Monday, July 14, 2025

Membership options

Home Blog Page 71

Nuno Antunes to head HDI Global’s new Portugal branch

Luke Harrison
-
0
Nuno Antunes to head HDI Global’s new Portugal branch

HDI Global has opened an operation in Lisbon, Portugal, which the company said will complement its existing customer and broker platform in Iberia.

It will provide the local market with access to HDI Global´s international programme network and its captive fronting and alternative risk transfer capabilities.

Nuno Antunes, current Iberia head of client strategy and Portugal country manager, will lead the new branch as managing director. 

“Our focus will be on offering our clients and business partners innovative solutions, capital strength, stability, technical expertise, and reliable service, regardless of whether they operate internationally or solely in Portugal,” Antunes said.

“Thanks to our global network, we enable Portuguese clients and brokers to operate worldwide in a compliant manner.”

HDI had previously been operating in the Portuguese market for more than two decades under the European Union’s freedom of services.

The company’s wider portfolio will also be replicated in Portugal and will provide insurance for property damage and business interruption, casualty, energy and construction, marine, cyber, and specialty lines.

HDI Global plans to start its activity locally at the beginning of 2024 and is currently assembling its local team.

“The Iberian Peninsula and Latin America have long been a natural economic space, given its common languages, culture, and historical links,” Juan Aznar Gáldiz, managing director of the Spanish branch.

“Therefore, it is a natural step for us to continue growing and getting closer to our clients here.

“We are committed to providing outstanding and efficient insurance solutions to both our clients and broker partners in Spain and Portugal.”

Tracy Hassett to continue as VCIA board chair

Luke Harrison
-
0
Tracy Hassett to continue as VCIA board chair

Tracy Hassett, president and CEO of edHEALTH, was voted in by her fellow VCIA board members to continue as board chair for 2024.

The vote took place at the Vermont Captive Insurance Association’s (VCOA) 18 October quarterly board meeting. 

The board also confirmed Jason Palmer, director at WTW, as vice chair, Andrew Baillie, programme director for global insurance at AES Corporation, as treasurer, while Gail Newman, vice president of risk management at Bright Horizons, was voted in as secretary.

“As a board, we believe continuity is key right now, especially as we fully invest in a strategic plan development and execution,” Hassett said.

“I can speak on behalf of my fellow board members, and the VCIA staff, that we are truly energised for the task ahead of us and look forward to enhancing VCIA’s value and standing in the captive insurance space.” 

Each office has a one-year term, and the vice chair does not automatically move into the board chair position in the following term. 

The VCIA board has assigned a subcommittee to finalise strategic planning and to find the right consultant who will help facilitate the process.

The board will decide on their strategic planning partner by March 2024.

“Tracy has always been about the big picture, the blue sky for VCIA,” said VCIA president, Kevin Mead.

“It’s only appropriate that she keeps on as chair during this significant period for our association.

“VCIA members and stakeholders will be happy to know that we have the ideal person steering us into a promising and robust future.”

Feetham targeting year-end for Gibraltar’s “dual captive” regime

Richard Cutcher
-
0
Feetham targeting year-end for Gibraltar’s “dual captive” regime

Gibraltar’s new Minister for Financial Services, Nigel Feetham, wants the legislation for a new dual captive regime to be passed this year, and believes the territory could provide an attractive proposition to prospective captive owners.

Feetham has been appointed Minister for Financial Services after being elected to parliament on 12 October.

Speaking in an exclusive interview with Captive Intelligence at Gibraltar’s Insurance Breakfast on 24 October, Feetham said while Brexit had presented “a major challenge” for the territory’s financial services sector, being outside of the European Union now gave “Gibraltar an opportunity to create specific legislation and regimes in the financial services sector that deviate from EU law”.

Feetham is pursuing a “dual captive regime” that would essentially differentiate between captives that are writing UK business or not.

Prior to Brexit, Gibraltar-domiciled insurers, including captives, could write direct insurance across the EU and into the United Kingdom but they had to follow Solvency II regulations.

Now outside of the EU, Gibraltar has lost its access to write direct across the EU but could implement its own solvency regime.

Insurers in the territory can still write into the UK and it is a major hub for UK auto insurers, and has a growing pet and travel insurance sector.

Dual captive regime

Captive Intelligence understands legislation for the proposed dual regime is currently being drafted and Feetham is hopeful of getting it finalised and passed before year-end.

While drafting continues and details need to be finalised, the dual regime Feetham is pursuing would mean any captive insurer that is writing UK business would have to respect the Gibraltar Authorisation Regime (GAR), meaning it would have Solvency II (soon to be Solvency UK) applied.

A Gibraltar captive that is not writing UK business or seeking UK market access, could be regulated under a “onerous” solvency regime.

“Through our dialogue and discussions with the UK government, we’ve agreed it is open to Gibraltar to have a captive regime that removes the onerous requirements of Solvency II, albeit as a result of the fact that it is captive business and therefore it’s self-insurance and to the extent that there are no consumers involved the risks are much lower,” Feetham explained.

“I’m pleased to say that we’ve had initial discussions with the Gibraltar regulator and I set out my vision for the financial services sector. I explained to the regulator that it’s His Majesty’s Government of Gibraltar’s policy priority to see the implementation of that legislation in Gibraltar as soon as possible.”

Captive prospects

Although Gibraltar is already home to a handful of captives, including Tate & Lyle Insurance (Gibraltar) Limited, owned by Tate & Lyle PLC, and Diramic Insurance Limited, owned by OMV Group, Feetham conceded its previous attempt at becoming an established captive domicile at the turn of the century did not take off.

There are also protected cell companies (PCCs) in the jurisdiction, including White Rock Insurance (Gibraltar) PCC Limited owned by Aon, while it has become a major hub for open market insurers that want to access the UK.

“Gibraltar is a centre of excellence in insurance,” Feetham added.

“Thirty per cent of all motor insurance business underwritten in the UK is underwritten by Gibraltar companies, 20% of all pet insurance and indeed 30% of all travel intermediated business is now underwritten from Gibraltar.

“We certainly have the track record to grow in insurance and with the energy and drive that I know Gibraltar can bring to the table, I’m absolutely certain that it will be a catalyst for the sort of growth that I want to see in the captive sector.”

Gibraltar-based John Harris, group business development director at Robus Group, told Captive Intelligence he looked forward to seeing the draft legislation but felt the likely capital requirements would lend the regulatory environment to being suitable for mid to large organisations.

“Establishing the dual captive regime in Gibraltar will undoubtedly add choice to potential captive owners and should demonstrate Gibraltar’s ability to innovate and strengthen its reputation as a leading insurance jurisdiction,” Harris said.

“Potential buyers would benefit from insurance legislation based on common law, and should benefit from capital requirements which I understand will be significantly less onerous than those required by Solvency II jurisdictions. This should open up opportunities to a wider audience of potential captive candidates.”

Delaware updates regulation of Side A D&O and capitalisation requirements

Luke Harrison
-
0

Delaware has introduced a series of regulatory improvements, including its legislation on captives writing Side A directors and officers insurance (D&O), as well as captive capitalisation requirements.

Earlier this month, the Department issued Captive Bulletin 14 which outlined the Bureau of Captive & Financial Insurance Products’ requirements for captives which are formed to write Side A D&O coverage for Delaware corporations.

In March, Marsh Captive Solutions established a cell captive facility in Delaware, specifically designed for clients seeking alternative risk transfer options for Side A directors and officers insurance.

The Department also issued Captive Bulletin 12 which adopts a more flexible approach for captive applicants’ capitalisation requirements, including allowing use of brokerage accounts in certain circumstances.

Capital and surplus requirements have also been recalibrated to place more emphasis on consulting actuaries’ adverse case projections.

“As global leaders in captive insurance, we recognise that we must continue to explore improvement, innovation, and industry insight,” said Delaware’s Insurance Commissioner Trinidad Navarro.

“This industry is an important economic engine in our state, and I look forward to continuing to foster its expansion.”

A number of process changes are expected to improve approval application timelines, with reviews of initial application filings decreasing from a target of 45 days to 30 days.

Licensure applications peak towards the end of the year, and moving forward, applications received after 1 November will be reviewed within 80 days of submission.

Routine requests for approvals, such as dividends, business plan changes, statutory dormancy, and changes in approved service providers, will be reviewed within 10 days of receipt.

Captives will also now be able to seek contingent Bureau approval for actions requiring board approval or ratification.

“Delaware has been a top global captive domicile since revamping its captive insurance statute almost 18 years ago,” said Michael Teichman, Delaware Captive Insurance Association (DCIA) president.

“While we believe Delaware continues to have much to offer, we recognize other domiciles are not standing still, and we cannot rest on our laurels.

“Over the past year we have enjoyed the opportunity to work with Commissioner Navarro and Bureau Director, Stephen Taylor to develop these helpful and timely domicile improvements.”

Fabien Graeff joins WTW in risk & analytics role

Richard Cutcher
-
0
Fabien Graeff joins WTW in risk & analytics role

WTW has appointed Fabien Graeff as head of risk and analytics France, strengthening the broker’s captive and alternative risk transfer (ART) expertise.

Between 2004 and 2018, Graeff worked for Marsh in numerous roles including head of global analytics and captives for continental Europe and analytics sales leader for French speaking countries.

Since 2018 he has been a partner in corporate risk services at Optimind, but Captive Intelligence understands he joined WTW last month.

Marc Paasch, global head of strategic risk consulting and global head of alternative risk transfer at WTW, said: “With this key hire we are adding technical capacity in the captive space, specialist know-how in the ART field, and management skills to pursue WTW growth in the whole risk and analytics practices.”

Graeff joins WTW at a time when captives are booming in the French market since the introduction of a new captive regime at home.

Oklahoma captive numbers increase by 25% in 2023

Luke Harrison
-
0
Oklahoma captive numbers increase by 25% in 2023

Oklahoma has added 14 new captives so far this year, increasing its number of licensed captives by 25%.

The State has also had three dissolutions for a net gain of 11 new captives, with the total number of active captives standing at 55 for 2023.

In 2022, Oklahoma’s captive insurers generated $297m in direct and assumed premium, representing a 39% increase from $214m in 2021.

There are currently 30 pure captives, one association, 15 special purpose captives, two sponsored captives, four incorporated cells, one protected cell, and two series captives licenced in the state.

Captive Intelligence published a long-read in June, highlighting Side A D&O and cannabis insurance as potential captive growth areas for the state.

“While I am very pleased with the level of captive growth, I am equally aware of Oklahoma’s prominent role in the captive insurance industry,” said Oklahoma Insurance Commissioner Glen Mulready.

“Whether it involves submitting written comments to the Internal Revenue Service or providing verbal comments at an IRS hearing, Oklahoma consistently takes a decisive stance.

“In the realm of captive insurance, Oklahoma has emerged a principal voice of advocacy and leadership.”

Renea Louie, COO at Pro Group Captive Management Services, and a new Oklahoma Captive Association (OCIA) board member told Captive Intelligence in May that Oklahoma is a “sleeping giant” as a captive domicile.

In December last year, Steve Kinion, Okhaloma’s captive director outlined his ambitions for the state as a captive domicile, in an exclusive interview.

As captive governance matures, should iNEDs be required in more domiciles?

Richard Cutcher
-
0
As captive governance matures, should iNEDs be required in more domiciles?
  • Guernsey and Isle of Man only major captive domiciles where an iNED is required
  • Increasing governance requirements put greater onus on captive boards
  • Efforts made in Guernsey to broaden the pool of qualified directors available to captives
  • Restriction on board appointments under discussion in Guernsey

The corporate governance requirements for captive boards is only increasing and it has been questioned why more domiciles do not require independent non-executive directors (iNEDs).

In a discussion recorded for the Global Captive Podcast SRS Europe CEO Peter Child, local iNED Nick Wild and Airmic CEO Julia Graham debated the evolving role of captive directors, the greater onus put on them by regulators, whether there should be a limit on the number of positions one individual can hold and if other domiciles should introduce the requirement.

Subscribe to Ci Premium to continue reading
Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

GCP Short: The developing role of captive iNEDs

Richard Cutcher
-
0
GCP Short: The developing role of captive iNEDs
Nick Wild, iNED
Julia Graham, Airmic
Peter Child, SRS

This GCP Short, produced in partnership with ⁠We Are Guernsey⁠ and the Guernsey International Insurance Association, discusses the evolution of the governance landscape in Guernsey and specifically, the role of independent non executive directors (iNEDs) on captive boards.

Richard hosts an engaging debate on iNEDs, the demands of the role, the possible restriction on the number of appointments, and whether more captive domiciles should make them a requirement.

The guests are:

  • Airmic CEO Julia Graham, an iNED on three captive boards in Guernsey
  • Peter Child, CEO for Europe at Strategic Risk Solutions
  • Nick Wild, a local iNED with a long background in captive management.

In the introduction Richard references a previous GCP Short episode featuring a group European iNEDs debating the value of outside board directors. ⁠Listen here⁠.

The updated Airmic Captive Governance Guide is referenced. You can ⁠download it here⁠.

The Non-Executive Director (NED) Development Programme is referenced and discussed by Nick. For more information on the course, visit the ⁠GTA University Centre website⁠.

For more information on Guernsey as a captive domicile, visit its ⁠Friend of the Podcast page here⁠.

Stay up to date with all major developments in the captive market by signing up to the twice-weekly Captive Intelligence Newsletter.

Risk Strategies and One80 to operate under Accession Risk Management brand

Luke Harrison
-
0

Risk Strategies and One80 Intermediaries will operate under the newly introduced Accession Risk Management Group parent brand, following a reorganisation.

Accession Risk Management Group will represent the family of specialty insurance distribution, captive management and risk management companies, operating under common ownership of their private equity sponsor, Kelso & Company, which includes Risk Strategies and One80.

Risk Strategies specialises in the design, implementation and management of all types of captive insurance companies, and has bought several captive managers in recent years, including Atlas Insurance Management, Risk Management Advisors and Oxford Risk Management Group.

The combined organisation is now approaching $1.5bn in revenues and more than $15bn of insurance premiums under management.

“Our clients and partners have an evolving continuum of insurance and risk management needs, all of which we aspire to address from within the Accession Risk Management Group family,” said John Mina, CEO, Accession Risk Management Group.

“The introduction of Accession Risk Management Group as our parent brand gives us a broader opportunity to serve our clients and partners across an expanding set of niche and specialty market segments.”

More than 170 specialty firms have joined Accession’s companies through M&A, with employees approaching 5,000 on a combined basis across Risk Strategies and One80 Intermediaries.

Munich Re, International SOS partner on pandemic policy

Richard Cutcher
-
0
Munich Re, International SOS partner on pandemic policy

International SOS will provide health advisory services to policyholders of Munich Re’s epidemic and pandemic policies.

Munich Re was one of the few (re)insurers marketing a pandemic parametric policy prior to the Covid-19 crisis, and has specifically targeted multinational organisations with captive insurance companies for the product.

Leigh Hall, senior originator at Munich Re Markets, discussed the reinsurer’s pandemic policy on the Global Captive Podcast last year.

The latest development in Munich Re’s pandemic offering is to partner with International SOS so policyholders have access to the health and security company’s pandemic portal, an online repository of the latest health advice relating to pandemics, and real-time one-on-one access to International SOS’ health consultants.

“We are delighted to have partnered with Munich Re on this combined offering for their policyholders,” said Franck Baron, group deputy director of risk management at International SOS.

“The solution enhances Munich Re’s pandemic policy, supports captives on a topic for which extensive support is often sought. This next step in our relationship with Munich Re will help protect workforces and, in turn, organisational resilience.

“International SOS is the market leader when it comes to protecting employees and this marks another step forward in our journey.”

Accessing the International SOS service is not dependent on a pandemic being declared by the World Health Organization (WHO) and “can be called upon at any time” according to the companies.

“I have great pleasure in announcing our new partnership with International SOS,” said Mari-Lizette Malherbe, member of the Munich Re board of management.

“The collaboration brings together the essential components of pandemic resilience; financial protection and access to health expertise to minimise a pandemic’s impact and protect workforces.

“Climate change and population shifts are making another pandemic more likely, therefore there is a need to create more resilient organisations. This new integrated pandemic risk management solution equips the insured to confidently navigate the next pandemic crisis.”

1...707172...132Page 71 of 132

© 2025 Global Captive Media Ltd.