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AM Best revises Nissan captive outlook to negative from stable

Luke Harrison
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AM Best has revised the outlook to negative from stable and affirmed the financial strength rating of A- (excellent) and the long-term issuer credit rating of “a-” (excellent) of Bermuda-domiciled Nissan Global Reinsurance, Ltd. (NGRe).

As a single-parent captive for Nissan Motor Co., Ltd., one of the largest automakers in the world, NGRe provides Nissan a range of coverages in the United States and abroad, including but not limited to extended service contracts, product liability and inland marine.

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Michigan launches captive-backed crop insurance for regenerative farmers 

Luke Harrison
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The Michigan Department of Agriculture and Rural Development (MDARD) has launched a crop insurance pilot backed by a captive designed to reward farmers who adopt regenerative practices. 

The NextGen crop insurance pilot, led by the Resilience in Agriculture Lending and Insurance Coalition (RALIC), will use the captive to give farmers more control over how supplemental coverage is designed and priced. 

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Texas launches premium tax amnesty for non-admitted captives 

Luke Harrison
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The Texas Comptroller of Public Accounts has launched a temporary amnesty programme for unauthorised insurance premium tax, offering non-admitted captives an opportunity to voluntarily resolve potential Texas tax exposure.  

A non-admitted insurer is an insurer that transacts insurance business in Texas without holding a Texas licence. 

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Norwegian Football Federation forms captive 

Luke Harrison
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Norwegian Football Federation forms captive 

The Norwegian Football Federation, Norges Fotballforbund (NFF), has formed its own single parent captive in Norway. 

According to Ci Datahub, Idrettens Forsikringsselskap AS, was licenced on 4 May. 

The captive will take over direct insurance for the NFF and organisations in the same group. 

Norway is now home to nine active captives, with one new captive formed in each year between 2024 and 2026 (to date). 

Prior to 2024, the latest new captive was formed in 2012. 

Captive Intelligence published a Long Read in 2025 exploring how organisations in the sports industry are facing a growing insurance challenge with the traditional market tightening. 

Spotlight: Riverside Health to bring WC cyber into captive 

Luke Harrison
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Spotlight: Riverside Health to bring WC cyber into captive 

Riverside Health System is looking to expand the role of its Bermuda-domiciled captive by moving the high-deductibles from its workers’ compensation and cyber insurance programmes into the vehicle. 

Riverside Healthcare Association is an integrated healthcare system offering a range of care services from birth to end-of-life care with a footprint spanning more than two hours across Eastern and Central Virginia.  

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Cayman licenses six new captives in Q2 2026 

Luke Harrison
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The Cayman Islands Monetary Authority (CIMA) issued six new captives licenses, between April and June 2026, all class B(i)s, along with three portfolio insurance companies (PICs).  

This brings the total number of new international insurance licenses issued in 2026 to 20. 

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Riverstone signs LPT with Lyft’s Hawaii captive 

Luke Harrison
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0

RiverStone International has signed a second loss portfolio transfer reinsurance agreement with Hawaii-domiciled Pacific Valley Insurance Company. 

Pacific Valley is a captive owned by California-headquartered ridesharing company Lyft.  

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Aon appoints Choisel Murray global CCO of captive business

Richard Cutcher
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Aon appoints Choisel Murray global CCO of captive business

Aon has appointed Bermuda-based Choisel Murray as global chief commercial officer of Aon Captive & Insurance Management.

Murray will report into Ciaran Healy, CEO & Global Captives Leader at Aon, and work closely with the manager’s regional, hub and domicile leaders to drive growth across captives, its White Rock cell companies, commercial, and ILS.

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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 Apogee captive

Luke Harrison
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0

AM Best has affirmed the financial strength rating of A- (excellent) and the long-term issuer credit rating of “a-” (excellent) of Vermont-domiciled Prism Assurance. The outlook of these credit ratings is stable.

Prism is the single-parent captive insurance company of Apogee, one of the largest architectural design and construction companies in the United States.

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S&P 500 convenience store chain forms latest Iowa captive 

Luke Harrison
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0
S&P 500 convenience store chain forms latest Iowa captive 

An S&P 500 convenience store company has formed CARES Captive Insurance Company, LLC in Iowa. 

According to Ci DataHub, Iowa now has four active captives, with the previous three all licensed in 2025.  

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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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