captive News

Georgia Hopes to Establish State as Captive-Friendly with Revised Law

Companies looking to form captives in Georgia can now do so with more favorable conditions since the passage of several business-friendly amendments to the Georgia captive insurance law, which became effective July 1. The effort to make the changes to …

Cayman Enacts Regulations Affecting Portfolio Insurance Companies

The Cayman Islands passed new insurance regulations on January 16, which affect portfolio insurance companies (PIC). These regulations are designed to provide more risk management alternatives for insurers incorporated as segregated portfolio companies (SPCs), creating more flexibility for their operation, …

Snowball Named Utah Captive Insurance Regulator

David J. Snowball has been named the new director for the Utah Insurance Department’s captive division. Snowball replaces Ross Elliott, who is set to retire at the end of the month. Snowball joined the division in July 2010. Before that …

North Carolina Licenses Four Captives

North Carolina Insurance Commissioner Wayne Goodwin said his agency has issued four captive insurance company licenses since the state’s Captive Insurance Act went into effect in late October 2013. The new North Carolina-domiciled captive insurance companies are: West & Joyce …

National Interstate Launches Captive for Waste Haulers

National Interstate Insurance Co. has formed a new group rental captive for waste haulers to complement its traditional insurance program.  The company is now seeking operators with a solid track record in the waste industry to become founding members. According …

Vanliner Insurance Launches New Captive for Moving, Storage Companies

Vanliner Insurance Co., based in Fenton, Mo., has introduced Move-CAP, an alternative risk transfer (ART) insurance program developed exclusively for best-in-class moving and storage companies. Move-CAP is Vanliner’s third group captive program designed specifically for premier moving and storage operations. …

New Oklahoma Law Caps Premium Tax on Captive Insurance Companies

A proposed new law that places a cap on premium taxes paid by captive insurers is expected to increase the number of companies conducting business in Oklahoma, state regulators say. Senate Bill 1617, requested by Oklahoma Insurance Commissioner John Doak, …

Best Affirms BP Captive Jupiter Insurance ‘A’ Ratings

A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of Guernsey-based Jupiter Insurance Limited, both with stable outlooks. Jupiter is a captive of BP plc, an integrated …

Captives Bring Premium Dollars and Jobs to Missouri

When it comes to the captive insurance industry, slow and steady growth is just fine with the state of Missouri. But it’s not like the state is reluctant to encourage captives to form or relocate there. Far from it. In …

Best Revises Outlook on BP’s Jupiter to Stable; Affirms Ratings

A.M. Best Europe – Rating Services Limited has revised the outlook to stable from negative and affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of Guernsey-based Jupiter Insurance Limited, a captive of BP plc, …