The conversion of illegal funds into legitimate accounts and investments, commonly known as “money laundering,” is a growth business. According to the International MonetaryFund, money laundering could account for 2 percent of global Gross Domestic Product. Based on 1996 figures, …
During the last hard market, much of corporate America wasted little time in stepping up the search for risk transfer alternatives to traditional commercial insurance. The current hard market appears to be no different if rates, premium growth and expanding …
A.M. Best’s newly published Captive Directory reports that 245 new captive insurance companies were formed in 2000, while 170 were liquidated, a net gain of 31.6 percent over 1999. Best predicted further growth in 2001 to result from a continued …
Scottish Annuity & Life Holdings Ltd. announced that it’s planning on moving “its corporate and international reinsurance operations” to Bermuda” from their present location in the Cayman Islands. “Bermuda is the capital of the global insurance industry,” stated CEO Michael …
Insurance specialist A.M. Best’s newly published Captive Directory reports that there were 245 new captive insurance companies formed last year, while 170 were liquidated, a net gain of 31.6 percent over 1999. Best predicted further growth in 2001, “due to …
In what looks uncomfortably like a return to the offshore scams of the late ’80s, several reports of questionable taxicab policies using the names of two well-known carriers have recently surfaced in California. The problem is significant enough that Nationwide …
In what looks uncomfortably like a return to the offshore scams of the late ’80s, several reports of questionable taxicab policies using the names of two well-known carriers have recently surfaced in California. The problem is such that Nationwide Mutual …
Hugh Rosenbaum, a retired consultant with Tillinghast-Towers Perrin, speaking at the 10th Annual World Captive and Alternative Risk Financing Forum, sees recent Bermuda legislation as increasing the use of offshore captive insurance vehicles. Rosenbaum, who was recently named a member …
In an apparent attempt to head off the consequences of a soon to be issued report 6 countries – Bermuda, the Cayman Islands, Cyprus, Malta, Mauritius and San Marino (a tiny enclave within Italy-not the city in California) – Have …
A.M. Best’s Captive Directory 2000 Edition now ranks Vermont third in the world, surpassing Guernsey for captives domiciled behind Bermuda and the Cayman Islands. Vermont is home to more than twice as many captive insurance companies as all other U.S. …
