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MSL Captive Solutions to serve Everest as MGU

Luke Harrison
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MSL Captive Solutions to serve Everest as MGU

MSL Captive Solutions (MSL) has become a full service managing general underwriter (MGU) for Everest Reinsurance Company, effective from 1 June, 2023.

In December last year, Giles told Captive Intelligence that medical stop loss (MSL) captives were on course to account for more than 25% of the overall MSL insurance market.

“The tremendous expansion in the MSL captive market over the past decade has exceeded a comfortable supply of competitively diverse carrier options participating in this segment,” said Phillip Giles, managing director of MSL Captive Solutions.

“Everest is a highly rated carrier and brings stability to the medical stop loss captive sector through the strength of its balance sheet and underwriting philosophy.”

Giles added the agreement should bring the agility to underwrite on a direct and reinsurance basis, expanding MSL’s capacity to deliver tailored captive solutions to both group and single parent captives.

MSL Captive Solutions works with select programme managers, brokers, consultants and captive managers to develop proprietary group and single parent captive programmes.

MSL provides stop-loss captive underwriting management to a number of the world’s largest stop-loss carriers and develops customised captive programmes with each carrier to meet the specific risk, financial, and objectives of its clients.

“MSL Captive Solutions is a predominant MGU in the captive insurance market and we are thrilled to be working with them,” said Shawn Austin, senior vice president and head of accident and health North America at Everest.

“Their expertise in the captive space combined with Everest’s strong financials will bring an impressive offering to this rapidly growing market segment.”

Colombia relocation for Delgado as SRS eyes Latam expansion

Luke Harrison
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Colombia relocation for Delgado as SRS eyes Latam expansion

Luis Delgado has relocated to Colombia and been appointed Latam regional director at Strategic Risk Solutions (SRS) with the captive manager planning further expansion into Latin America.

Delgado joined SRS in 2020 as vice president of SRS Bermuda’s captive management operations and has been responsible for growing SRS’ Latam portfolio.

“Over the past few years, we have seen record levels of captive formations, feasibility studies, and general interest and enquiries from prospects across Latam, so it makes sense to be closer to where our clients and prospects are located,” Delgado said.

“Latam is producing strong growth in captive insurance, and we will focus on developing new captive formations from the region.”

Delgado will be responsible for leading SRS’s business development strategies and the geographical expansion of the firm into Latin America.

In his new role, he will continue to lead a team of Spanish speaking qualified accountants with captive experience, but he has personally relocated to Colombia to establish SRS’s presence in the region.

“Latin America represents an important region for SRS,” said Brady Young, CEO of SRS.

“We believe there are significant opportunities for Latam parent organisations to make greater use of captive insurance.

“Luis has developed a good foundation of Latam business for SRS operating from Bermuda as well as building on his captive management experience. Relocating to Colombia brings a greater local presence as we bring more support and resources to support captive insurance in the region.”

Adele Gale among promotions, new hires at Robus

Richard Cutcher
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Adele Gale among promotions, new hires at Robus

Robus has announced four promotions, as well as two new hires, in its Guernsey office in what it says is a result of its continued growth trajectory.

Adele Gale has been promoted to deputy managing director, while Amy Flude, Lisa Dunn and Laura Boyd have joined the senior management team.

Simon Lloyd has joined Robus Guernsey as a claims and underwriting administrator and Gill Le Cras has joined as a senior administrator.

Jamie Polson, managing director of Robus Guernsey has also been appointed group chief finance director.

“We are delighted to be able to recognise the talent and contribution of those promoted during 2023 and to welcome our new joiners who are already making an impact on our business as we broaden out our management team and build on our core client service proposition,” said Polson.

“A key element of our strategy was the launch of our graduate and school leaver programme earlier this year and we look forward to announcing further hires in due course.”

Owned by the Ardonagh Group, Robus is a captive and insurance manager working with single parent captives, cell companies and insurance linked securities in Guernsey and Gibraltar.

GCP Short: Taxes for alien captives writing US business

Richard Cutcher
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Asher Harris
Joseph Finbow, TMF Group

This GCP Short, produced in partnership with TMF Group, is all about the tax considerations for non-US captives writing insurance in the United States.

Richard is joined by US-based tax attorney Asher Harris and Joseph Finbow, IPT Assurance Director at TMF.

Asher and Jo discuss the relevant IPT, federal excise and other taxes relevant for captives doing business in the United States, the impact of using different domiciles and closing agreements.

For more information on TMF Group and their captive services, visit their Friend of the Podcast page on the Captive Intelligence website.

OneNexus eyeing further decommissioning opportunities

Luke Harrison
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OneNexus eyeing further decommissioning opportunities

Gerry Willinger, founder and chief risk officer at OneNexus, believes there is an opportunity to branch out from the oil and gas sector in order to provide cover to different types of energy companies that might look to decommission their energy assets in the future.

“We certainly see opportunities coming in further energy transition, whether it’s class six carbon sequestration wells, solar decommissioning or wind turbine decommissioning, financial assurance for all those products,” Willinger said on the Global Captive Podcast.

“We think that there are multiple avenues to go down from a financial assurance standpoint as we build up our actuarial tables and our life tables.”

Willinger believes there are lots of similarities when it comes to energy transition.

“We like to think of the first step of transitioning to any form of energy or anything that changes is the ability to decommission the previous form,” he said.

In an interview with Captive Intelligence last December, Willinger noted that OneNexus was planning to double the $1.2bn in funding it was providing to oil and gas companies to help them decommission their liabilities.

“The target is to be able to go to much higher levels,” he said. “We have a pretty aggressive pipeline right now from a size standpoint, and so it just depends upon whether some large decommissioning underwriting comes in or not.”

Williger said OneNexus has been looking at decommissioning opportunities ranging from $1m of gross liabilities to $255m. “But I see us building our book consistently throughout the year,” he said.

OneNexus currently utilises a multi-cell captive structure domiciled in Oklahoma.

“That multi-cell captive allows us to segregate the risk depending on the client,” Willinger said.

“The ability to separately manage accounts was important to us. So, one of the cells could be an offshore cell that has a very different risk profile and duration than some of the other cells that we have.”

The company currently only has one cell, but he anticipates there could be around four by the end of the year.

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Richard Cutcher
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62% of Labuan captive premium generated from international business

Luke Harrison
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62% of Labuan captive premium generated from international business

More than 62% of captive premium in Labuan in 2022 was generated from international insurance business.

The Labuan captive sector has continued to gain momentum with five new captive formed in 2022 bringing the total number of captives to 67 and total gross premiums to US$571m.

“This underscores Labuan IBFC’s prominence as the captive market of choice regionally and globally,” a spokesperson for the Labuan IBFC, told Captive Intelligence.

“The captive market in Labuan has traditionally attracted interest from corporates and GLCs within the Asian region, with recent captive premiums mainly derived from Indonesian and Japanese businesses.”

The five new captives formed in Labuan last year were approved to underwrite agricultural and fire-related risks.

In a long read published in June, Captive Intelligence reported Labuan is set to allow some captives to write third-party risk, in addition to the risks of its owner or members, in the case of association captives.

This will likely make the domicile a more attractive proposition for new formations or re-domestications.

Abie Pua, principal officer of Labuan-domiciled Howden PCC (L) Bhd and head of risk consulting at Howden Broking, said that talent recruitment, especially for personnel with experience in captive consulting and management, was one of the key challenges that Labuan is facing as it tries to grow as a domicile.

“This remains a key challenge as there is not any training or development programme offered by a professional body or institution in the Asia region,” she added.

Pua highlighted that Howden Malaysia is the only team among the Howden Asia offices that can provide full range captive consulting services ranging from captive feasibility studies, captive formation, captive management services, and captive reinsurance placement.

On 1 January 2023, Howden Broking Group (HBG) launched a new captive consultancy and captive management service, in conjunction with Strategic Risk Solutions (SRS).

Pua said the move responds to Howden’s strategic move into the large retail client segment, where captives are an accepted and common means of self-financing risk.

She added it was a natural and obvious extension of Howden’s existing analytics, specialty, large client and reinsurance capabilities in order to benefit the broker’s clients and prospective clients.

Utah captive fined for operating as unauthorised insurer in Washington State

Richard Cutcher
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0
Utah captive fined for operating as unauthorised insurer in Washington State

Washington State’s Insurance Commissioner Mike Kreidler has fined Drico Insurance Company, a Utah-domiciled captive, $1,000 for transacting unauthorised insurance in his state.

Captive Intelligence reported in May that Airbnb had been fined $20,000 by Commisioner Kreidler for a similar offence.

Drico Insurance is owned by Diamond Parking Services and was licensed by the Utah Insurance Department in January 2018.

The captive has been providing property, liability, and auto insurance to Washington consumers since 2018.

“The Office of the Insurance Commissioner (“OIC”) opened an investigation upon receipt of an internal referral alleging the Company does not qualify for registration as a captive insurer and is acting as an unauthorized insurer,” Kreidler’s office stated in a consent order.

Drico applied to register with the OIC in September 2021, but it failed as the Commissioner required it demonstrate its assets exceeded its liabilities by at least one million dollars.

The OIC deemed the captive owed $33,698 in premium taxes corresponding to the years 2018 to 2021, which the company paid in full on February 15, 2022.

Kreidler’s office said Washington was the insured’s home state after documents provided by the captive showed Washington had the largest percentage of premium attributed to it.

“Hence, Washington is the insured’s home state pursuant to RCW 48.15.010(5)(b) and the company is required to obtain a certificate of authorization from the Insurance Commissioner to transact the business of insurance in the state of Washington,” the OIC added.

As part of the consent order, agreed and signed by both the OIC and Drico Insurance Company, the captive will pay the $1,000 fine and pay premium taxes of $14,016 owed for 2022.

Drico will need to obtain a captive insurer registration from the Insurance Commissioner.

“Throughout the application review process, the Company shall comply with all regulatory requirements related to a captive insurer,” the order states.

“If the Company is unable to obtain a captive insurer registration from the Insurance Commissioner, existing policies cannot be renewed.”

Kreidler became well known to the captive insurance industry in 2018 when he began targeting self-insurance subsidiaries owned by Washington-headquartered businesses, accusing them of being unauthorised thus insuring risk in the state illegally.

Microsoft, Costco, Alaska Airlines and Starbucks were among those corporates caught up in enforcement action before a legislative fix was landed upon in 2021.

John Morrey retires as Stonefort Group CEO

Richard Cutcher
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John Morrey retires as Stonefort Group CEO

John Morrey has retired as CEO of Stonefort Group having built the formerly named Luxembourg captive Builders Re into a diversified insurance, reinsurance and independent captive management business during his 21 years at the company.

Builders Re was originally formed as reinsurance captive for German construction giant Hochtief in 2000, but wrote third party business from day one and, largely driven Morrey, only grew over the next 23 years.

Builders Re and Builders Insurance, the group’s Luxembourg-domiciled direct writing insurer, were rebranded to Stonefort in September 2022, along with its independent captive management arm.

Morrey, with colleagues Koenraad Everaert, chief insurance officer, and head of marketing Bertrand Gilson, explained the background of Stonefort and its focus today in a GCP Short recorded at the European Captive Forum in November 2022.

In a post on LinkedIn, Morrey said it was “with a mixture of anticipation and some sadness” that he was announcing his retirement.

“It has been an amazing journey, from a cardboard box of files in 2002 to an AM Best “A-” rated, thriving organisation of more than 50 people operating out of our premises in Steinfort (Luxembourg), London and Düsseldorf,” he added.

“I look back at this significant period in my career with immense pride at the hurdles overcome and the many important achievements contributing to the highly successful organisation we see today.

“I would like to extend my heartfelt thanks and appreciation to all my colleagues, past and present, for all their hard work, professionalism, commitment and support over the years.”

Morrey is succeeded by Michael Dehm as CEO of Stonefort Group.

France a competitive domicile, Captive Federation to launch this year – Oliver Wild

Richard Cutcher
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0
France a competitive domicile, Captive Federation to launch this year – Oliver Wild

France has the opportunity to build a whole captive ecosystem now its new regulatory regime is in place with risk management association Amrae planning to launch a Captive Federation in September.

Captive Intelligence reported in June the French government had confirmed details of the equalisation provision made available to reinsurance captives and last week the first two new entities were licensed since publication of the decree.

Captives formed by Limagrain, an international agricultural co-operative group founded by French farmers, and Naval Group, the part state-owned French industrial group that specialises in naval defence design, takes the number of reinsurance captives domiciled in France to 12.

Speaking in an exclusive interview on GCP #89 Oliver Wild, president of Amrae, said they were very pleased with the resulting legislation and framework after more than four years of lobbying.

“The major achievement is through this change we have been able to allow organisations, companies to take their own destiny in their own hands effectively, and take more control of how they manage risk and how they anticipate and prepare for negative events,” Wild said.

“The outcome is in line with what you can find elsewhere, so it means that France is now a competitive domicile compared to other countries. We have a true opportunity in that market. I expect that whole ecosystem to develop strongly in France.”

Captive Intelligence understands there is a strong pipeline of further captive formations that could be completed this year, although there will be pressure on the French regulator to prevent a bottleneck of applications building up.

When Amrae surveyed its members in 2022 it showed around 50 organisations were interested in forming a captive, with 28 of those waiting to see the details of the French captive regime before proceeding or making a domicile choice.

The Association is planning to launch a Captive Federation in September that would serve as a community for captive owners, both in France and overseas, as well as a resource for companies that are considering or in the process of establishing one.

“The Federation will also have a strong role to play there on bringing those people together and sharing practices and answering questions,” Wild added.

“A captive is not a tool that you build overnight. There’s education to be done internally as well with your CFO, with your director of operations and so on, to really understand how you can make the most out of your captive and your insurance and risk management strategy.

“That’s why we firmly believe the Federation will have a lot of work on its hands bringing that community together and making sure that everyone, if they have any doubts or fears, that we can respond to that and share the practices that we have.”

Listen to the full exclusive interview with Oliver Wild, President of Amrae, on the Global Captive Podcast here, or on any podcast app.

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