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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.

GCP Short: Analysing cancer claims data to inform programme design

Richard Cutcher
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GCP Short: Analysing cancer claims data to inform programme design
Dr Leena Johns, MAXIS GBN
Nicola Fordham, MAXIS GBN

This GCP Short, produced in partnership with MAXIS Global Benefits Network, features Nicola Fordham, Chief Solutions Officer at MAXIS, and her colleague Dr Leena Johns, Chief Health & Wellness Officer at the Network.

One of the benefits we often discuss regarding reinsuring EB through a captive is the availability of claims data, but what exactly can be done with it? The Network has been tracking and analysing extensive claims data and is preparing a MAXIS 2025 White paper on cancer claims.

In this discussion Dr Johns discusses some of the findings from this research and, alongside Nicola explains how this data can be used by captive owners to feed into underwriting decisions and tailor responses through wellness initiatives, preventative measures and treatment options.

For the latest news, analysis and thought leadership on the global captive market, make sure you are visiting ⁠Captive Intelligence⁠ and signed up to our ⁠twice-weekly newsletter⁠.

Domicile Wars: Premium volume and capital remain key indicators for Hawaii’s growth

Richard Cutcher and Luke Harrison
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Domicile Wars: Premium volume and capital remain key indicators for Hawaii’s growth
  • Gross premium up 11% year-on-year
  • Popular domicile choice for Japanese and western US businesses
  • Regulator open to innovative structures and new coverages
  • Proposal in works to grant commissioner more discretion with captive examinations

Although Hawaii has not added the same headline number of new captives in recent years compared to some other US domiciles, its existing portfolio continues to increase in sophistication and premium volume.

The Aloha State licensed 14 new captives in 2023, but the gross premium written by its captives reached $17.65bn (up 11.3% from 2022), while total assets held amounted to $37.23bn including $9.22bn of capital and surplus.

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Jill Miura, CIPA receive prestigious HCIC awards

Richard Cutcher
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Jill Miura, CIPA receive prestigious HCIC awards

Jill Miura, partner at KMH LLP, has been recognised by the HCIC’s David Kahaulelio Individual Award of Excellence for 2024, presented at the HCIC Forum in Hawaii, while the Captive Insurance For Public Agencies Limited (CIPA) received the Company Award of Excellence.

Miura has more than 25 years of experiences working with the insurance sector as a partner in KMH Assurance & Advisory Services Division, and previously as a captive manager and at KPMG.

Presenting the award, HCIC’s president Paul Shimomoto said: “Jill’s journey in the captive insurance industry has been nothing short of inspiring.  With over 25 years of experience, you have not only demonstrated exceptional expertise in audit services, but you’ve also committed yourself to elevating the captive insurance industry in Hawaii.

“Your work has paved the way for countless individuals and organisations, showcasing the importance and potential of captives in our local economy.”

Miura has also been heavily involved with HCIC, having served as its treasurer and chair of the Council’s Education and Forum Committees.

“Your efforts have not only shaped the direction of our organisation, but have also enriched the knowledge and skills of many in our industry,” Shimomoto added.

“Through your leadership, you have ensured that we continue to grow and adapt to the ever-evolving landscape of captive insurance.”

Captive Insurance For Public Agencies Limited (CIPA) received HCIC’s Company Award of Excellence.

CIPA was formed in Hawaii in 2005 for the Alliance of Schools for Cooperative Insurance Programs and is managed by Artex.

Over its years of activity its provided insurance for student accident, pupil transportation and workers’ compensation loss portfolio assumptions, among other coverages.

No significant changes expected to IRS 831(b) regulation

Luke Harrison
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No significant changes expected to IRS 831(b) regulation

The decision by the Internal Revenue Service (IRS) to include micro captive regulation in its 2024-2025 priority guidance shows that the IRS is still planning to “move forward” with its proposed regulations, according to Bailey Roese, partner at Dentons, Bingham Greenebaum.

In April 2023, the IRS “obsoleted” its notorious Notice 2016-66 and issued new proposed regulations that identify certain micro captive transactions – those making the 831(b) tax election – as “listed transactions” and other micro captive transactions as “transactions of interest”.

Earlier this month, the IRS announced plans to release the text of the 2024-2025 priority guidance, which includes plans to finalise its micro captive regulations.

“We thought they would finalise them at some point, but we were not sure if they had adjusted their timeline since last year, when they indicated they wanted to complete it by the end of 2023,” Roese told Captive Intelligence.

Some in the industry thought the IRS might have purposely been drawing out the process to cause doubt in the space, which has led to a number of micro captive closures.

“It seems like they are still pushing forward,” Roese added. “They’ve crossed off some significant priorities from their to-do list, which frees up resources to focus on this and move it forward.”

It is important to note that although the IRS has included micro captive regulation in its 2024-2025 priority guidance, it does not automatically mean the proposals will be finalised by 30 June 2025.

Chaz Lavelle, partner at Dentons, Bingham Greenebaum, said that some seem to be misinterpreting the guidance on this point.

“Some believe this indicates that the regulations will be finalised by 30 June, but I do not think that’s necessarily the case,” he said.

“It simply means they will continue to work on them. They might finish them tomorrow, or it could be after 30 June, at which point they would either include them in next year’s plan or decide not to proceed.”

It is also not yet certain how these proposals will be defined and whether it will be in line or materially different from the original proposals which drew strong criticism from the industry when first published.

“The industry submitted a substantial number of robust and well-researched comments,” Roese said.

“The IRS has the opportunity to consider these submissions and respond with acknowledgment, stating they agreed or reconsidered their position after discussion.”

However, Roese believes the likelihood of the IRS making large changes based on industry comments is quite small.

“When they put forward these proposed regulations, they have already conducted their internal research and developed their position,” she said.

“They typically solicit feedback from stakeholders within the IRS to reinforce their stance.

“Based on prior experience, once regulations are finalised, there usually are not significant changes made in response to the comments received.”

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