Captives

Currently pending in federal district court is a case between a risk retention group, the Alliance of Nonprofits for Insurance, and the Nevada Division of Insurance. As the court contemplates its ruling, the RRG industry awaits a decision that may reverberate nationwide.

Currently pending in federal district court is a case between a risk retention group, the Alliance of Nonprofits for Insurance, and the Nevada Division of Insurance. As the court contemplates its ruling, the RRG industry awaits a decision that may reverberate nationwide.

If there is a trend in captive formations, it’s health care—and that Cayman is still the go-to domicile for that industry.

With a new insurance commissioner and the governor standing behind Tennessee’s captive insurance program, all the state needs to be a leader in the region is passage of some proposed captive statutes, according to an industry expert involved in formulating the changes.

The captive insurance market in the “Show Me” state is seeing rapid growth with double the number of captives: 12 licensed in 2010 compared to six on the books in 2009, according to the state’s captive program manager.

While the types of captives formed and the coverages may vary, one point regulators agree on is that business is up and more captives are in the pipeline for 2011.

Kane, which provides specialist risk and insurance management services, announced today it has signed an agreement to acquire the insurance management operations of HSBC for $27.5 million.

Governor Chris Christie signed into law legislation that enables New Jersey to license and regulate captive insurance companies, creating a new industry in the state.