captives 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 …

Experts Discuss Transportation Insurance Challenges, Opportunities With Captives

Standard market woes, captive growth and the increased importance of navigating relationships with third-party administrators — insurance experts in the commercial trucking arena have helped their clients traverse a challenging road in recent years. Earlier this month, a panel of …

Are Captives the Answer for Uninsured HOAs? Utah Opens Door

When actuary Greg Fears attended a Western Region Captive Insurance Conference in April, he expected to learn and share information about emerging uses of captives for commercial risks, including trucking captives—a recent focus of his attention. But during the last …

Takeaways from Our Conversation on Captives for Cannabis

Want further proof the cannabis industry is no longer the “red-headed stepchild” it is too often viewed as? Just ask TJ Frost? Frost is president of Symphony Grow, which recently launched a captive program that Frost seed as evidence that …

Markets/Coverages: Marsh Creates Cyber Group Captive for Clients Seeking More Stability in Insurance Programs

Marsh, the insurance broker, risk adviser and a unit of Marsh McLennan, announced the creation of Edgware Re Ltd., a group captive insurance company for organizations seeking more control and stability in their cyber insurance programs. Based in Bermuda, Edgware …

Missouri Captive Gross Written Premium Up 142%

The Missouri Captive Insurance industry increased its gross written premium by 142% in 2023, the Missouri Department of Commerce and Insurance (DCI) reported. The amount of written premiums in 2022 were $3,543,681,320 vs. $8,600,492,937 in 2023. This growth is attributed …

NCOIL Writes IRS, FTC on Rules it Says Infringe State Regulation

The National Council of Insurance Legislators last week urged the Internal Revenue Service and the Federal Trade Commission to reconsider proposed rules that the organization said encroaches on state regulation. The first of the letters from NCOIL addresses a years …

Oklahoma Captive Program Grows 15% in 2022

The state of Oklahoma added 11 new captive insurance companies in 2022 and has already issued three additional captive insurer licenses in 2023, according to the Oklahoma Insurance Department (OID). Oklahoma also reported four captive dissolutions in 2022. The state …

Takeaways from Our Conversation on Cannabis Captives

If you ask around about cannabis captives, you won’t find out much. It turns out there are few if any captives for cannabis companies. However, as the industry matures, interest in forming captives is sure to grow, and some brokers …

People Moves: Duffey at RPS, Drumwright at Starke Agency

RPS Elevates Duffey as President of Signature Programs Risk Placement Services, a specialty insurance distributor, announced that Russell Duffey will be president of its program administration division, known as RPS Signature Programs. Duffey, based in Georgia, joined RPS in 2000 …