captive insurance News

Vermont Governor Signs New Captive Insurance Industry Legislation

Vermont Governor Phil Scott has signed new legislation that aims to strengthen Vermont’s captive insurance laws, increase efficiencies and add flexibility to regulatory policy and procedures. “COVID-19 has dramatically changed the way we all work, live and play, however it …

ProSight Expands Into Captive Market; Founder Beneducci Resigns to Form Agency

ProSight Global, Inc. (PROS) is expanding its insurance portfolio into the captive insurance market as part of a what it described as a strategic move that includes ProSight’s founder and former CEO Joe Beneducci stepping down from his current role …

Washington Insurance Commissioner Orders Alaska Air Captive to Pay $2.5M

Washington Insurance Commissioner Mike Kreidler has hit another big corporation’s captive insurer with a fine. Kreidler has been going after captives for owed taxes by fining them since last year, when he issued large fines to captives for Microsoft and …

AXA XL Appoints Zurich’s Tello to Lead New Captive Insurance Practice in Canada

AXA XL has launched a local captive practice in Canada which will be led by expert Alonso Y. Tello. Tello’s appointment is part of AXA XL’s continued growth to bring in expertise and expand the group’s services for Canadian large …

Captive Insurers Grow Their Third-Party Business with Help from Digital Tools: Marsh

The number of captive insurance companies writing third-party business is growing at double-digit pace as the digital era expands the ways that organizations can provide and service insurance, according to global insurance broker Marsh. Technology advances, including mobile applications and …

CIC Services Launches Captive Program for Small, Mid-Sized Businesses

CIC Services, LLC, has created a new program help small- to mid-sized companies establish captive programs for their business. The program is designed for companies that would otherwise not be large enough to consider replacing commercial insurance with a captive. …

Costco Captive in Washington Pays $3.6M in Back Premium Taxes, Penalties

NW Re Limited, of Phoenix, Ariz., has settled with Washington state Insurance Commissioner Mike Kreidler to pay $3.6 million in unpaid premium taxes, penalties, interest and a fine. NW Re’s sole insured and parent company is Costco Wholesale Corp., headquartered …

Connecticut Lawmakers Continue Push to Address Crumbling Foundations

Connecticut lawmakers were urged Friday to pass additional legislation to address the state’s crumbling foundations problem and also find additional funds to help impacted homeowners. Michael Marglaras, superintendent of the Connecticut Foundation Solutions Indemnity Company, said it is good news …

Delaware Licensed 46 Newly Formed Captive Insurers in 2018

In 2018, Delaware licensed 46 newly formed captive insurers despite a challenging environment, according to Delaware Insurance Commissioner Trinidad Navarro in a press release issued by the Delaware Insurance Department. “Captive insurance formations faced a number of challenges in 2018, …

Connecticut Crumbling Foundations Fund Receives Delayed $19M

The new entity charged with overseeing the distribution of state funds to help Connecticut homeowners with crumbling foundations has finally received a long-awaited $19 million. Michael Maglaras, superintendent of the Connecticut Foundation Solutions Indemnity Company, told The Associated Press on …