Captive Intelligence

French multinational aerospace and defence corporation, Safran has received approval to re-domesticate its Luxembourg captive to France. Safran's new French captive, Soreval France, will have the authority from the French regulator to write non-life risk. Captive Intelligence understands that there could be up to 10 more companies waiting for approval to form a captive in the jurisdiction. https://lnkd.in/eEzf-A5j

Melissa Hollingsworth has been appointed deputy chief risk officer at Los Angeles Unified School District (LAUSD). LAUSD formed its first captive, Los Angeles Unified School District Insurance Company, LLC, in Vermont earlier this year and in Hollingsworth’s new role she will oversee development of the captive and the overall risk and insurance department. “I am honoured to have the opportunity to work with such a prestigious organization and grow our captive into a leading operation,” Melissa told Captive Intelligence. #captiveinsurance #captiveintelligence https://lnkd.in/dhE6jb-Y

HDI Global SE has reorganised its Paris-based alternative risk transfer (ART) unit HDI Enablers, with Eric Joly-Pottuz taking over the management of the department from Etienne de Varax. Varax will retire at the end of the year, but will remain with the firm as a senior advisor until the end of 2024. “With Eric Joly-Pottuz, we have an experienced expert at the helm of HDI Enablers who will take our ART offering to a new level," said Thomas Kuhnt, member of the executive board at HDI Global SE. “We would like to thank his predecessor Etienne de Varax for his successful commitment in developing the unit into an important player in the field of alternative risk transfer in Europe within two years since its foundation.” #captiveinsurance #captiveintelligence https://lnkd.in/ghXjrCRA

Extensive claims data is signalling increasing instances of cancer diagnosis and rising costs per claim, while captive strategies give employers more options to intervene and respond. Speaking on the latest episode of the Global Captive Podcast Dr Leena Johns, MD, chief health & wellness officer, and Nicola Fordham, chief solutions officer at MAXIS Global Benefits Network, outlined some of the early findings from recent analysis, discuss some of the drivers and potential options for captive owners to respond and intervene. “Leena will tell you that getting ahead of these cancer treatments, finding them earlier, screening them earlier is better,” Nicola said. “So there’s more opportunity for a captive to do things that are preventative now that will then help to limit some of those costs in the future." Listen to the full discussion on the below platforms or any podcast app: Captive Intelligence: https://lnkd.in/dtNEf-PN Apple Podcasts: https://lnkd.in/dwtAYnjf Spotify: https://lnkd.in/diqau_f2 #captiveinsurance #captiveintelligence #globalcaptivepodcast https://lnkd.in/dF9ZTG89

Italian oil major Eni S.p.A has established Eni Energy Italy S.p.A., making it the third captive to be domiciled in Italy, following Enel and Prysmian that were licensed in 2023. Captive Intelligence understands Eni has had a direct and reinsurance licence approved by Italian insurance regulator, IVASS, for Eni Energy Italy S.p.A. The regulator’s approval notes the captive has been approved to write non-life classes including marine, property damage, general civil liability and credit. Eni has previously consulted captive consultants as part of the formation but the new captive is expected to be self-managed. https://lnkd.in/engmNwn9

Our latest Domicile Wars long read features on the sophisticated captive market in the State of Hawaiʻi. Although Hawaii has not added the same headline number of new captives in recent years compared to some other US domiciles, its existing portfolio continues to increase in sophistication and premium volume. The Aloha State licensed 14 new captives in 2023, but the gross premium written by its captives reached $17.65bn (up 11.3% from 2022), while total assets held amounted to $37.23bn including $9.22bn of capital and surplus. In 2023, the average annual premium written by a Hawaii captive was $65m. David Beyer is director of risk management at Alaska Airlines and the current chair of Hawaii Captive Insurance Council. Alaska has owned a captive in Hawaii since 2016. “It is the partners that are providing the services here that you need to operate your captive and then a regulator that is willing to talk to you, and sit down and understand what you’re doing and your business and create a true partnership,” he said. Thank you to extensive contributions from fellow HCIC board members and captive owners Elaine Ziemba and Matt Reece, regulator Andrew Kurata, Matthew D. R. Takamine, and Tony Schmidt. #captiveinsurance #captiveintelligence https://lnkd.in/dmUY-vd8

What a fantastic first visit to Hawaii for the Hawaii Captive Insurance Council Forum! It was an honour to speak at the conference with Matthew D. R. Takamine, CPA, Daniel Towle and Andrew Kurata yesterday, and have the opportunity to record lots of content for the Global Captive Podcast. Congratulations and mahalo to Paul Shimomoto, David Beyer and everyone at HCIC for a great event and inviting me to attend and participate. Keep an eye on Captive Intelligence and the GCP streams for content coming out of the conference in the coming weeks. We’ve just published our latest Domicile Wars feature, which takes a close look at the profile of Hawaii: https://lnkd.in/dEe89bGd #captiveinsurance #captiveintelligence

The decision by the Internal Revenue Service to include micro captive regulation in its 2024-2025 priority guidance shows that the IRS is still planning to “move forward” with its proposed regulations, according to Bailey Roese, partner at Dentons Bingham Greenebaum. Charles (Chaz) Lavelle, partner at Dentons, said the timeline remains unclear. “Some believe this indicates that the regulations will be finalised by 30 June, but I do not think that’s necessarily the case,” he said. “It simply means they will continue to work on them. They might finish them tomorrow, or it could be after 30 June, at which point they would either include them in next year’s plan or decide not to proceed.” However, Roese believes the likelihood of the IRS making large changes based on industry comments is quite small. “When they put forward these proposed regulations, they have already conducted their internal research and developed their position,” she said. “They typically solicit feedback from stakeholders within the IRS to reinforce their stance. “Based on prior experience, once regulations are finalised, there usually are not significant changes made in response to the comments received.” #captiveinsurance #captiveintelligence https://lnkd.in/dkV-mzHh

While the captive market has seen unprecedented numbers of new formations over the past four years, it is important for owners to assess how to position the captive as the market softens. Speaking on the opening panel at the #HCICForum2024 in Hawaii Amy Evans, executive vice president at Intercare Holdings Insurance Services, David Beyer, director of risk management at Alaska Airlines, and Helen Kim, senior vice president and account executive at Old Republic Risk Management, explained that the reasons for initially establishing a captive may not be the same reasons it continues to bring value as the market cycle evolves. #captiveinsurance #captiveintelligence https://lnkd.in/dHix6v2d

Will Thomas-Ferrand, international practice leader at Marsh Captive Solutions, will assume leadership of the intermediary’s captive insurance business on 1 January 2025. He will take on the new role as Ellen Charnley, current president of Marsh Captive Solutions retires at the end of 2024. “Will’s knowledge and experience in the captive sector across various geographies, in addition to his unwavering dedication in supporting our captive insurance clients, makes him the ideal person to lead Marsh’s captive business going forward,” said Patrick Donnelly, president of Marsh Captive Solutions. “I want to personally thank Ellen for her tremendous leadership over the last seven years and wish her well in her retirement." #captiveinsurance #captiveintelligence https://lnkd.in/gbGeAz4J