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Helio Risk appoints Ken Rowe as senior captive risk consultant  

Luke Harrison
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Helio Risk appoints Ken Rowe as senior captive risk consultant  

Captive management and risk consulting firm Helio Risk has appointed Ken Rowe as senior captive risk consultant. 

A financial executive with over 30 years of experience, Rowe will play a key role in initiatives focused on captive programmes for organisations in higher education and healthcare, and business risk consulting. 

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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 Bill expanding captive lines of business sent to Governor 

Luke Harrison
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Georgia Governor Brian Kemp has been sent House Bill 348 to sign, which would expand the lines of insurance or reinsurance in which a limited purpose subsidiary and captive may write. 

Previously, the lines of business a Georgia-domiciled captive could write were stipulated as casualty, marine, property and surety as defined under the State’s insurance code. 

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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.

Sandals Resorts sues its own Cayman-domiciled captive 

Luke Harrison
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Sandals Resorts sues its own Cayman-domiciled captive 

Sandals Resort International 2000 Inc. and 18 of its subsidiaries, including hotel resort operators, have filed a lawsuit in the Cayman Islands Grand Court against its own Cayman Islands-domiciled captive, Landon Insurance Limited. 

The hotel chain is claiming compensation against Landon for business interruption losses suffered from each of its resorts as a result of the Covid-19 pandemic. 

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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.

“Untapped potential” for family offices to utilise captives   

Luke Harrison
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“Untapped potential” for family offices to utilise captives   
  • Growing number of carriers entering family office space 
  • More families with lower levels of wealth utilising family offices  
  • Family offices write a wide array of risks due to diverse operations 

There is an unrealised capacity when it comes to family offices utilising captive insurance to enhance risk management strategies and their premium spend amid a more uncertain global landscape. 

A family office is a private wealth management firm that serves the needs of a single family or a group of closely related families. 

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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 licensed five new captives in Q1  

Luke Harrison
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The Cayman Islands Monetary Authority (CIMA) licensed five new international insurers between January and March of this year, including two class B(i) and three class B(iii) licences. 

In CIMA’s regulatory framework, captive business usually falls into the Class B licences. 

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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.

XN Captive rebrands to Luzern Risk and receives $12m series A funding 

Luke Harrison
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XN Captive has rebranded to Luzern Risk in addition to receiving a $12m series A investment from Caffeinated Capital, that Luzern believes will help accelerate its aim to modernise captives for the “underserved” middle market. 

Luzern Risk claims to deliver the first fully integrated, digital captive solution, by mixing software with insurance expertise to give businesses strategic control over risk and capital. 

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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.

831(b) Institute joins call for 90 day extension to IRS disclosure requirements 

Luke Harrison
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The 831(b) Institute has submitted a letter to acting Internal Revenue Service Commissioner Melanie Krause calling for 90-day extension its new disclosure reporting requirements for micro captives. 

The Institute has joined the efforts of state captive insurance associations across the US who have also called for an extension to the IRS disclosure requirements. 

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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 Grupo ASSA 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 Bermuda-domiciled Lion Reinsurance Company (Lion Re). The outlook for the ratings is stable. 

Lion Re is a reinsurer subsidiary of ASSA Compañía Tenedora, S.A. and is owned ultimately by Grupo ASSA, S.A., a financial services holding company publicly traded on the Panama Stock Exchange. 

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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.

Energy Insurance Mutual promotes Megan Ogden and Kimberly Jenkins

Luke Harrison
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Energy Insurance Mutual (EIM) has promoted Megan Ogden to vice president of captive subsidiaries, reporting directly to Tommy Bolton, president and CEO of EIM, while Kimberly Jenkins has been promoted to director of energy captive management.

EIM is a mutually owned insurer that provides its members with capacity on a range of excess liability coverages for losses in excess of $35m.

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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.

Captive specialist Graham McCarthy joins McGill

Nick Morgan
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Captive specialist Graham McCarthy joins McGill

McGill and Partners has strengthened its captive expertise with the hire of Graham McCarthy, formerly of Aon and WTW.

McCarthy, who joined McGill as a partner last week, has significant captive experience and joins McGill’s specialty team with a combined focus on business development and working with large corporate clients.

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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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