledge of our business and the market.

“She was the outstanding candidate to lead our captives business in the UK.  Her appointment reflects the strength and diversity of our internal talent pool.”

Gould is currently head of heavy industry in Zurich’s energy, marine and construction team. 

She has also held a number of energy underwriting positions with Zurich since joining the company in 2014.

“I’m thrilled to take on this role at such an exciting time for the captive industry,” Gould said.

“We see lots of opportunities for businesses to establish and manage captives in innovative and cost-effective ways. I’m looking forward to exploring these opportunities with new and existing customers, and our distribution networks.”

Watkins, industry leaders launch VEB consultancy

Luke Harrison
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Watkins, industry leaders launch VEB consultancy

Promethean Risk Solutions has been formed by industry veterans Kirk Watkins and Michael Zuckerman, focusing on building and consulting on voluntary employee benefits and other third party risk programmes.

Promethean’s model does not require its clients to have a captive or to join a group captive programme, with Promethean utilising its own captive, FairShare, to reinsure the risk and return 100% of the net profits to the customer.

“We are excited to introduce Promethean’s fresh take on voluntary benefits, our unique approach not only generates additional profits for organisations but enriches the lives of employees, tenants, students, alumni, customers, and other stakeholders,” said Watkins.

“We work directly with brokers, captive managers, H.R. professionals, or captive owners. Whether or not an organisation owns a captive, they can still participate in this impactful and profitable programme.”

For insureds with an existing captive, Promethean can structure the programme to retrocede the risk.

Zuckerman said: “We believe our offerings will be a game-changer. We are excited to help organisations leverage their resources and generate profits/share risks to benefit their stakeholders. It is a win-win offering.”

Zuckerman and Watkins will be supported by a board of advisors made up of former Vermont captive regulator David Provost, Michael Corbett, of Pinnacle Financial Partners, and Courtney Claflin, a CICA board member and head of insurance at Fluid Truck.

The firm’s regulatory and insurance counsel is provided by Benjamin Whitehouse, partner at Butler Snow and a member of its regulatory and government relations practice.

Holahan and Roehl join BakerHostetler from MMM

Richard Cutcher
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Holahan and Roehl join BakerHostetler from MMM

Experienced captive lawyers Joe Holahan and Tony Roehl have joined BakerHostetler from Morris Manning & Martin.

Washington DC-based Holahan and Atlanta-based Roehl are joined by fellow partner Lori Bibb, four associates, a counsel, a paralegal and a legal assistant.

Holahan is a respected lawyer in the captive insurance industry, with experience on formations, mergers and acquisitions, governance and contracting.

“I am thrilled to welcome Joe to the Washington office,” said Jeff Paravano, managing partner of the firm’s Washington office. “Joe’s insurance industry and related transactional and regulatory experience will undoubtedly benefit our clients.”

Roehl is well known for his involvement in the Georgia captive community, including as a founding member and board director of the Georgia Captive Insurance Association.

“The Business Practice Group has been on a tremendous trajectory, adding dozens of talented attorneys over the past year,” said Joann Gallagher Jones, managing partner of the firm’s Atlanta office.

“Tony and Lori share our commitment to excellence, and I am delighted to have them join the Atlanta office.”

In a recent Long Read on Georgia as a captive domicile, he told Captive Intelligence: “The state is an excellent place to do business. And we’re fortunate to have a number of very large and successful companies here in the state.”

Holahan has featured in multiple episodes of the Global Captive Podcast on topic such as governance, M&A and cell captives.

VCIA partners rising professionals to promote next generation

Luke Harrison
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Several rising captive professionals have partnered with the Vermont Captive Insurance Association (VCIA) to formalise the Vermont Captive Insurance Emerging Leaders (VCIEL), in a bid to help address the challenge of developing the next generation’s captive workforce.

The group will be a platform not only to recruit students to the industry, but cultivate emerging talent already working in captives.

“VCIA is proud to work with the VCIEL to take strategic actions that yield positive results for the industry,” said VCIA President Kevin Mead.

“We take this workforce challenge seriously and the group is a deliberate way to seek effective solutions.”

Brittany Nevins, a major catalyst for the group and the captive insurance economic development director for the State of Vermont, said: “We are at a critical time in our industry where there’s rapid growth captive formations, while those who are providing services to these companies are retiring faster than those entering the industry.

“We will address this challenge proactively in Vermont with VCIEL.”

Formed under the auspices of VCIA, VCIEL aims to preserve and advance Vermont’s captive domicile status through developing a new and diverse talent base to contribute to the State’s captive community and add value to the industry worldwide.

VCIEL holds regular meetings and welcomes more captive professionals to bolster its group.

It will provide student outreach and networking opportunities, as well as build out a roster of speakers to add fresh energy to the captive conference circuit.

Ian Davis, senior vice president of captive insurance at M&T Bank and a member of VCIEL, said: “Vermont is home to one of the largest networks of experienced and knowledgeable captive insurance professionals in the world.

“VCIEL represents one way to leverage the expertise that exists to promote the state, highlight captive insurance career opportunities, and support future leaders.”

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