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Insure the Unexpected www.captiveinsurancetimes.com The primary source of global captive insurance news and analysis 25 November 2020 - Issue 212 Insure the unexpected AXA XL’s Owen Williams discusses the current captive market and the most significant challenges facing the industry Redomestication Focus Latin America Why companies are redomesticating their Although challenges remain, education has captives and the opportunities it provides them been key to the region’s captive growth The World’s Leading Independent Captive Manager SRS Europe is changing the Face of European Captive Management Specialist focus on captive insurance management and consultancy... It’s all we do Offering impartial advice and bespoke solutions without conflicting internal vested interests... It’s how we do it Driven by client service excellence underpinned by flexible, innovative and solid delivery... It’s focused on you Our Services European Operations Captive management Ireland Feasibility studies Liechtenstein Program management Luxembourg and underwriting services Malta Governance, risk & Netherlands compliance consulting Sweden Strategic reviews Switzerland Find out why over 500 captive clients trust SRS strategicrisks.com Captive Insurance Times Issue 212 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 © 2020 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 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 Contents News Focus page 07 In this issue Market Insight Owen Williams discusses the current captive market and the most significant challenges facing the industry page 19 Redomestication Focus Industry experts discuss why companies are choosing to redomesticate their captives and the opportunities it provides them page 22 Latin America Latin America continues to be one of the world’s largest emerging markets, and although challenges remain, education has been key to the region’s captive insurance market growth page 25 Emerging Talent Industry Appointments Bron Turner, director, financial services audit at KPMG in Bermuda The latest industry appointments in the page 29 captive insurance market page 32 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. 5 www.captiveinsurancetimes.com ReinsuranceReinsurance Trust Trust Services Services ReinsuranceReinsurance Collateral Collateral Trusts Trusts Why chooseWhy an choose an Insurance Trust?Insurance Trust? TheThe limitations limitations and and costs costs associated associated with traditionalwith traditional collateral collateral options suchoptions as Letters such as Letters ofof Credit Credit have have dramatically dramatically fueled fueled the growth the growth of alternative of alternative risk transfer risk strategiestransfer strategies • Improved Credit• Improved Availability Credit Availability amongstamongst insurers, insurers, reinsurers, reinsurers, captives captives and corporations. and corporations. Fluid regulatory, Fluid regulatory, financial and financial and – an insurance –trust an insuranchas e trust has riskrisk management management environments environments demand demand lower-cost lower-cost collateral collateral solutions solutions – solutions – solutions no adverse impactno adverse on your impact on your thatthat afford afford maximum maximum flexibility flexibility with withminimal minimal effort toeffort set-up to andset-up maintain. and maintain. available credit.available credit. It’sIt’s a a need need that that has has given given tremendous tremendous traction traction to the insurance-linkedto the insurance-linked securities securities • Cost Effective• Cost– insurance Effective trusts – insurance trusts (ILS)(ILS) market market and and in particularin particular the emergencethe emergence of reinsurance of reinsurance collateral collateral trusts. trusts. generally save yougenerally in annual save you in annual fees comparedfees to other compared forms to other forms TheThe SunTrust SunTrust advantage advantage of collateral postingof collateral options. posting options. SunTrustSunTrust has has a longa long history history of escrow, of escrow, trust andtrust risk and management risk management excellence excellence and and expertise,expertise, with with both both domestic domestic and internationaland international coverage. coverage. We work We with work large with and large and • Convenience• –Conv insuranceenience trusts – insurance trusts smallsmall carriers carriers alike alike to helpto help mitigate mitigate risk for risk their for insurance their insurance business business needs. needs. are tri-party arrangementsare tri-party that arrangements that OurOur collateral collateral trust trust product product at SunTrust at SunTrust can help can you help with you the with following the following require no annualrequire renewals. no annual renewals. insuranceinsurance needs: needs: • Reduced Liability• Reduced Concerns Liability Concerns •• ReiReinsurance/Collateralizednsurance/Collateralized Reinsurance Reinsurance• Surety• BondsSurety Bonds – insurance trusts– insurance may limit trusts may limit •• RegRegulationulation 114 114 Trusts Trusts • State• StatuteState TrustsStatute Trusts the range of acceptablethe range of acceptable •• CaCaptivesptives • Collateral/Depository• Collateral/Depository Accounts Accounts investments; thisinvestments; is done this is done to ensure adherenceto ensure to all adherence to all OurOur expertise, expertise, however, however, is only is only one aspectone aspect of what of differentiates what differentiates our reinsurance our reinsurance regulatory requirements.regulatory requirements. trusttrust business business from from other other firms. firms. Additionally, Additionally, we excel we because excel because of: of: • •A ADed Dedicatedicated Single Single Point Point of Contact of Contact – we steadfastly – we steadfastly believe in believe the value in ofthe a value of a dedicateddedicated client client manager manager who knowswho knows the unique the uniquechallenges challenges of your business of your business andand quarterbacks quarterbacks your your relationship relationship with the with bank. the bank. • •RapiRapid Responsed Response Times Times – while – while other otherbanks bankscan take can weeks take to weeks respond, to respond, SunTrustSunTrust can can typically typically resolve resolve covered covered loss requests loss requests in a matter in aof matter 24-48 of 24-48 hours;hours; and and because because we’re we’re a custodian a custodian for the forcollateral the collateral that secured that the secured the contract,contract, insurers insurers get paidget paidimmediately. immediately. • •OpeOperationalrational Efficiencies Efficiencies – from – frompre-arranged pre-arranged agreements agreements with major with major insuranceinsurance carriers carriers to streamlined to streamlined onboarding onboarding and KYC and processes, KYC processes, our our knowledgeknowledge of theof thereinsurance reinsurance trust businesstrust business helps ensure helps that ensure things that are things are donedone right right and and done done fast. fast. ToTo find find out out more more about about how how SunTrust SunTrust can support can support and enhance and enhance your reinsurance your reinsurance business,business, please please contact: contact: DonnyDonny Tong Tong JosephJos Mephona coMonaco Barbara AubryBarbara Aubry SVP,SVP, Business Business Development DevelopmentVP, CVlientP, C Malientnagement Management SVP, BusinessSVP, DevelopmentBusiness Development 212.590.0976212.590.0976 212.303.1746212.303.1746 212.303.4164212.303.4164 [email protected]@suntrust.com [email protected]@[email protected]@suntrust.com News Focus MAXIS GBN adds new captive tool to its OneClient portal MAXIS Global Benefits Network (MAXIS GBN) of a captive, including income, expenses and MAXIS stated that the data visualisations
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