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IQAX partners with Chinese shipping captive to digitise insurance policies

Luke Harrison
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IQAX has partnered with COSCO Shipping Captive Insurance to facilitate supply chain digitisation and widen the capabilities of IQAX eBL.

COSCO Shipping Captive is owned by China COSCO Shipping Corporation, a Chinese state-owned group focused on marine transportation services.

The partnership will facilitate access to system and technical support that will make it possible for customers to transfer electronic insurance policies along with electronic bills of lading (eBL) simultaneously.

IQAX is a global information technology company that provides digital transformation solutions using blockchain for logistics companies.

The captive’s underwriting book primarily consists of marine hull business for the parent group and its affiliates.

Shippers can view electronic insurance policies issued from the shipping insurance e-platform directly through IQAX eBL and transfer them alongside eBLs.

A cooperative agreement between IQAX, COSCO Shipping Captive Insurance, COSCO Shipping Lines and the Global Shipping Business Network (GSBN), ensures that a shipping insurance e-platform will work together with the GSBN blockchain platform and the IQAX eBL system.

A COSCO Shipping Lines (Wuhan) customer was the first to complete a synchronised transfer of both a blockchain-based eBL and an electronic insurance policy through a one-click title transfer on 14 December.

IMAC announces 2024 board positions

Luke Harrison
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The Insurance Managers Association of Cayman (IMAC) has announced its new board positions for 2024.

The decisions were made during the company’s annual general meeting earlier this month.

The Executive Committee will be chaired by Kieran Mehigan, with James Trundle serving as vice chair. Mike Scott will serve as treasurer and Erin Brosnihan will serve as secretary.

Since 1994, IMAC has represented insurance managers, captive insurance companies and service providers, acting as a link between the industry, government and regulator in the Cayman Islands.

“I am looking forward to everything we’ve planned for 2024,” Mehigan said.

“IMAC and our members are dedicated to working together with other stakeholders within Cayman’s financial services industry to continue representing our growing industry both locally and internationally.”

“I also want to thank Lesley Thompson, the previous IMAC Chair, for her dedication to our Association’s mission.”

The Cayman Captive Forum Committee will be chaired by Alanna Trundle.

Paul Macey will chair the Legal & Regulatory Committee, joined by Clayton Price, and Jenny Pooley will serve as the IMAC office oversight.

The Marketing Committee will be Chaired by Martin Cooke, and the Education & Social Committee will be co-chaired by Heather Deveau and Joni Steffen.

Potential for mass re-domestications if Italian legislation introduced

Luke Harrison
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Potential for mass re-domestications if Italian legislation introduced

If specific captive legislation is passed into law in Italy, there could be a swathe of Italian companies redomesticating or forming new captives in the country.

“We are sure that in the presence of a regulatory change favourable to the management of a captive in Italy we could have a real mass return or formation of new captives,” Carlo Cosimi, president of the Italian Association of Risk Managers (ANRA), told Captive Intelligence.

“In France, in just one year since the introduction of the new legislation, sixteen captives have already been registered.”

Cosimi said ANRA has previously held preliminary discussions regarding captive legislation with the Italian regulator.

“As ANRA we are available at any time to support the regulator or the Italian government in defining a proposal to change the legislation,” he said.

Last month, Italy licensed its first reinsurance captive for Enel S.p.A, and Aon is the captive manager for the new reinsurer.

Enel is an Italian multinational manufacturer and distributor of electricity and gas, which already owns Enel Insurance NV, domiciled in the Netherlands.

Last week, Multinational cable specialists Prysmian Group SpA received its authorisation for Italy’s second captive reinsurance company, which it plans to merge with its existing Dublin captive.

Captive Intelligence understands Prysmian Riassicurazioni will be self-managed with Alessandro De Felice, chief risk officer at the parent group, appointed CEO of the captive.

Captive Intelligence reported in January 2023 that several Italian-owned captives had begun discussions with IVASS on the possibility of re-domesticating captives back home.

“It is certainly good news that a foreign captive of an Italian group has been re-domiciled in Italy, although a specific license reserved for captives is still missing,” Cosimi said.

“As ANRA, we look carefully and favourably on this development, and we are willing to support any action to convince the Italian Regulator to change the legislation on insurance and reinsurance in this regard.”

Italian captives show value, understanding of captives increasing

Luke Harrison
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The recent formation of Italy’s first captives highlights that the importance of captives is increasingly being valued by the Italian regulator.

“There has already been a re-domestication to Italy, and it is not going to be a unique case because I am expecting other cases by the end of the year, and this is proof of at least two things,” Vittorio Pozzo, director, Europe & Great Britain captive advisory team at WTW, told Captive Intelligence.

He said it demonstrates how important captives are becoming for traditional risk transfer countries like Italy.

“It also shows that the importance of captives is recognised by the local regulator in Italy, which is not overly familiar with captives,” he said.

Last month, Italy licensed its first reinsurance captive for Enel S.p.A, and Aon is the captive manager for the new reinsurer.

Enel is an Italian multinational manufacturer and distributor of electricity and gas, which already owns Enel Insurance NV, domiciled in the Netherlands.

Pozzo said the first Italian captive gives a sense of how the regulator sees the importance of captives for the risk management community and for the insurance industry.

Multinational cable specialists Prysmian Group SpA has since received authorisation for Italy’s second captive reinsurance company, which it plans to merge with its existing Dublin captive.

Captive Intelligence understands Prysmian Riassicurazioni will be self-managed with Alessandro De Felice, chief risk officer at the parent group, appointed CEO of the captive.

Despite Italy licencing its first two captives, the country does not have specific captive legislation.

“The fact that captives are starting to pick up in Italy shows that maybe in the medium to long term, the local regulator might start studying a local captive legislation or something similar,” Pozzo said.

Carlo Cosimi, president of the Italian Association of Risk Managers (ANRA), told Captive Intelligence that if specific captive legislation is passed into law, there could be a swathe of Italian companies redomesticating or forming new captives in the country.

Pozzo said the “echo” of France was important to Italy having its first captive, and the approach that France had in terms of captives will now lead the way for other European countries to follo.

“There are going to be in my opinion, a couple of potential future scenarios in Italy but also in other countries.”

Prysmian gets authorisation for Italy’s second captive

Richard Cutcher
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Prysmian gets authorisation for Italy’s second captive

Multinational cable specialists Prysmian Group SpA has received authorisation for Italy’s second captive reinsurance company, which it plans to merge with its existing Dublin captive.

Prysmian Riassicurazioni SpA has been authorised by the Italian insurance regulator, IVASS, and follows the licence granted to Enel Erre SpA, owned by energy multinational Enel SpA last month.

Captive Intelligence understands Prysmian Riassicurazioni will be self-managed with Alessandro De Felice, chief risk officer at the parent group, appointed CEO of the captive.

Similar to Enel’s re-domestication strategy, Prysmian’s plan is to merge its existing Dublin captive, Prysmian Reinsurance Company DAC, into the new entity which is expected to be completed by the end of February.

The captive’s board will have five directors, including an independent non-executive director, and four functions – risk, compliance, audit and actuarial – sourced from within the Prysmian Group.

Due to Prysmian’s captive being smaller than Enel’s, Captive Intelligence understands IVASS has agreed to a “lighter” regulatory approach, which could prove an important precedent for future re-domestications and new formations.

Prysmian has been advised by Professor Albina Candia, a lawyer and professor of insurance law in Milan, and Professor Marco Micocci of Mazars Italy as actuarial advisor.

Aon agrees deal to acquire NFP

Richard Cutcher
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Aon has agreed a $13.4bn deal to buy NFP, a privately-owned mid-market brokerage that also offers benefits consulting, wealth management and captive services.

Aon’s purchase will be financed by $7bn of cash and $6.4bn of Aon stock, acquiring the broker from Madison Dearborn Partners (MDP) and HPS Investment Partners.

NFP will operate as an “independent but connected platform”, going to market as “NFP, an Aon company”, with Doug Hammond, chairman and CEO of NFP, continuing to lead the platform.

“We have continually evolved our leading capabilities to better serve our clients’ growing needs amidst increasing volatility across the marketplace,” said Greg Case, CEO of Aon.

“The acquisition will advance our relevance to clients, create opportunities for our colleagues and further strengthen our shared cultural values.

“Doug and NFP have built an exceptional team, with a complementary one-firm mindset, and we expect to both learn from their entrepreneurial culture and share with them the depth and breadth of our capabilities to create more value for clients, colleagues and shareholders.”

NFP has been growing its captive consulting and management business since hiring industry experts Tracy Stopford and Kara Tencellent in October 2020 to co-lead its Risk & Insurance Strategy Collective (RISC) under NFP’s Captive and Alternative Risk practice.

In July 2022, NFP opened a captive management business in Alberta and in August 2023 hired Amanda Wescott as vice president, director of US captive management operations, for RISC.

US Congress members send letter to IRS backing micro captives

Luke Harrison
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US Congress members send letter to IRS backing micro captives

Members of the House Ways and Means Committee has sent a letter to the Internal Revenue Service (IRS) Commissioner Daniel Werfel expressing their support for small captives.

Captive Intelligence reported in April that the IRS had proposed new regulations for “micro captives”, those that make the 831(b) tax election, which have divided opinion across the captive landscape.

“The IRS may not eliminate laws that it finds inconvenient to administer or somehow troublesome, nor may it legislate via regulation,” the letter stated.

“Treasury and the IRS are harming the American economy by their misguided effort to eradicate small captive insurance.”

The letter was organised and signed by Rep. Van Duyne (R-TX 24th District), Rep. Mike Carey (R-OH 15th District), Rep. Ron Estes (R-KS 4th District), Rep. Randy Feenstra (R-IA 4th District), Rep. David Kustoff (R-TN 8th District), Rep. Carol Miller (R-WV 1st District), Rep. Greg Stuebe (R-FL 17th District), and Rep. Brad Wenstrup (R-OH 2nd District).

The 831(b) Institute praised the letter and said the lack of guidance provided by the IRS on 831(b) plans is unfair and targets small business owners that are acting in “good faith” on the laws Congress has passed.

The 831(b) Institute was launched in the US in June and has asked for clarity from the IRS around how it regulates micro captives, arguing that it “unfairly” scrutinises them.

“Many of the points raised by this group of legislators are critical to ensuring that this valuable tool is available to small businesses in the coming economically difficult years ahead,” the Institute said.

“The collaboration by both parties in Congress, small business owners, and the IRS will be necessary to build a meaningful micro captive insurance program that helps current and future generations and helps protect jobs.”

Peter Dawson, advisor to the 831(b) Institute, said the letter correctly points out the duty the IRS has in implementing the will of Congress and acknowledging the “flaws” in their current approach to regulating microcaptives.

“Legislative action and advocacy to the federal government is essential to protect the future of 831(b) plans and small business owners in America as desired by Congress.”

In June, Oklahoma’s Insurance Commissioner Glen Mulready called on the IRS to withdraw its Notice of Proposed Rulemaking (NPR) concerning micro captives and form a joint task force consisting of the IRS, regulators and representatives of the captive insurance industry.

Europe’s 2023 captive highlights: More domiciles, PCCs, risk portfolios broadening

Luke Harrison
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Europe’s 2023 captive highlights: More domiciles, PCCs, risk portfolios broadening
  • Germany, Spain, UK to follow in French and Italian footsteps?
  • Solvency II reforms, hoped to help proportionally, expected in January
  • Cell popularity has soared, more domiciles considering PCC legislation
  • Less traditional risks such as cyber more commonly being written in captives

The growing captive trend seen across Europe could create a further “echo” across the continent, with more countries in the region looking to introduce their own captive legislation in the coming years.

The 2023 narrative has been dominated by France, confirming its long-awaited reinsurance captive legislation at the turn of the year, with Italy grabbing the headlines in the last month with its first captive licence.

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Jerry Messick to step down as Elevate CEO, Ryan Ralston to take the reins

Luke Harrison
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Jerry Messick to step down as Elevate CEO, Ryan Ralston to take the reins

Elevate Risk Solutions CEO Jerry Messick is stepping down from his role effective 1 January 2024, but will continue to work at the captive manager as a consultant.

Elevate provides turnkey captive insurance solutions for a variety of businesses to reduce their risk exposures.

Elevate’s managing director, Ryan Ralston, will be appointed president, and Serena Lintker will be promoted from director of finance to chief operating officer effective the same date.

“I am honoured to have served as CEO of Elevate for more than 12 years,” Messick said.

“I’m confident that Ryan and Serena’s continued leadership and passion for serving our clients will transcend the incredible success that we have seen and drive even more value for our clients through our captive insurance solutions.”

Ralston has strong industry experience having previously worked at Whirlpool, Koch Industries, The Boeing Company, among other organisations.

“Our reputation has been built on our ability to consistently deliver client solutions with skill, integrity and transparency, which are unsurpassed in the captive industry, and I’m excited to lead our outstanding team and continue the legacy that Jerry began,” Ralston said.

HDI adding workers comp, commercial auto, exploring MSL for US fronting

Luke Harrison
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HDI adding workers comp, commercial auto, exploring MSL for US fronting

While traditional property and casualty products are still the focus for HDI Global, the carrier is now looking to add additional lines of business to its fronting capabilities in the United States.

HDI appointed Jason Tyng in January 2023 as it entered the US captive fronting market and in May told Captive Intelligence it was targeting $100m in gross written premium within five to six years.

“We now also offer cyber, directors and officers, and construction products,” said Marco Hensel, senior vice president and underwriting lead at HDI Global, speaking on the Global Captive Podcast at the European Captive Forum in November.

“And within the next few weeks, also workers’ compensation, which is a great step to expand our offerings.”

Hensel said commercial auto is in the works too, which will hopefully be launched in 2024.

“We are also looking at medical stop loss, which we are currently reviewing and hopefully to get something off the ground within the next year.”

Jason Tyng, vice president and captive lead at HDI Global, said one of the major things HDI Global has seen recently is captives in the US being formed to initially cover their property risk as a result of commercial market conditions.

Captive Intelligence published a long read in July highlighting that the current environment for property risk has created the “perfect storm” for writing the line through captives.

“Where we may have started to see the traditional workers’ compensation, general liability and auto coverages, there’s now a movement towards starting with a property coverage instead,” he said.

“Because of the way the market is changing, we have seen some smaller risks because larger mid-market sized companies that maybe would not have [traditionally] been a candidate for a captive, are all of a sudden interested in forming a captive and taking more control.”

Nate Reznicek, president & principal consultant at Captives.Insure, said that when it comes to fronting, insurance is a “very large ship to steer” and sometimes a lot of capacity providers will never “veer off course” regardless of what the market says, until they are forced.

“We also see a need for the understanding that the insured or the captive is going to be in a position to take a very large, if not all of the risk back from the transaction,” he added.

Reznicek said that in this instance there needs to be some “common sense underwriting” from the carrier side, which does not necessarily always correlate in a very crowded US market.

“The most successful fronting providers have blended those things together where they have again taken a common sense approach to underwriting as well as flexibility and innovation in what is being offered.”

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