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Solvency II and Fro Conference Conference Special captiveinsurancetimes.com Solvency II and fro Dublin and Bermuda are in full swing Enterprise Risk Captive Insight Run-Off Review Captive Management Fostering a The state of the An expanding and Becoming a top risk culture captive market evolving business one-stop-shop BRITISH VIRGIN ISLANDS > It is easy to obtain affordable structures due to its competitive pricing scheme BVI remains a highly sought-after domicile > No requirement to hold board meetings in the BVI for enhanced insurance products and > No requirement to capitalise a captive in the services, fully compliant with the territory with a BVI bank International Association of Insurance > Popular for mini or micro US I.R.S. Code 831(b) Supervisors’ core principles. captives which have taken the 953(d) election under the Code and for Segregated Portfolio or Protected Cell companies > Domicile of choice in terms of captive formations and is compliant with international regulatory standards > International memberships with OECD, IAIS, GIICS and CAIR conrms condence in our reputation as a trusted and reliable domicile 3 Latest News Bahamas captive insurance is Church in all 50 US states, became the first Contents ‘rapidly emerging’ church-affiliated insurer to provide cyber liability coverage to its insureds in 2007. The Bahamas is rapidly emerging as a It also provides VIRTUS, an internal risk Solvency II Update destination for companies looking for captive control programme. With Solvency II now in full swing, experts insurance solutions to their risk management in Dublin and Bermuda discuss how their requirements, according to a new Timetric President and CEO Michael Bemi said jurisdictions are getting to grips with the directive Insurance Intelligence Center (IIC) report. cyber security specialist Sera-Brynn would p12 strengthen the RRG’s cyber risk controls. The IIC report revealed that captive insurance Captive Management accounts for around 13 percent of total “In 2007, the National Catholic Risk Retention With its acquisition of Cedar Management and insurance business in the Bahamas. Group was the first church-affiliated insurer to Consulting, Citadel Risk has become a fully provide cyber liability coverage to its insureds capable captive manager. Mike Palmer and According to the report, US companies and now we are very proud and excited to Dennis Silvia explain how a one-stop-shop cover a large portion of clients with captives be the first church-affiliated insurer to offer makes their business a top pick domiciled in the Bahamas. The report noted highest quality cyber security risk control p16 that growth was also spotted in the number services to the church, via our exclusive of segregated captive cells, which increased relationship with Sera-Brynn,” said Bemi. Market Insight from 65 in 2013 to 99 in 2014. Malcolm Cutts-Watson discusses his new Sera-Brynn works with the insurance industry role as adviser at Cim Global Business, and The reasons behind the attraction of the to identify and mitigate cyber risks. gives his opion on the state of the captive Bahamas include its well-developed financial insurance market services sector, geographical proximity to the The company offers compliance audits and p19 US and Latin America, and accommodative advisery services, vulnerability assessments, regulation for captives. penetration testing, and incident response. Micro Captives The PATH Act represents an important policy In addition, the growth of captive insurance Sera-Brynn CEO Rob Hegedus commented: choice by the US to expressly permit the has spurred demand for non-life products. “We greatly appreciate the opportunity continued use of micro captives, according to The IIC report noted that high-net-worth to work with the National Catholic Risk Inga Ivsan of Swiss Private Wealth Advisors individuals are using captives to insure Retention Group to provide specialised risk and Lighthouse Captive Services significant property and asset holdings, to control and compliance services to their p22 avoid out-of-pocket expenses to third parties. members and affiliates.” Enterprise Risk As well as a boost in captive insurance, the “The insurance industry is taking a A proper enterprise risk management report said that the adoption of National leadership role in proactively providing cyber programme must be implemented from the Health Insurance (NHI) in the Bahamas is security products and services to minimise top down, according to Temple University’s forecast to improve the industry growth. the growing cyber risk businesses and Michael Zuckerman organisations face.” p28 The NHI plan is to implement a programme that will move the Bahamas from a system “This is especially true in the captive and Medical Stop-Loss where two thirds of its citizens do not risk retention group environment, and the With the Affordable Care Act still having an have health insurance to a system where National Catholic Risk Retention Group is impact on self-funding and the use of medical everyone receives coverage. The Bahamian at the forefront of this movement to provide stop-loss captives, Phillip Giles of QBE North government is currently in the registration cyber security support to its members and America explores where this area will go next stages, according to the IIC report. clients,” Hegedus added. p30 Jay Patel, insurance analyst at Timetric, said: CSC expands tech offering with Exit Solutions “The NHI will significantly affect the business The global run-off market continues to models of private insurers. While the initial acquisition of Xchanging expand and evolve, and according to stages of NHI are concentrated on primary Andrew Rothseid of RunOff Re.Solve, a care, it is expected to expand and cover all US technology firm CSC has finalised the perfect storm is brewing aspects of healthcare within the next decade acquisition of London-based tech services p34 and this raises questions of the role of private company Xchanging as part of its drive to health insurance in the Bahamas.” provide business process services to the Capital Insight global insurance industry. Martin Ellis of Comerica Bank explains how National Catholic RRG strengthens letters of credit function, and what each party The acquisition will give CSC’s clients requires of the process cyber toolkit with Sera-Brynn access to Xchanging’s well-established p38 insurance software Xuber, as well as The National Catholic Risk Retention Group has expanding CSC’s presence in the London The Bahamas mandated Sera-Brynn to provide its members, insurance market. Tanya McCartney of the Bahamas Financial clients, affiliates and shareholders with risk Services Board and Joseph Ziolkowski of control cyber security products and services. The deal was reached after nearly a year of Long Cay Captive Management explain negotiations that will see CSC pay £1.90 per why the Bahamas continues to attract and The RRG, which is headquartered in Illinois share in cash for 87 percent of the existing cultivate captive business and provides coverages for the Catholic issued share capital of Xchanging. p42 3 Latest News The deal was “accepted overwhelmingly by a complementary set of technology and National Interstate enjoys ratings Xchanging shareholders, with approval by the business process services to help insurers on affirmations from A.M. Best CSC and Xchanging boards and regulators”, their road to digital.” according to CSC’s statement on the acquisition of Xchanging. HSP and UnitedLex partner up National Interstate Insurance Company and its affiliates have had their financial strength “We are delighted to have the Xchanging team for cyber security services and issuer credit ratings affirmed at “A join CSC to create a dynamic technology (Excellent)” and “a+”. leader,” said Mike Lawrie, CSC’s chairman, Hanover Stone Partners and UnitedLex have president and CEO. agreed to collaborate on cyber security, The group, whose affiliates include National legal services and other risk management Interstate Insurance Company of Hawaii and “The addition of Xchanging is another step solutions to help businesses address Vanliner Insurance Company, has enjoyed toward our goal of becoming a leader in the technology exposures. excellent long-term operating performance, key geographies and markets we serve.” strong risk-adjusted capitalisation achieved Doug Goodall, vice president at cyber through generally profitable underwriting Lawrie added: “Xchanging’s people and security specialist UnitedLex, commented: results, and has demonstrated expertise within offerings portfolio are a complement to CSC’s “Today, although there’s no silver bullet for its niche transportation market, said A.M. Best. existing business, which will allow us to managing cyber-related exposures, enterprise demonstrate our commitment to areas such approaches are a recognised best practice.” The captive and its affiliates have also as the London market and the commercial benefitted from an experienced management insurance industry.” “Addressing cyber-related risks requires a team and conservative operating philosophy, combination of skills and disciplines that may and a focus on providing alternative risk Phil Ratcliff, vice president and general vary depending upon type of organisation, transfer for the specialty transport sector that manager of CSC’s global insurance industry, its business model, technology infrastructure provides a sustainable competitive advantage, added: “The way insurance is being bought, and other factors.” particularly in terms of pricing, claims adjusting
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