captive insurance News

Markets/Coverages: SiriusPoint, Broker Holmes Murphy’s Umbrella Excess for Captives

SiriusPoint Ltd., the Bermuda-based specialty insurer and reinsurer, announced a new strategic partnership with the independent insurance broker Holmes Murphy. SiriusPoint has partnered with Holmes Murphy, headquartered in Waukee, Iowa, and its wholly owned subsidiary and managing general agent Innovative …

Connecticut’s Captive Insurance Industry Keeps Growing

Connecticut continues to grow its captive insurance industry, adding nine new captive insurers in 2024 for a 17% increase over the previous year. In addition to the nine new captives, the state insurance department also approved 17 new captive protected …

Vermont Added 41 Captives in 2024

Vermont continues to grow its captive insurance industry. The Vermont Department of Economic Development (DED) has reported that 2024 was among Vermont’s top 10 highest years of growth since it enacted its first-in-the-nation captive legislation in 1981. Vermont licensed a …

After 23 Years as CEO, Craft Moves to Producer Role at Palomar as Williford Takes Helm

Alabama-based Palomar Insurance, a 70-year-old agency with offices across the state and in Mississippi and Georgia, announced that longtime CEO Tony Craft will step down to be a producer in the company. Replacing Craft at the top is Jim Williford, …

Coal Expansion Helps Lure Insurers Back to Australia Producer Whitehaven

Whitehaven Coal Ltd., one of Australia’s largest coal producers, shelved a planned special purpose vehicle originally intended to provide in-house insurance after finding external insurers willing to take on the risk. The development follows Sydney-based Whitehaven’s $3.2 billion purchase of …

Markets/Coverages: MGA Verve Launches Captive Insurance Product and Broker Portal

Verve Risk Services, the London-based managing general agent, announced the launch of a captive insurance product and its “Verve Aura” broker portal, designed to meet evolving customer needs. Formed in 2016 and supported by OneAdvent, the specialist MGA services platform, …

Risks Too Big for Insurers Just Fed a $200 Billion Market Boom in Captives

As the market for in-house insurance surpasses a record $200 billion, the underlying reasons for that boom show how a hotter, less stable planet is redrawing the risk map for corporations. Captive insurance, where companies create their own coverage vehicles, …

UK Insurers Call for Rule Change to Establish Captive Insurance Regime

Senior figures in the insurance industry are calling on the UK to restart work on a potential new market worth billions of pounds as part of a drive to boost competitiveness. Executives have written to Chancellor Rachel Reeves calling for …

NC Lawmakers Ratify Bill That Trims Taxes on Captives, Risk-Retention Groups

North Carolina, already ranked among the top states for captive insurance firms, could soon become a little more attractive for captives and risk-retention groups if the governor signs Senate Bill 319. State lawmakers this week unanimously approved the bill, which …

Oklahoma Insurance Department to Hold Inaugural OK Captive Day

The Oklahoma Insurance Department (OID) announced it will hold the inaugural OK Captive Day on Tuesday, August 20, 2024. This event aims to educate key industries in Oklahoma about the Oklahoma Captive domicile and the benefits of a captive insurance …