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Cell Focus Emerging Talent www.captiveinsurancetimes.com The primary source of global captive insurance news and analysis 12 May 2021 - Issue 223 A nimble tool RRGs are subject to the same challenges as the commercial marketplace but their ability to be nimble, react quickly and create unique guidelines for operation can help them overcome those issues Cell Focus Emerging Talent The interest in cell captives Alonso Tello, vice president, captives continues to gain momentum and alternative risk at AXA XL VERMONT CAPTIVE INSURANCE OVER 1,100 CAPTIVES LICENSED Risk management isn’t about choosing better next time. When you choose to domicile your captive in Vermont, you can be confident you chose correctly. With nearly 40 years of regulatory experience coupled with an unparalleled service provider network and legislative partnership, Vermont offers companies the sensible, secure and supported domicile they need. Connect with us and see why Vermont sets THE GOLD STANDARD. VTC001-20_Captive_Insurance_Times_Full_Page.indd 1 1/13/20 7:30 PM Captive Insurance Times Issue 223 www.captiveinsurancetimes.com Published by Black Knight Media Ltd 16 Bromley Road, New Beckenham Beckenham, BR3 5JE Editorial Editor: Becky Bellamy [email protected] Tel: +44 (0)208 075 0927 Reporter: Maria Ward-Brennan [email protected] Tel: +44 (0)208 075 0923 Contributor: Maddie Saghir [email protected] Designer: James Hickman [email protected] Marketing and sales Publisher: Justin Lawson [email protected] Associate Publisher: John Savage [email protected] Tel: +44 (0)208 075 0932 Office Manager: Chelsea Bowles Tel: +44 (0)208 075 0930 Follow us on Twitter: @CITimes Copyright © 2021 Black Knight Media Ltd All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without permission in writing from the publisher. Company reg: 0719464 www.captiveinsurancetimes.com Contents News Focus In this issue page 6 Cell Focus The interest in cell captives continues to gain momentum with the help of the continued hard market and the COVID-19 pandemic page 12 RRG Insight Risk retention groups are subject to the same challenges as the commercial marketplace but their ability to be nimble, react quickly and create unique guidelines for operation can help them overcome those issues page 14 Industry Appointments Emerging Talent The latest industry appointments within Alonso Tello, vice president, captives and alternative risk at AXA XL the captive insurance industry page 16 page 18 Set up an EU based protected cell with the independent experts Capital, time & cost efficient alternative to a standalone insurer or captive Direct access to the UK and EU market People you can trust Contact us on t: +356 2343 5221 | e: [email protected] | www.atlaspcc.eu Atlas Insurance PCC Limited is a cell company authorised by the Malta Financial Services Authority to carry on general insurance business. 4 www.captiveinsurancetimes.com WE KNOW CAPTIVE INSURANCE. For more than 70 years, no firm has had a more complete understanding of the captive and self- insured market than Milliman. With our global reach, we routinely advise multinationals on cross-border transactions and how to meet each domicile’s unique requirements—key in today’s captive environment. milliman.com/captives [email protected] 1349PCP_Captive Review_20200211.indd 1 2/12/20 12:09 PM News Focus PFI closes £6bn reinsurance transaction using Zurich The international reinsurance business of the This was the first transaction involving this type Greg Wenzerul, head of longevity risk transfer, Prudential Insurance Company of America of structure entered into by PFI and comes on Zurich Assurance, notes: “There are many ongo- (PICA) has closed its first reinsurance transaction after PFI’s international reinsurance business ing benefits for a UK trustee in using a regulated involving an unnamed UK pension scheme using rebranded at the end of 2020. UK insurance company for longevity risk insur- an independent UK regulated insurer, Zurich ance in this capacity, including cost certainty for Assurance, as an intermediary. The transaction, Commenting on the transaction, Rohit Mathur, the life of the transaction.” which closed in March this year and transfers lon- head of transactions for PFI’s international rein- gevity risk associated with £6 billion ($8.4 billion) surance business, says: “Last year, we expanded He explains: “For many sophisticated trustees of pensioner liabilities, is PFI’s third-largest UK our offerings and launched funded reinsurance, of UK defined benefit pension schemes, the longevity risk transfer transaction to date. where we reinsure both longevity and asset risk immediate removal of longevity risk, while for our clients. This transaction further demon- using scheme assets in the most efficient and Willis Towers Watson (WTW) served as lead strates our continued focus on innovating to risk-aware manner, will continue to repre- adviser to the trustee and joint working group meet the needs of our clients.” sent the optimal route to eventually secure all for the transaction. their liabilities.” He continues: “At PFI, we see the use of a third- PICA is a wholly-owned subsidiary of Prudential party onshore UK-regulated insurer as a limited “We expect our strong relationship and infrastruc- Financial (PFI), a financial wellness leader and recourse intermediary as the logical next step ture with PFI to bring further opportunities for UK premier active global investment manager. in the de-risking solutions we can offer clients pension schemes.” in our evolving business model. We continue to This transaction uses a limited recourse or pass- live in uncertain times, so it is more important In March, Willis Towers Watson acted as the sole through structure, meaning the longevity and than ever for us to unlock value for clients and adviser to the AXA UK Group Pension Scheme on default risks are able to be passed through provide them with as many options as we can,” its £3 billion longevity swap with Hannover Re to the insurer. Mathur adds. manage longevity risk in the scheme. 6images by moofushi/stock.adobe.com www.captiveinsurancetimes.com News Focus Captive enquiries in Asia on the rise says Aon’s Alastair Nicoll Aon has received an increase in captive insur- White Rock cells in the domicile most suitable to He explains that there are several reasons for ance enquiries across Asia including current ones them, based on careful consideration of the pros this, including the legal status of some organ- from China, Japan, the Philippines, Indonesia and and cons. isations. For example, there are the state- Singapore, according to Alastair Nicoll, regional owned enterprises in China that started form- director for captive and insurance management, In Singapore, the Monetary Authority of ing captives over 20 years ago and although Asia Pacific at Aon. Nicoll’s comments come after Singapore (MAS) has recently revealed plans to a few have followed, it is a very limited num- the release of Aon’s 2021 Asia Market Review, look into converting an existing funds structure ber with most of their captives domiciled in which reveals that enquiries from organisations that is in place here into one for insurance. The Hong Kong. about forming a captive or protected cell com- Variable Capital Companies (VCC) Act was intro- pany (PCC) are projected to continue. duced in 2018. “There’s also some reluctance I’ve noticed to invest in consulting services and there can be an ina- These enquiries also continue to grow in the “We continue to hope that they will enable a bility to centralise decision making, especially in wider Asia Pacific region. “Demand from Australia protected cell type structure in Singapore soon,” family-owned enterprises, and sometimes the remains high while we see increasing numbers he adds. results are simply not as compelling as expected,” from New Zealand,” he explains. he adds. Although there is movement within the Discussing PCCs, Nicoll notes that although market, Nicoll points out that compared to In terms of competition, Nicoll suggests that Aon’s PCC White Rock operates in seven different Europe and the US, Asia lags behind in the the Federal State of Micronesia (FSM) is the countries, it does not operate in the Asia region. number of captives owned and managed biggest competitor, as it’s home to many However, Asian corporations are accessing in Asia. Japanese captives. 7 News Focus “FSM has a special relationship with Japan, where Due to the time requirements for forma- Elsewhere, the report predicts that the general they have set themselves up with Japanese ser- tion, a company looking to set up a captive mergers and acquisitions (M&A) trend will also vice providers and speakers and they have a good won’t be as nimble in preparation as they lead to risk finance reviews for risk retention and double tax treaty,” Nicoll notes. approach renewals. Nicoll suggests they optimising captives. Nicoll notes that although should take a longer-term view early in the captive numbers are decreasing slightly at a The report highlights in its reflections that it annual cycle to test the programme in dif- global level, there are still a lot of new forma- remained crucial to discuss with a broker soon ferent captive scenarios through a formal tions every year. after renewal, not just before and
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