New Alternatives
Nearly half of the risks of the U.S. commercial market will be placed in the alternative market by 2003, according to new information gathered by A.M. Best Co.
Previous estimates greatly understated the significance of the captive market to the corporate and insurance sectors.
The captive market's premium growth rate in 2000 continued to significantly outpace the commercial insurance sector in all major markets. In the United States alone, the captive sector increased net premiums written at four times the commercial market's robust 7.2% rate. Growth is expected to continue as risk managers make better use of their existing captives.
Group captives will see steady growth in membership, as will segregated-cell companies, particularly from middle-market companies that are affected heavily by a hardened market. New captives to handle pricing, coverage and capacity disruptions caused by the commercial insurance market also will fuel growth.
The environment remained conducive to growth of the alternative market in the first half of 2001 through self-insurance, captives and capital-market solutions, as commercial insurance rates continued to increase and capacity continued to shrink.
The tragic events of Sept. 11 and the resulting uncertainty created in both the reinsurance and commercial insurance markets have only accelerated the migration, as risk managers and their advisers react to a situation forced upon them.
BEST'S CAPTIVE DIRECTORY UPDATE
The Best's Captive Directory has added 83 newly licensed captives to its listings.
Best's Captive Directory is the authoritative reference source for comprehensive information on captive insurance companies worldwide. The directory, published by A.M. Best Co., lists about 4,400 single-parent and group captives as well as governmental pools and group self-insurance funds.
Below is a listing of the newly licensed captives since an update to the directory was published in the February 2002 issue of Best's Review.
Best's Captive Directory can be purchased by contacting Customer Service at (908) 439-2200, Ext. 5742.
Insurance Company Sponsor Domicile Manager
Enbridge Insurance (Barbados QIC) Ltd IPL Enterprises Inc Barbados International Insurance Management
International Underwriting Insurance Co Ltd Inter-Insurance Agency Services Ltd Barbados International Insurance Management
Aegis Electric & Gas Insurance Solutions Ltd Bermuda Becher & Carlson
AGGCAP Insurance Ltd Bermuda Quest Management Services Ltd
Arbour Reinsurance Co Ltd Bermuda Codan Management Ltd
Aria Ltd Bermuda Symphony Management
Asco Bermuda Ltd Bermuda Marsh
Falvey Insurance Co Ltd Bermuda JLT Risk Solutions
Fitzwilliam (SAC) Insurance Ltd Bermuda Castlewood Ltd
IES Reinsurance Ltd Bermuda HSBC Insurance Solutions (Bermuda) Ltd
Kaith Re Ltd Bermuda International Advisory Services
Lavida Ltd Bermuda Symphony Management
Marathon Insurance Co Ltd Bermuda Marsh
MHI Ltd Bermuda International Advisory Services
Oil Newco Ltd Bermuda Oil Management Services Ltd
PRG-Schultz Insurance Ltd Bermuda Primary Management (Bermuda) Ltd
Primary (SAC) Ltd Bermuda Primary Management (Bermuda) Ltd
Restaurant Reinsurance Ltd Restaurant Insurance Holdings Bermuda JLT Risk Solutions
Sencare Risk Service Ltd Bermuda Castlewood Ltd
Six Pines Insurance Ltd Bermuda International Advisory Services
Tantalon International Insurance Co Ltd Bermuda International Advisory Services
Topsail Re (SAC) Ltd Purpose Trust Bermuda JLT Risk Solutions
Finsureco Ltd Digital Commerce Company British
Virgin Islands Belmont Insurance Management
G & L Casualty & Indemnity Ltd British
Virgin Islands AMS Insurance Management
SRB Casualty & Indemnity Ltd British
Virgin Islands AMS Insurance Management
Assurecare Cayman Gallagher
EMCA Insurance Co Ltd Cayman Marsh
Heritage Valley Insurance Co Ltd Cayman Marsh
Medical Eye Service Reinsurance Cayman Willis
MHA Reinsurance & Casualty Ltd Cayman HSBC Insurance Management
Caring Communities Insurance Co Cayman HSBC Insurance Management
Volunteer Insurance Ltd Cayman Mutual Risk
Mountain Lake Insurance Ltd Cayman Chandler
Comprehensive Indemnity Ltd Cayman Chandler
Clark/Bardes Reinsurance Ltd Cayman Mutual Risk
Independence Group Cayman Mutual Risk
Stop-Loss Insurance Services Ltd Cayman Marsh
Magellan International Insurance (Cayman) SPC Cayman Marsh
Sunland Insurance SPC Cayman Crusader
HBA Indemnity Cayman JLT Risk Solutions
Heartland Group Ltd Cayman Mutual Risk
Premier Plus Insurance Co Ltd Cayman JLT Risk Solutions
Columbia Indemnity Ltd Cayman JLT Risk Solutions
Little Bijou Indemnity Co Cayman RiskCap
Superior Providers Insurance Co SPC Ltd Cayman Aon Insurance Managers
Midwestern National Insurers Ltd Cayman Chandler
Inreco International Reinsurance Co Cayman Marsh
Parallel Insurance Services Ltd U-Drive Ltd Guernsey Thomas Miller
Selfriders Insurance (Guernsey) Ltd Selfriders Retail Ltd Guernsey Heath Lambert
Thomas Miller Insurance PCC Ltd Thomas Miller Guernsey Thomas Miller
Woolworths Insurance (Guernsey) Ltd Woolworth Group Guernsey Willis
Buchanan Insurance Co Ltd Guernsey Normandie
Mithras Insurance Ltd Guernsey Aon Insurance Managers
Norton Waverly Insurance PCC Ltd Norton Waverly Guernsey Bacon & Woodrow
Goitre Insurance Co Ltd Goitre Tower Anthracite Ltd Guernsey Marsh
MITIE Reinsurance Co Ltd Guernsey Willis
AMD Reinsurance Co Inc Hawaii Aon Insurance Managers
Caregivers Reinsurance Inc Hawaii Aon Insurance Managers
National City Mortgage Insurance Co Inc Hawaii AIG Insurance Management
Elia Re SA Electrabel Luxembourg Marsh
Teide Re SA Cepsa Luxembourg Marsh
National Independent Truckers Insurance Co RRG South Carolina USA Risk Group
Plastic Omnium Re Switzerland Aon Insurance Managers
Advin Assurance Corp St. Lucia Hewanorra
Mountainview Insurance Co Inc Hillbrook Insurance Co Inc Vermont Marsh
Northgroup Captive Insurance Inc Banknorth Group Inc Vermont Aon Insurance Managers
Power Consultants Insurance Co Sargent & Lundy Services Inc Vermont Strategic Risk
HCI Inc Highmark Inc Vermont Aon Insurance Managers
IXP Inc Boston Properties Limited Partnership Vermont Marsh
CTN Assurance Co Engelhard Corp Vermont Marsh
First Division Insurance Co Tribune Co Vermont Aon Insurance Managers
Guardwell Insurance Co Wellman Inc Vermont Willis
SIB Insurance Co SIB Mortgages Vermont Yankee Captive Management Inc
MGMM Insurance Co MGM Mirage Vermont Willis
Regis Insurance Group Regis Corp Vermont SB&T
Abbott Park Abbott Labs Vermont Marsh
Marshall Street Insurance Co Everett Smith Group Vermont Marsh
Buena Vista Insurance Co Walt Disney Corp Vermont Aon Insurance Managers
Midwest Indemnity Inc US Bancorp Vermont Marsh
Pacific Northwest Insurance Co Premera Blue Cross Vermont Marsh
Community Hospital Alternative
For Risk Transfer (A Reciprocal RRG) PA Health Systems Vermont Marsh
National Union Fire Insurance Company of VT National Union Fire Insurance
Company of Pittsburgh PA Vermont AIG
