Employee Benefits

The global benefits market has welcomed the Prudential Regulation Authority’s (PRA) inclusion of employee benefits in its first proposals for a UK captive regime.

The captive will be available to cannabis operators in 24 states plus Washington DC where both medical and recreational cannabis use are legal, as well as in an additional 16 states where cannabis is legal for medical use only. 

The Prudential Regulation Authority has outlined its draft regulations for captive insurers in the United Kingdom, including a new “proportionate and tailored” solvency regime outside of Solvency UK.

Mercer Marsh Benefits has appointed Arnau Vila Llavina as its new multinational leader, focusing on expanding global capabilities and deepening insurer and network partnerships.

Embedded insurance could become the next stage in the growth of Hyatt Hotels' captive as the company looks to expand beyond traditional risk financing and deliver new sources of value for the parent group.

Barry Perkins has rejoined WTW as a managing director within its global benefits practice.

Marsh Nexus, which operates through Marsh’s Mangrove Protected Cell Company domiciled in Washington DC, is a cell structure designed for clients with employee benefits spend outside the United States of more than $3m annually. 

Recent lawsuits concerning voluntary employee benefits plans in the United States should prompt employers to rethink how benefits are structured and captives can play a central role by providing better cost management, alignment and transparency.