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GCP #61: Middle East Captives with Ronny Vellekoop and David Schupak

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Ronny Vellekoop, Marsh Captive Solutions
David Schupak, MAXIS GBN

In episode 61 of the Global Captive Podcast, supported by legacy specialists R&Q, we explore the current growth in captive numbers in the Middle East, particularly in Dubai and Abu Dhabi, and the potential for more activity in the region.

Our guest co-host Ronny Vellekoop, Senior Executive Officer for Marsh Captive Solutions, based in Dubai, explains how the risk financing culture has evolved in recent years, the impact of the hard market and the updated regulatory regime for captives in Dubai.

Richard is also joined by David Schupak, EMEA Regional Director at MAXIS Global Benefits Network, who provides insight on developments with regards to EB in the region.


For more episodes and to subscribe to the Global Captive Podcast see:

GCP Short: Advancing technology to enhance captive operations

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Michael Serricchio, Marsh Captive Solutions
Ellyn Casazza, Marsh Captive Solutions
Robert Welch, Marsh Captive Solutions

In this GCP Short, produced in collaboration with Marsh Captive Solutions, we discuss the great steps forward being taken with regards digitisation in the management and operation of captive insurance companies.

Richard is joined by Mike Serricchio, Managing Director and Americas Sales & Advisory Leader, Robert Welch, Senior Vice President and Director of Information Technology, and Ellyn Casazza, US Captive Advisory Practice Leader & Managing Director.

The trio discuss what advances have already been made on digitisation, especially with regards to the management and operation of captives, what is coming next and how such tools can be used in programme design.

GCP Short: Group captives in Canada and Europe

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Grant Mitchell, WestCan Bulk
Joshua Nyaberi, Zurich
Linda DeSouza, Zurich Canada
Jean-Pierre Paquet, Zurich Canada

In this GCP Short, produced in collaboration with Zurich Insurance Company, we discuss a specific group captive case study, the potential for future group captive growth in Canada and why the concept has never taken off in Europe.

Joining Richard on the episode are Grant Mitchell, from Canadian transport and haulage business WestCan Bulk and Chairman of the board of directors at Fleet Resolutions Insurance Ltd.

Linda DeSouza, Vice President of Automobile and Transportation at Zurich Canada.

Jean-Pierre Paquet, senior vice president of the alternative risk transfer practice at Zurich Canada.

And Joshua Nyaberi, who is head of captive fronting for Europe. He also supports the fronting managers in the APAC and LATAM regions.

GCP Short: Transforming cyber insurance through a captive

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Pete Kranz, Brown & Brown
Chris Keegan, Brown & Brown

In this GCP Short, produced in collaboration with Beecher Carlson, we explore cyber insurance and how captives are playing an increasing role in various layers of programmes.

Pete Kranz, Executive Managing Director and Captive Practice Leader, and Chris Keegan, a Senior Managing Director and Cyber and Technology National Practice Leader at Beecher Carlson, explain what insurance buyers are looking for in cyber coverage today, why we have historically not seen much cyber go into captive insurance companies and how that is changing now. Chris begins by providing some context on the state of the cyber market today.

GCP Short: IPT and location of risk

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Karen Jenner, TMF Group
Owen Williams, AXA XL

In this GCP Short, produced in collaboration with Friends of the Podcast TMF Group, Richard is joined by TMF’s IPT Client Engagement Director Karen Jenner and Owen Wiliams, Global Programmes and Captives Regional Director, UK, Nordics & Ireland, at AXA XL.

Karen and Owen discuss the considerations and challenges concerning insurance premium tax and the location of risk when it comes to global and captive insurance programmes. They explain why location is important to these calculations, what needs to be considered as captives increasingly participate in different layers of programmes and the collaboration needed with fronting partners.

GCP #60: Mattieu Rouot and ECF roundup

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Mattieu Rouot, Maxis GBN
Enrico Guarneiro, Strategica Group
Holger Kraus, Siemens
Bertrand Gilson, Builders Group

In episode 60 of the Global Captive Podcast, supported by legacy specialists R&Q, Richard is joined by guest co-host Mattieu Rouot, CEO of MAXIS Global Benefits Network.

Mattieu discusses the five year journey MAXIS has been on since the formalisation of its joint venture between AXA and MetLife in 2016, how much growth he sees in the captive employee benefits market and what improvements can still made to the administration of these programmes.

Richard also reports back from a successful European Captive Forum and features interviews with three delegates of the Luxembourg conference:

Enrico Guarnerio, Chairman and CEO of Strategica Group, discusses the Italian captive market and shares his views on efforts to make Italy a captive domicile.

Holger Kraus, of Siemens and captive spokesperson for Germany’s risk management association GVNW, reflects on the key themes from the conference including the hard market and regulatory developments.

Bertrand Gilson, of Builders Group Insurance Solutions, explains the rebranding of IRIS and the services the sophisticated captive group is looking to provide to corporate insurance buyers.


For more episodes and to subscribe to the Global Captive Podcast see:

GCP Short: Pension longevity transactions in Guernsey

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Kate Storey, Walkers
Ian Aley, WTW

In this GCP Short, produced in collaboration with Walkers law firm in Guernsey, we address pension longevity transactions with Kate Storey, Partner at Walkers, and Ian Aley, Head of Transactions at Willis Towers Watson.

Ian and Kate talk listeners through what these transactions are, why they are becoming more commonplace and why the Guernsey ICC has really come to the fore for this strategy. We also debate why using an existing single parent captive often isn’t the right solution.

Kajima USA forms Vermont captive and gains “competitive advantage”

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Kajima USA’s Vermont captive provides a “competitive advantage” for its six construction and five development companies, according to risk manager Mike Brown, speaking exclusively in an interview with the Global Captive Podcast.

Brown said the captive allows the group to pursue projects that they may not have been able to in the past and gives it more influence in claims handling procedures.

He explained that the companies in the group have a “great loss history” but the commercial insurance marketplace will only “reward you so much”.

“They never really want to fully reward you for the loss history that you achieve, and as a result of that, we’re missing some savings,” he said.

“We’re able to bring this same coverage, and better coverage in some cases, to our constituent operating companies through this captive for a much lower price and with a good deal more flexibility.”

He said the captive was formed in July of this year so it could ultimately bring some of the “profitability back in”.

The captive will begin by writing general liability, automobile and workers compensation insurance, but Brown said once they are comfortable with the operation of the captive, there are other lines that could be added.

He also detailed the reasons behind the decision to domicile the captive in Vermont.

“Well, we wanted to locate in the United States for sure,” he said. “On our original list, we probably had about 20 potential states.

“One of the things that we were looking for was a group of regulators that had a productive look at bringing new captive business into their state.” He concluded that it was decided that there was “none better than Vermont” when it came to potential US domiciles for its captive.

GCP Short: Kajima USA’s captive formation in Vermont

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Sandy Bigglestone, State of Vermont
Mike Brown, Kajima USA
Edward Precourt, Marsh Captive Solutions

In this GCP Short, produced in collaboration with Friends of the Podcast the State of Vermont, we hear the story of Kajma USA’s new captive formation in Vermont this year.

Mike Brown, of Kajima, provides the client perspective, while Edward Precourt, Managing Director of Marsh Captive Solutions in Vermont, provides additional insight as the captive manager involved.

Sandy Bigglestone, Director of Captive Insurance in Vermont, also outlines the scale of formation activity taking place in the state again this year, and updates listeners on licence numbers.

GCP Short: Financing health and wellness through a captive

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Reto Heini, Zurich Global Employee Benefits Solutions
Andrea Steer, Zurich
Denis Cronson, Zurich LiveWell

In this GCP Short, produced in collaboration with Friends of the Podcast Zurich, we discuss financing health & wellness through a captive.

​Reto Heini, Regional Distribution Manager at Zurich Global Employee Benefits Solutions, Andrea Steer, Senior Risk Consultant – Health & Wellbeing at Zurich, and Denis Cronson, Chief Sales & Distribution Officer at Zurich LiveWell, address some of the ways employers are supporting employers in implementing health and wellness initiatives, how organisations’ approach to health and wellness has evolved over the past five years and the current status and approach to health and wellbeing by captives.