Wednesday, September 10, 2025

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AM Best assigns rating to Mondelez International captive 

AM Best has assigned a financial strength rating of B++ (good) and a long-term issuer credit rating of “bbb+” (good) to Ireland-domiciled Berkeley Re Designated Activity Company (Berkeley Re). The outlook for the ratings is stable. 

Berkeley Re is a captive composite reinsurer for Mondelez International, a global confectionary, food and beverage company based in the United States. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Global Captive Management launches Outcomes SPC 

Global Captive Management (GCM) has launched Outcomes SPC, a segregated portfolio company, to provide a captive structure with less entry barriers for small companies looking to utilise captives. 

Cayman-domiciled Outcomes SPC, functions within a shared structure, so firms can utilise economies of scale while remaining isolated and separate. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Domicile Wars: Business friendly environment and ‘yes’ attitude key to Tennessee growth


  • Early adopter of captives with legislation introduced in 1978
  • Series cell regime particularly popular structure
  • Large concentration of healthcare captives as Nashville healthcare hub 

Tennessee’s business friendly environment and ‘say yes’ attitude are two of the reasons behind the jurisdiction’s continued growth as a captive domicile. 

Eleven new pure captives and 94 new cells were licensed in Tennessee during 2024, and at the end March this year the domicile had 182 total captives and 657 active cells. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

VCIA launches AI-powered captive insurance knowledge assistant 

The Vermont Captive Insurance Association (VCIA) has launched Monty, an AI-powered knowledge assistant, designed to help captive professionals and VCIA members access resources and captive information. 

Monty is trained in VCIA’s and member partners’ content, including industry reports, regulatory guidelines, and educational materials, and unlike general AI assistants, Monty is tailored specifically for the captive industry. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Generali Employee Benefits partners with Unum Limited 

Generali Employee Benefits Network (GEB) has partnered with Unum Limited in the UK, with Unum securing the renewal rights of Generali UK’s employee benefits business, encompassing its group risk products. 

Unum will become part of the GEB Network with immediate effect.  

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Vermont Governor signs H.137 into law, updates captive statute

Vermont Governor Phil Scott has signed into law the Department of Financial Regulation’s (DFR) 2025 housekeeping bill, H.137. 

The State updates its captive legislation each year to make sure it is proactive and keeping up with the contemporary needs of captive owners. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Georgia passes House Bill 348, expands lines of business authorised 

Georgia has passed House Bill 348, which expands the lines of insurance or reinsurance a captive may engage in among other amendments. 

House Bill 348 is the first new piece of legislation that aims to support Georgia’s captive Insurance companies and Risk Retention Groups (RRGs) since 2019.  

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Tennessee licences 8 pure captives, 28 cells so far in 2025 

Tennessee has licenced eight pure captives and 28 cells to date in 2025. At the end of 2024, Tennessee had 645 cells and 176 captives. 

According to CI DataHub, Fusion Insurance, LLC is one of the new captives formed in 2025. Fusion is owned by Sedgwick Claims Management Services Inc. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

GCP Short: Building pension captives

Mike Pickard, Aon
Alex Skinner, Aon

This GCP Short, produced in partnership with Aon, is focused on utilising captives for pensions strategies.

Over the next 20 minutes or I am joined by Mike Pickard, director of global ILS and commercial management at Aon, and Alex Skinner, associate partner in Aon’s Corporate Consulting Practice and head of pension captive solutions.

While using captives and incorporated cells to de-riskor execute pension longevity swaps has been a fairly well trodden path over the past 20 years, it has never really gone mainstream.  And there are, of course, lots of different waysfor captives to interact with and support company pension schemes.

Mike and Alex explain a strategy very much back on the table for large corporates, but Mike starts us off by providing some context as to how we have seen captives used in this space before.

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HDI Global SE appoints Phil McDowell as global sales and distribution lead 

HDI Global SE has hired London-based Phil McDowell as global sales and distribution lead for international programmes (IP) and captives. 

The firm said it has taken a significant step forward in enhancing its global sales and distribution strategies by adding McDowell to its leadership team. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.