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GCP Short: Preparing for the 2025 captive landscape

Richard Cutcher
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GCP Short: Preparing for the 2025 captive landscape
Mikhail Raybshteyn, EY
Vittorio Zaniboni, EY

The first GCP Short of 2025 is produced in partnership with the ⁠EY Global Captive Network⁠ and hosted by me, Richard Cutcher.

Richard is joined by Mikhail Raybshteyn, Americas Captive Insurance Services Co-Leader at EY, and Vittorio Zaniboni, Captive & Insurance Excellence Leader for EY in Luxembourg.

Mike and Vittorio reflect on captive activity in 2024, and share their views on what to expect and look out for in 2025.

Topics include the continued domicile evolution in Europe, and how that might progress further this year, as well as the potential ramifications of a second Trump term and whether state-based self-procurement taxes may rear their head again in 2025.

Visit ⁠Captive Intelligence⁠ for the latest news, analysis and thought leadership on the global captive market, and sign up to our ⁠twice weekly newsletter⁠.

Kristen Peed confirmed as 2025 RIMS president

Richard Cutcher
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Kristen Peed confirmed as 2025 RIMS president

Experienced captive operator Kristen Peed has been named the new president of RIMS, the risk management society, for the 2025 term.

Peed, head of corporate risk at human resources technology platform Sequoia, is responsible for the firm’s corporate insurance programmes, claims management and risk mitigation 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.

AM Best assigns rating to Repsol captive 

Luke Harrison
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AM Best has assigned a financial strength rating of ‘A-‘ (excellent) and a long-term issuer credit rating of “a-” (excellent) to Luxembourg-domiciled Gaviota Re S.A. The outlook for the ratings is stable. 

Gaviota is the single parent captive owned by Repsol S.A., a Spanish multi-energy company engaged in worldwide upstream, downstream and low carbon generation activities. 

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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.

DARAG sells North American and Bermuda entities to RiverStone 

Luke Harrison
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Legacy carrier DARAG Group has completed the sale of its North American and Bermuda business entities to the RiverStone Group, following regulatory approval. 

DARAG has been a significant player in the captive legacy space, both in the Americas, Europe and offshore region, but will now focus on its European business. 

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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.

Bigglestone appointed acting commissioner for State of Vermont

Richard Cutcher
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Bigglestone appointed acting commissioner for State of Vermont

Sandy Bigglestone, deputy commissioner of Vermont’s Captive Insurance Division, will become acting commissioner for the State’s Department of Financial Regulation (DFR) from 1 January.

Governor Phil Scott has named Bigglestone following the retirement of incumbent Commissioner Kevin Gaffney.

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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.

Augment Risk launches captive and ART offering led by Steve McElhiney

Luke Harrison
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Augment Risk has appointed Steve McElhiney as partner of its newly created captive and alternative risk transfer (ART) solutions offering. 

Based in Dallas, McElhiney will develop Augment Risk’s legacy solutions within the captive space, identifying opportunities to repurpose micro captives and explore initiatives with various capital providers. He will also extend the firm’s captive capabilities to MGAs.

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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.

Hylant appoints four new members to its captive team

Luke Harrison
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Hylant’s Global Captive Solutions team has added four experienced captive professionals as it continues to strengthen its capabilities.

Meg McIntire has joined as, captive account manager, Tom Hauschild, as senior captive account manager, Courtney Doherty, as captive account executive, and Pravin Rakhecha has been hired as senior captive account manager.

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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.

Former CIMA head of insurance Gordon Rowell passes away

Luke Harrison
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Gordon Rowell, former head of insurance at the Cayman Islands Monetary Authority (CIMA), and a respected figure in the Cayman insurance industry, has passed away.

Beyond his role at CIMA, Gordon held senior positions with various organisations, including CEO at the Cayman Islands National Insurance Company (CINICO), vice president at Marsh Management Services (Cayman), chief reinsurance officer at TWG Re, and COO of Time Insurance Company II.

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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.

Virtual captives providing alternative to traditional captive structures 

Luke Harrison
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Virtual captives providing alternative to traditional captive structures 
  • Quicker to implement than traditional captives 
  • Can be used for short-tail and long-tail lines of business  
  • No need for upfront capital with a virtual captive 
  • Virtual captives can begin the journey to a PCC or pure captive strategy 

Virtual captives are being utilised by a many companies as an alternative option to more traditional captive structures. 

There is no strict definition of what constitutes a virtual captive with the term loosely defined in comparison to legal entities such as a single parent captive or a protected cell company (PCC). 

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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 writing non-traditional risks a growing trend – XN Captive’s Dobrinsky 

Luke Harrison
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Captives writing non-traditional risks a growing trend – XN Captive’s Dobrinsky 

More companies are looking at using their captives to write non-traditional risks, according to Judah Dobrinsky, director of risk finance at XN Captive.

XN Captive is a “one-stop-shop” for captive services including captive management, programme structuring, actuarial, legal counsel, tax and audit functions, and accounting.  

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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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