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Artex launches alternative risk management services in Abu Dhabi

Luke Harrison
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Gallagher, through its Artex subsidiary, has launched an alternative risk management solution in the Abu Dhabi Global Market.

With a licence to provide alternative risk management and captive management services in the Middle East & Africa (MEA) region, Artex can expand its services to support clients with captives and other alternative risk strategies.

Artex specialises in alternative risk solutions and provides a range of services to clients globally, including insurance and captive management, programme and facility management, insurance-linked securities (ILS), and structured transaction administration. 

“This is a really exciting new step for Gallagher in the Middle East and Africa,” said Nadim Semaan, SEO of Gallagher in the Middle East & Africa.

“Adding alternative risk solutions to the range of services we offer means clients with even the most complex portfolios can access our services and talented team dedicated to helping them.

“From developing a captive to assessing an existing one, to funding and creating a risk profile, Gallagher and Artex have the experience and expertise to build the necessary structures.”

Having launched in the region in early 2022, Gallagher has built a large client base in MEA and employs a team of specialty, facultative and treaty risk professionals.

The intermediary also has retail broking operations through its joint partnership with ACE Gallagher, which has offices in the Kingdom of Saudi Arabia, Bahrain, United Arab Emirates, Oman, Kuwait, Lebanon and Greece.

“Our range of services, delivered by our alternative risk experts, spans the full cycle of the captive life from feasibility to management, to run off, and covers all types of captive arrangements,” said Paul Eaton, CEO Artex EMEA.

“Artex also offers access to the largest network of cell companies, as well as a variety of risk-pooling services.”

Macquarie launches rent-a-captive solution for property and casualty risk

Luke Harrison
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Macquarie Insurance Facility has launched a rent-a-captive solution for property and casualty related risks.

Following regulatory approval earlier this year, clients are now able to leverage Macquarie’s status as a captive insurer.

The firm said that by utilising Macquarie’s captive facility, clients can avoid the upfront investment and ongoing expenses associated with a single parent captive insurer while still accessing all the benefits.

Macquarie aggregates approximately $1.6bn of premium spend annually from participating private equity, infrastructure, energy and real estate firms.

 “Macquarie joining the rent-a-captive market provides an opportunity for our clients to simplify their insurance needs,” said Nick Wilski, global head of Macquarie Insurance Facility.

“By offering clients the opportunity to leverage the benefits of captive insurance, without the operational burden, we’re providing an efficient, flexible and tailored insurance solution.”

GCP Short: Hawaii’s captive owner experience

Richard Cutcher
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GCP Short: Hawaii’s captive owner experience
David Beyer, Alaska Airlines
Matt Reece, Webcor
Elaine Ziemba, Stanford Medicine

In this GCP Short, produced in partnership with the ⁠Hawaii Captive Insurance Council⁠, as Richard attended the HCIC Forum from 14 – 17 October.

What follows is an exclusive captive owner discussion with three HCIC board members – David Beyer, director of risk management at Alaska Airlines and the current chair of HCIC, Elaine Ziemba, CRO and SVP for Stanford Medicine, and Matt Reece, CFO of Webcor, which has owned a captive in Hawaii for more than 20 years.

David, Elaine and Matt tell listeners about their organisations, how they utilise their captives, why they chose Hawaii and reflections on the HCIC Forum.

For more information on HCIC, visit its ⁠Friend of the Podcast page⁠.

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

Safran gets approval to re-domesticate captive from Luxembourg to France

Luke Harrison
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Safran gets approval to re-domesticate captive from Luxembourg to France

French multinational aerospace and defence corporation Safran has received approval to re-domesticate its Luxembourg captive to France.

Safran’s new French captive, Soreval France, will have the authority from the French regulator to write non-life risk.

The number of captives in France has gradually increased since the jurisdiction introduced specific captive legislation in June 2023, with the number of captives in France now standing at 19.

French-owned captives have typically gravitated towards Luxembourg and Ireland, while there are also French captives in Malta, Switzerland and Guernsey.

Captive Intelligence understands that there could be up to 10 more companies waiting for approval from the French regulator to form a captive in the jurisdiction.

Those close to the French captive regime have previously told Captive Intelligence that they do not expect there to be many re-domestications to France, primarily due to tax and administrative reasons.

France still outsources a lot of its captive services to Luxembourg, but there is a drive to enhance the county’s captive eco-system, with firms such as SRS launching offices in the jurisdiction.

The most notable feature of France’s captive legislation is its equalisation provision, which largely resembles the provision offered in Luxembourg, although not quite as generous.

François Messner, Senior Manager at EY Luxembourg, Business Tax Advisory and Hicham Mazouz, Partner at EY Luxembourg, Audit, financial Services, examined the differences between the French and Luxembourg captive regulatory environments and their respective equalisation provisions.

MIJS Captive Management partners with I–RE

Luke Harrison
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MIJS Captive Management has partnered with commercial property and casualty (P&C) underwriters, I–RE, to enable MIJS’s “high performing” mid-market clients to take on some of their own risk in a standalone captive. 

Captive manager, MIJS is owned by legal services provider, Moore Ingram Johnson and Steele, and was established in 2008 to provide businesses with an alternative to the traditional captive management model.

“We are excited to work with I–RE, whose proven track record in the P&C insurance sector aligns perfectly with our commitment to delivering exceptional service,” said Matthew Howard, partner at MIJS Captive Management.

“This partnership will help us to broaden our reach, further enhancing our distinguished captive management services and providing our clients with unmatched access to A-rated commercial P&C insurance solutions.”

I-RE said that through its RE–PAID product, companies have the opportunity to take a share of their own commercial P&C risk and can potentially earn millions in profit.

“There are some extraordinary companies operating today who are working hard to manage their risks and do the right thing when it comes to securing the future of their businesses,” said Andy Jeckells, co-founder and Co-CEO of I–RE.

“These business owners feel it’s unfair that they are consistently paying high premiums despite their diligent management of risks and low claims records. 

“This is why RE–PAID works so well at enabling more of these hard-working, high performing mid-market companies to take back a share of their own risk and reap the rewards to re-invest, to expand, to help them continue to grow strong.”

AM Best affirms rating of Marubeni captive

Luke Harrison
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AM Best has affirmed the financial strength rating of A- (excellent) and the long-term issuer credit rating of “a-” (excellent) of Micronesia-domiciled Marble Reinsurance Corporation (Marble Re).

Marble Re is a wholly owned subsidiary and a single-parent captive of Marubeni, a major general trading company in Japan, providing reinsurance and insurance protection against group-related risks across different regions. The outlook of these credit ratings is stable.

While Marble Re continues to explore further diversification of its business portfolio, marine cargo will remain the company’s primary focus in the intermediate term.

Am Best said moderate volatility exists in the firm’s marine cargo risk, primarily due to a high correlation with the trading business of its parent.

The company has made a strategic decision recently to raise the net retention limit for its non-marine business. 

Marble Re’s underwriting profitability is expected to remain stable given the historically low loss ratio of the existing business and its modest contribution to the total portfolio.

The captive’s underwriting profitability metrics have remained relatively stable mainly due to stringent underwriting guidelines and a conservative reinsurance programme that helps reduce potential underwriting volatility.

The ratings reflect Marble Re’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

Marble Re’s operating performance has been consistently strong, with a five-year average combined ratio of 59% (2019-2023). 

For the fiscal year ended 31 March 2024, the company recorded moderate growth in both premium income and net profit, while its combined ratio remained stable and below 55%. 

AM best said negative rating actions could arise if Marble Re’s operating performance materially and adversely deviates from its business plan to a level that no longer supports the current assessment. 

Negative rating also could occur if there is a significant deterioration in Marubeni’s credit profile, including its operating profitability, financial leverage and interest coverage levels. 

“Positive rating actions could occur if Marble Re demonstrates sustained and notable improvement in its balance sheet strength fundamentals or material growth in its capital base,” AM Best said.

Melissa Hollingsworth joins LAUSD as deputy CRO

Richard Cutcher
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Melissa Hollingsworth joins LAUSD as deputy CRO

Melissa Hollingsworth has been appointed deputy chief risk officer at Los Angeles Unified School District (LAUSD).

LAUSD formed its first captive, Los Angeles Unified School District Insurance Company, LLC, in Vermont earlier this year and in Hollingsworth’s new role she will oversee development of the captive and the overall risk and insurance department.

“I am honoured to have the opportunity to work with such a prestigious organization and grow our captive into a leading operation,” Hollingsworth told Captive Intelligence.

Hollingsworth was most recently enterprise risk manager at Atlanta Housing where she had begun a project exploring whether to form a captive for the public entity.

Prior to that she was director of risk management at Jim Ellis Automotive Group, which owned and utilised protected cell company in Washington DC.

Joly-Pottuz to run HDI’s Paris-based ART unit as Varax set to retire

Luke Harrison
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Joly-Pottuz to run HDI’s Paris-based ART unit as Varax set to retire

HDI Global has reorganised its Paris-based alternative risk transfer (ART) unit, HDI Enablers, with Eric Joly-Pottuz taking over the management of the department from Etienne de Varax.

Varax will retire at the end of the year, having managed HDI Enablers since 2022, with Joly-Pottuz as his deputy.

”With HDI Enablers, we are complementing the HDI Global ART offering to corporations and providing our customers with access to innovative risk solutions that are perfectly tailored to their individual needs,” said Joly-Pottuz.

“Our goal is to help companies optimally manage their risks and strengthen their competitiveness.”

In Joly-Pottuz’s new role as head of the unit, he will drive further development of ART solutions.

Varax will remain with HDI Global as a senior advisor until the end of the year.

“In a world where risks are becoming increasingly complex, we find innovative ways to provide our customers with the best possible support, including ways that go beyond traditional insurance solutions,” said Dr Thomas Kuhnt, member of the executive board at HDI Global SE.

“With Eric Joly-Pottuz, we have an experienced expert at the helm of HDI Enablers who will take our ART offering to a new level. 

“We would like to thank his predecessor Etienne de Varax for his successful commitment in developing the unit into an important player in the field of alternative risk transfer in Europe within two years since its foundation.”

The captive role in mitigating rising cancer claims

Richard Cutcher
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The captive role in mitigating rising cancer claims

Extensive claims data is signalling increasing instances of cancer diagnosis and a rising cost per claim, while captive strategies give employers more options to intervene and respond.

Speaking on the latest episode of the Global Captive Podcast Dr Leena Johns, chief health & wellness officer at MAXIS Global Benefits Network, outlined some of the early findings from their analysis.

The research looked at medical claims data from 43 countries spanning eight years. MAXIS provides data across 130 multinational companies covering more than 1.3 million lives.

“If we use Covid-19 as a pivotal reference point, cancer was ranked sixth in overall claims spent in the period just prior to Covid, but since then, its ranking has steadily gone up, moving to fourth place in 2022 and reaching third place last year, which is 2023,” Dr Johns said.

“And that’s ahead of conditions like respiratory system diseases, which is very unusual. Respiratory system diseases are so commonplace that to topple that off is significant.

“Only musculoskeletal conditions and digestive system diseases have higher paid amounts in our data than neoplasms. And we have never seen cancer placed so high up in overall spend.

“Additionally, we have noted a significant change in the age at which cancer is first diagnosed. The average age we are seeing in our data for cancer claimants in 2023 was 39 years.”

While increasing instances of diagnosis is contributing to the overall claims costs, new treatments are also increasing the cost per claim.

Nicola Fordham, chief solutions officer at MAXIS, explained that as this data becomes available it should help employers to price their programmes appropriately, particularly if they start seeing more expensive claims coming through.

This information should also help employers consider whether to introduce new wellness initiatives and preventive measures.

“Leena will tell you that getting ahead of these cancer treatments, finding them earlier, screening them earlier is better,” Fordham said.

“So there’s more opportunity for a captive to do things that are preventative now that will then help to limit some of those costs in the future.

“But then also thinking how this comes into their global employee benefits strategy. As I said earlier, people are thinking more about their minimum global standards being equitable with their benefits.

“Have they got sufficient life insurance for their employees?’ Have they got sufficient disability cover, critical illness cover?

“Maybe they want to think more about those kinds of benefits that are going to help people who need to be off sick in a medium-term because now cancer is more prevalent and more likely for them.”

In the podcast, Dr Johns and Fordham go onto discuss the evolving cancer treatments that are available, how this is impacting claim costs and the different ways an international employee benefits programme, reinsured by a captive, can provide greater options to employers.

Listen to the full Global Captive Podcast episode here, or on any podcast platform. Just search for ‘Global Captive Podcast’.

Eni third Italian multinational to establish captive at home

Luke Harrison
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Eni third Italian multinational to establish captive at home

Italian oil major Eni S.p.A. has established Eni Energy Italy S.p.A. making it the third captive to be domiciled in Italy, following Enel and Prysmian that were licensed in 2023.

Although Italy does not currently have specific captive legislation, the jurisdiction has gradually increased its captive numbers and it is growing out its captive infrastructure.

Captive Intelligence understands Eni has had a direct and reinsurance licence approved by Italian insurance regulator, IVASS, for Eni Energy Italy S.p.A.

The regulator’s approval notes the captive has been approved to write non-life classes including marine, property damage, general civil liability and credit.

Eni has previously consulted captive consultants as part of the formation but the new captive is expected to be self-managed.

The oil giant has owned an insurance captive in Ireland, Eni Insurance DAC, since 2006. It has a Financial Strength Rating of ‘A’ (Excellent) and long-term issuer credit rating of ‘a’ from AM Best.

Captive Intelligence understands that the group’s existing Ireland captive will ultimately be closed down as part of the new strategy, similar to the approach of both Enel and and Prysmian which already owned captives in the Netherlands and Ireland respectively.

Eni Insurance DAC has been self-managed and has provided insurance coverage across a range of lines, including property damage, general liability, surety, marine lines and goods in transit.

Captive Intelligence published a Long Read in February highlighting that a swathe of new captives that could form in Italy if the Italian regulator introduces specific legislation.

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