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GCP Short: PERIL – Aon, HDI launch property group captive

Richard Cutcher
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GCP Short: PERIL – Aon, HDI launch property group captive
Tracy Williams, Aon
Jason Tyng, HDI Global
Timon Mueller, HDI Global

In this GCP Short, produced in partnership with Aon and HDI Global, and revealing more detail behind the new property group captive being established in the Cayman Islands.

Property Engineered Risk Insurance Limited (PERIL) has received a conditional licence from the Cayman Islands Monetary Authority (CIMA), and has been set up by Aon and HDI, ⁠as revealed by Captive Intelligence last week⁠.

PERIL has 10 founding members and will be licensed as a Class B(i) captive in Cayman, managed by Aon and fronted by HDI.

Richard is joined by Tracy Williams, managing director of group captive solutions at Aon, Jason Tyng, vice president of the US Captive Solutions Group at HDI Global, and Timon Mueller, US property underwriting manager at HDI.

Tracy, Jason and Timon discuss the drivers for establishment of PERIL, why property group captives have typically been harder to get off the ground than those writing casualty lines and the kinds of companies they are expecting to join as members.

To read more about the formation of PERIL, read our exclusive Captive Intelligence story ⁠here⁠.

For the latest news, data-driven analysis and thought leadership on the global captive market visit ⁠Captive Intelligence⁠ and sign up to our ⁠twice-weekly newsletter⁠.

CCRIF set to make $70.8m parametric payment to Jamaica government 

Luke Harrison
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The Caribbean and Central America Parametric Insurance Facility SPC (CCRIF) is set to make a record payout to the Government of Jamaica totalling $70.8m, following the devastation caused by Hurricane Melissa.  

CCRIF, a Cayman-domiciled segregated portfolio company (SPC), offers parametric insurance for tropical cyclones, excess rainfall, earthquakes, and the fisheries and electric and water utilities sectors – insurance products not readily available in traditional insurance markets. 

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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.

NASW captive’s ratings remain under review by AM Best 

Luke Harrison
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0

NASW Insurance Company’s (NASWIC) AM Best financial strength rating of ‘A-’ (excellent) and the long-term issuer credit rating of “a-” (excellent) rating remains under review with negative implications remains. 

The status is based on the uncertainty regarding the DC Domiciled-NASWIC’s prospective business plans to operate on a stand-alone basis due to its separation from Preferra RRG, which involved litigation. 

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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.

AM Best affirms rating of EPM captive 

Luke Harrison
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0

AM Best has affirmed the financial strength rating of ‘A-’ (excellent) and the long-term issuer credit rating of “a-” (excellent) of Bermuda-domiciled Maxseguros EP. The outlook for the ratings is stable. 

Maxseguros is a single parent captive owned by Colombian power generation and multi-utility company, Empresas Públicas de Medellín E.S.P. (EPM). 

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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.

Captives have unique role to play in ESG transformation – FERMA 

Luke Harrison
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Captives can play a key role in supporting and advancing the environmental, social and governance (ESG) objectives and transformation of organisations, according to a new FERMA report titled ESG – Toolbox for Captives. 

While not their primary role, the study found that captives can be utilised in many ways to embed ESG initiatives into insurance and risk financing strategies. 

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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.

Aon, HDI launch property group captive PERIL

Richard Cutcher
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0
Aon, HDI launch property group captive PERIL

Property Engineered Risk Insurance Limited (PERIL) has received a conditional licence from the Cayman Island Monetary Authority (CIMA) and will begin underwriting from 1 November.

Aon, in partnership with HDI Global, has launched the property group captive and Captive Intelligence understands there are 10 founding members.

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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.

Appetite meets demand as captive maturity fuels structured reinsurance growth

Luke Harrison
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Appetite meets demand as captive maturity fuels structured reinsurance growth
  • “Spike” in structured reinsurance among large corporates 
  • Reinsurer appetite for captive business on the increase 
  • Knowledge gap concerning structured reinsurance value  
  • Traditional brokers can prefer mono-line, cross class reinsurance 

Commercial reinsurers are increasingly interested in working directly with captive insurance companies, as they mature and explore more sophisticated reinsurance strategies. 

Captives often begin by writing one or two lines of business, but they may assume additional lines of business over time, creating a more diversified portfolio. 

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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.

Cayman ecosystem and reputation key to continued success 

Luke Harrison
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Since the Cayman Islands first introduced captive legislation in 1979, the domicile’s pragmatic regulator and business-friendly ecosystem have helped the jurisdiction build a strong reputation as a premier domicile. 

Speaking on the latest episode of the Global Captive Podcast, Kevin Poole, general manager at the Insurance Managers Association of Cayman (IMAC), and Gareth van den Bergh, client services director at Artex Risk Solutions, discussed the reasons behind Cayman’s continued captive growth.

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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: Cayman’s captive evolution

Richard Cutcher
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GCP Short: Cayman’s captive evolution
Kevin Poole, IMAC
Greg Echols, Gardant Management Solutions
Gareth van den Bergh, Artex Risk Solutions
Michael Wild, Artex Risk Solutions

In this GCP Short, produced in partnership with the ⁠Insurance Managers Association of Cayman (IMAC)⁠, we hear why the domicile remains a premier jurisdiction for establishing captives and includes a great captive owner case study from American healthcare company Gardant Management Solutions.

Luke is joined by Gareth van den Bergh and Michael Wild, both of Artex Risk Solutions, Kevin Poole, general manager of IMAC, and Greg Echols, co-CEO of Gardant Management Solutions, which has owned a captive in Cayman since 2018.

For more information on IMAC, visit their website.

For more information on the Cayman Captive Forum, held 2-4 December at the Ritz-Carlton, click here.

For the latest news, data-driven analysis and thought leadership on the global captive market visit ⁠Captive Intelligence⁠ and sign up to our ⁠twice-weekly newsletter⁠.

Aberdeen Investments launches Strategic Insurance Group

Richard Cutcher
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0
Aberdeen Investments launches Strategic Insurance Group

Aberdeen Investments has formed a Strategic Insurance Group, focused exclusively on serving insurers around the world, including captives.

The specialist asset manager said the new group will act as a centre of excellence and empower regional sales teams with subject matter expertise.

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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.
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