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Jan 17, 2025 | 
captiveintelligence.io | Luke Harrison
The Cayman Islands Monetary Authority (CIMA) issued 12 new international insurer licenses in the fourth quarter of 2024, including three B(i)s licences, eight B(iii)s, and one Class C. In CIMA’s regulatory framework, captive business usually falls into the Class B licences Subscribe to Ci Premium to continue readingCaptive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.
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Jan 16, 2025 | 
captiveintelligence.io | Luke Harrison
Loss ratio for “listed transactions” reduced to 30% Revenue Procedure 2025-13 introduced to streamline revoking 831(b) election IRS perceived by some to be removing 831(b) by stealth Ryan LLC court case lodged against IRS after final regs published Despite the Internal Revenue Service making some concessions in its long-awaited final version of 831(b) regulations, particularly in relation to loss ratio thresholds, industry commentators believe it continues to target micro captives unfairly,...
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Jan 15, 2025 | 
captiveintelligence.io | Luke Harrison
The US Department of Labor (DoL) has issued a notice of Employee Retirement Income Security Act (ERISA) exemption for New York-based Memorial Sloan Kettering Cancer Center (MSKCC), regarding a pension risk transfer to its captive. The DoL requires that a US-domiciled captive is used to reinsure ERISA-governed benefits, such as life and accidental death and dismemberment.
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Jan 13, 2025 | 
captiveintelligence.io | Luke Harrison
The Internal Revenue Service (IRS) has finalised the long-awaited update to its 831(b) regulations which sees the loss ratio for micro captives considered as “listed transactions” reduced to 30%, while the loss ratio for “transactions of interest” has been reduced to 60%. The finalised regulation will appear in the Federal Register on 14 January, with regulations generally taking effect 30-days after publication in the Federal Register.
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Jan 9, 2025 | 
captiveintelligence.io | Luke Harrison
Captive advisory firm, GuideFire has been launched by industry veteran Jesse Olsen to provide captive advisory, management, development, formation and feasibility services for captives.
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Jan 9, 2025 | 
captiveintelligence.io | Luke Harrison
Law firm Womble Bond Dickinson has made several changes to its firm, office, and practice group leadership, including the appointment of Jeffery Simpson as managing partner at its Wilmington, Delaware office. Simpson has been at Womble for five years where he focuses on the formation, regulation, and governance of captive insurance companies.
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Jan 9, 2025 | 
captiveintelligence.io | Luke Harrison
AM Best has affirmed the financial strength rating of ‘A’ (excellent) and the long-term issuer credit rating of “a+” (excellent) of Bermuda-domiciled Stellar Insurance, a captive owned by the Saudi Arabian Oil Company (SAOC). The outlook for the ratings is stable. The captive’s portfolio is concentrated by line of business, with most premiums represented by energy onshore and offshore property risks, as well as by geography with 84% of premiums associated with risks located in Saudi Arabia.
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Jan 9, 2025 | 
captiveintelligence.io | Luke Harrison
Upcoming Solvency II reform to provide regulatory relief for EU captives Desire to avoid a “war of domiciles” as new entrants continue Captive utilisation expected to increase for emerging and ESG-related risks 2024 was another success for the European captive market, which saw captives continue to blossom, with this trend expected to continue into 2025 and beyond.
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Jan 8, 2025 | 
captiveintelligence.io | Luke Harrison
AM Best has withdrawn its ratings from Tennessee-domiciled Centerline Insurance Company after its parent, Watkins Associated Industries, opted to cease underwriting commercial insurance. Before withdrawing the ratings, AM Best affirmed Centerline’s financial strength rating of ‘B++’ (Good) and the long-term issuer credit rating of “bbb+” (Good). The outlook for the ratings is stable.
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Jan 7, 2025 | 
captiveintelligence.io | Luke Harrison
Aon and the European Bank for Reconstruction and Development (EBRD) have launched a €110m (£90.7m) guarantee scheme to provide reinsurance capacity for war-related risks in Ukraine. A cell within one of Aon’s White Rock cell companies is being used to facilitate the fund. Under the Ukraine Recovery and Reconstruction Guarantee Facility, the EBRD will support global reinsurance companies with a guarantee covering losses on certain war-related risks underwritten by local Ukrainian insurers.
