www.captiveinternational.com EDITOR’S LETTER 3
Owen Faulkner, editor, Captive International
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Captive International – ISSN
Cover Image: Courtesy of BDA
s we publish the fourth issue of Captive International, many
exciting developments are taking place in the captives space.
More domiciles have started to circulate their 2017 captive
formation statistics, with North Carolina, Michigan and Oregon all
publishing positive figures. North Carolina in particular issued an impressive
66 captive licences in 2017, with a further three during 2018 so far—and
its Department of Insurance notes that offshore redomiciliations have
contributed to its growth. Michigan figures also showed that one of its three
new captives in 2017 redomiciled from Bermuda.
There have been significant developments in the run-off space, with DARAG
partnering with investment manager New Nordic and forming a protected cell
company in Malta. SOBC Sandell has set up a captive manager in Vermont,
and Compre has appointed two joint CEOs to succeed co-founder Nick Steer.
SOBC Sandell’s CEO shares her experience of acquiring a distressed risk
retention group that was formed in the 1990 when commercial rates were
high, but then started to struggle and lose members as the market softened
around 20 years later.
This month in particular has seen a number of big hires—the most-read
being news of Peter Mullen, the Bermuda-based CEO of Aon Captive and
Insurance Management, stepping down from his role and rejoining Artex as
CEO-elect, starting in March 2019.
Our big interview this month is with Jereme Ramsay, business development
manager at the Bermuda Business Development Agency, who talks about
Bermuda’s business relations with Latin America and Canada, and the recent
uptick in growth coming from these two regions.
Also in this issue we have Andries Hoekema, global head of insurance
segment, HSBC Global Asset Management, speaking about how multi-asset
strategies can provide an attractive investment approach for captives.
US tax reform and its full impact is something the industry is still trying to
wrap its head around, and Niki Garceau and Daniel Kusaila of Crowe Horwath
break it down, looking specifically at the effect on large captives, small
captives, group captives, and offshore entities.
We are now a third of the way through the year, and it will be interesting to
see what further changes the rest of 2018 brings. l