Captive Review April Edition

I would like to start by congratulating Dan Towle on his appointment as the next president of the Captive Insurance Companies Association (CICA). The captive industry is at an important crossroads and, in Towle, it will have a strong advocate and clear-minded individual well-equipped to bring the necessary stakeholders together.

We have covered Dan’s appointment in depth in this edition, including an exclusive interview with the man himself, a look at his likely in-tray and reaction from across the industry. I have had the pleasure of working closely with Dan in his capacity as director of financial services at the State of Vermont and I am joined by the team at Captive Review in wishing him well in his new role.

One of the stated aims of CICA is to broaden its reach and appeal further afi eld and to break out of its base in the United States. Our cover feature takes a look at the state of the Asian market and asks why the captive domiciles in the region are struggling to attract larger numbers of new formations.

There is no doubting Labuan’s commitment to growing and marketing its captive capabilities, while there is a refreshingly honest appraisal of Hong Kong’s (lack of) progress by its own advisory council. PARIMA’s Steve Tunstall also provides his take on Asia’s captive landscape in our Final Word feature.

I was fortunate to spend time in Singapore in February as we hosted our second Asia Captive Summit. As Steve points out in his interview, much of the time, the captive experts are often found to be preaching to the converted and new means will need to be identified if the industry is going to be able to break into the mainstream of Asian business.

The full round-up of our 2017 UK Captive Services Awards are also found inside this edition and I would like to repeat my congratulations to all those who took home an award on 9 February.

Captive premium surpasses $1bn in Tennessee

Tennessee captives wrote more than $1bn in premium in 2017, the first time the state has reached the milestone. Captive Review reported earlier this month Tennessee had licensed...
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Ratings downgrade for Security America RRG

Security America Risk Retention Group, Inc has had its financial strength rating downgraded by A.M. Best from ‘B+’ (Good) to ‘B’ (Fair). The long-term issuer credit rating has...
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Advantage opens Vermont office

Advantage Insurance has opened its first office in Burlington, Vermont as it ramps up its activity in the state. Captive Review reported in November the captive manager had...
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106 captive licences surrendered in Utah

There were 60 new captives formed in Utah during 2017, but Captive Review understands 106 licences were surrendered. The 2017 year-end captive number for Utah is 416, plus...
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