captive insurance News

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 …

Marsh Awarded Abu Dhabi’s First Captive Insurance Management Licence

Insurance broker Marsh has been awarded the first licence to provide captive insurance management services in Abu Dhabi. Operating as Marsh Management Services (MENA) Limited, the firm has been authorised to provide captive insurance management services by Abu Dhabi Global …

Allianz Develops Blockchain Prototype for Captive Insurance Program

Allianz Global Corporate & Specialty SE (AGCS) has successfully trialed blockchain technology for a global captive insurance program, which facilitates cash transfers between countries. AGCS’s Allianz Risk Transfer (ART) business has teamed up with EY (Ernst & Young) as blockchain …

Zurich North America’s Cunningham Adds Captive Unit Responsibilities

Todd Cunningham has been named to head the Single-Parent and Sponsored-Cell Captives unit for Zurich North America. As part of its single-parent captive solutions, Zurich offers fronting, reinsurance, claims, risk-engineering and loss-analysis services for single-parent captives and a multinational reach …

California Broker Launches National Expansion into Captive Insurance Market

Sacramento, Calif.-based Owen-Dunn Insurance Services has embarked on a national expansion with the launch of ODI Group Captive to meet demand from mid-size business owners for captive insurance. In addition to creating its new group captive, the brokerage brought on …