Captive Intelligence

Sandy Bigglestone, deputy commissioner of Vermont’s Captive Insurance Division, will become acting commissioner for the State’s Department of Financial Regulation (DFR) from 1 January. Governor Phil Scott has named Bigglestone following the retirement of incumbent Commissioner Kevin Gaffney. She will continue to oversee the captive insurance department, which she has led since succeeding Dave Provost in 2022. “I’m honored to step up to serve the Department knowing that we have a robust team in the Captive Division to continue business as usual,” said Sandy. “We continue to provide the highest quality of regulation at the speed of business for Vermont’s captive insurance companies.” Vermont Captive Vermont Department of Financial Regulation #captiveinsurance #captiveintelligence https://lnkd.in/djhHfWkm

Virtual captives are being utilised by many companies as an alternative option to more traditional captive structures. In our latest Long Read, Luke assesses the pros and cons of virtual captives, and in what instances companies may use them. In practice, a virtual captive is as an insurance contract that provides many of the benefits of a pure captive without the need to go through the – sometimes long winded and capital intensive – process of formation. “Essentially, you draft a contract that outlines the terms – such as what percentage of losses or premiums will be allocated to each party, and how the flow of funds will work,” Judah Max Dobrinsky, director of risk finance at XN Captive, tells Captive Intelligence. “The contract specifies how everything will attach, how risks will be shared, and how funds will move between parties, however the risk is typically retained on the fronting carriers balance sheet. “It's a more flexible, less formalised approach to the captive model, but it operates on the same fundamental principles.” This article also features comments from Thomas Keist, Glenn Ford Ellis CMIRM, Grant Maxwell, and Vittorio Pozzo. #captiveintelligence #captiveinsurance https://lnkd.in/gUE5FEkw

More companies are looking at using their captives to write non-traditional risks, according to Judah Max Dobrinsky, director of risk finance at XN Captive. Dobrinsky said property owners are increasingly using captives to insure risks such as tenant legal liability packages and protection programmes. “These are more ancillary insurance risks that provide additional revenue streams for business owners,” he said. “We’re also seeing an increase in third-party risk, while MGAs are taking on more risk within captives, and other similar models are emerging.” #captiveintelligence #captiveinsurance https://lnkd.in/euZuYCp7

Captive Intelligence Editor Richard Cutcher shares an opinion piece today, outlining what the UK government and captive market can learn from France's successful implementation of a new captive regime. "Thankfully, captive managers and consultants are incentivised to find and form new captives, rather than rob Peter to pay Paul. I cannot imagine it being in the large captive managers’ interests to gut successful domicile offices of their long, hard-earned business. "If the UK were to take this next step, present a proportionate, innovative and appealing captive domicile, I do not doubt our captive consulting friends will be motivated to find a first handful of good candidates and get them over the line. "Developing new domiciles should be about growing the pie, not just sharing it out in ever diminishing portions. The UK has an opportunity to join this European revolution." London Market Group #captiveinsurance #captiveintelligence https://lnkd.in/dmENmehu

Speaking on episode 115 of the Global Captive Podcast, Enrico Guarnerio, chairman of Strategica Group and president of SRS Italy, said he is confident that if specific legislation is introduced, the captive market in Italy can “explode”. “Considering Italy’s industrial structure and the number of companies operating at a certain scale, I believe Italy has the potential to host between 60 and 80 captives created by Italian groups, similar to other major European countries,” he said on GCP #115. Captive Intelligence reported in September Strategic Risk Solutions had partnered with Strategica Group to form SRS Italy, billed as the first specialised insurance management company in the domicile and led by Enrico. Listen to the full interview with Enrico and more from the FERMA Forum in Madrid in episode 115 of the Global Captive Podcast. Find it on the below platforms or any podcast app: Captive Intelligence: https://lnkd.in/dCAehJfY Spotify: https://lnkd.in/dv_hZ77v Apple: https://lnkd.in/dWSiknq5 #captiveinsurance #captiveintelligence https://lnkd.in/d9VZDWfZ 

Experienced captive consultant Ciarán Healy will take the reins as Aon’s new Global Captive Leader for Commercial Risk Solutions from 1 January. John English, currently CEO of Aon Captive & Insurance Management, is moving on to become chairman of Aon Global Risk Consulting (AGRC). Ciarán will report into Richard Waterer, global leader for Aon Global Risk Consulting (AGRC). “Ciaran is a highly effective, client-centric and commercially driven leader with great experience to build on the momentum we’re seeing in the captive space and the increasingly central role that captives will assume in Aon’s broader Risk Capital strategy across Reinsurance and Commercial Risk,” Richard said. “Under Ciaran’s leadership, Aon’s captive team will deliver further innovation as our clients increasingly turn to options outside the traditional insurance market to protect and grow their businesses.” #captiveinsurance #captiveintelligence https://lnkd.in/dx2Z9MT3

Experienced captive consultant Ciarán Healy will take the reins as Aon’s new Global Captive Leader for Commercial Risk Solutions from 1 January. John English, currently CEO of Aon Captive & Insurance Management, is moving on to become chairman of Aon Global Risk Consulting (AGRC). Ciarán will report into Richard Waterer, global leader for Aon Global Risk Consulting (AGRC). “Ciaran is a highly effective, client-centric and commercially driven leader with great experience to build on the momentum we’re seeing in the captive space and the increasingly central role that captives will assume in Aon’s broader Risk Capital strategy across Reinsurance and Commercial Risk,” Richard said. “Under Ciaran’s leadership, Aon’s captive team will deliver further innovation as our clients increasingly turn to options outside the traditional insurance market to protect and grow their businesses.” #captiveinsurance #captiveintelligence https://lnkd.in/dx2Z9MT3

Malcolm Cutts-Watson is stepping down and retiring from his role as non-executive chairman of RISCS CWC at the end of December. He will continue to act as an independent non-executive director and assist in the development of talent in the industry. “It has been a great pleasure knowing Malcolm all these years and an honour for RISCS to be chosen by him as a merger partner for CWC," said Oliver Schofield, CEO & managing partner of RISCS CWC. “Malcolm will be sorely missed by all of us – and the wider captive world – but we look forward to extending his legacy by continuing our independent, innovative work. We wish him and Madeleine all the very best for a long and happy retirement.” https://lnkd.in/gvVur6Za

The implementation of IFRS 17, particularly in certain jurisdictions, has had significant implications on the way insurance contracts are valued with some commentators suggesting it is stifling experimentation and innovation. In our latest Long Read, Luke Harrison takes a look at how different locations are enacting IFRS 17, as well as the new challenges the reporting standard poses for captive insurers. “It feels like a sledgehammer trying to crack a nut,” Steve Tunstall, captive director and general secretary at CISA, told Captive Intelligence. “While it has some relevance for large insurers, it has zero relevance for single-client captive insurance companies," he said. “The challenge is that it significantly increases bureaucracy without providing any real benefit.” This article also features comments from Susan Dreksler, Bron Turner, Kelvin Wu, Lawrence Bird, and Joyce Chua. https://lnkd.in/emtAsBDy