Captives ‘coming home’ as PRA eyes 2027 UK regime launch
Shoib Khan, Director of Insurance Supervision at the Bank of England, said the PRA is moving to build a UK captive regime aimed at reversing decades of offshore migration, with 2027 set as the moment captives are finally “coming home” to the UK. Captives are wholly owned insurance companies set up by businesses to insure […]
GIFT City is attracting global reinsurance capital at scale, says PB Fintech’s Singh
In an interview with Reinsurance News, PB Fintech’s Joint Group Chief Executive Officer, Sarbvir Singh, emphasised that a more open and predictable regulatory environment is attracting global reinsurance companies to India’s first International Financial Services Centre (IFSC), Gujarat International Finance Tec-City (GIFT City). Insurance and reinsurance volumes have expanded rapidly at GIFT City, hitting $1.2 […]
GIFT IFSC continues rapid growth as registrations and re/insurance activity rise
The latest quarterly bulletin from the International Financial Services Centres Authority (IFSCA) has highlighted the continued expansion of India’s Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC), describing it as a transformative element in the country’s financial sector strategy and its integration with global markets. The bulletin said the establishment of the International […]
Jamaica Govt praise investor support for new cat bond, plan parametric CCRIF cover expansion
Jamaica’s Prime Minister and Minster for Finance and Public Services both praised global investor support for the $200 million IBRD CAR Jamaica 2026 catastrophe bond, with the third cat bond a key pillar in the countries fiscal resilience and disaster risk financing, while also revealing they plan to expand parametric coverage under CCRIF. Speaking yesterday the Jamaica […]
Galapagos Capital SSPE issues largest LRS at R$126m, the fourth under Brazil’s ILS regime
Gálapagos Capital Sociedade Seguradora de Propósito Específico S.A., the Brazil based SSPE or special purpose reinsurance vehicle that can issue Letra de Risco de Seguro (Insurance Risk Letters) and is owned by global investment company Galapagos Capital, has completed issuance of the largest transaction under Brazil’s insurance-linked securities regime so far. Gálapagos Capital SSPE has […]
PRA reforms make UK ILS hub highly competitive globally: Pool Re CEO
Recent reforms made by Prudential Regulation Authority (PRA) to increase the UK’s share of the global insurance-linked securities (ILS) market, has led to belief that the UK regime offers a highly competitive platform that compares well with other alternative jurisdictions across the globe, Pool Re CEO Tom Clementi told Artemis. During a recent interview with […]
Portugal to consider catastrophe bonds as it looks to elevate its disaster resilience
The government of Portugal is considering catastrophe bonds as a potential mechanism that could be utilised to provide risk capital for disaster resilience and to better manage catastrophe risk exposure in the country. The government published its Portugal Transformation, Recovery and Resilience Plan (PTRR) recently, indicating a significant EUR 22.6 billion spending plan to boost […]
UK Government moves to enable protected cell companies for captive insurance
HM Treasury, the UK government’s department responsible for economic and financial policy, has outlined plans to advance legislation that would allow protected cell companies (PCCs) to be used within the UK’s captive insurance framework. The proposals form part of a wider consultation considering how PCC structures could be expanded beyond their current role in risk […]
Jamaica returns for new $150m World Bank cat bond to replace coverage triggered by Melissa
The Government of Jamaica is back in the catastrophe bond market again with the support of the World Bank, targeting $150 million of parametric named storm and hurricane protection from an IBRD CAR Jamaica 2026 issuance, designed to replace its coverage that was triggered by hurricane Melissa, Artemis has learned from sources. This will be the third […]
PRA consults on funded reinsurance capital reform for UK insurers
The Bank of England, through its Prudential Regulation Authority (PRA), has issued a consultation on changes to how funded reinsurance is treated under UK insurance capital rules. The consultation proposes bringing funded reinsurance more closely in line with the capital treatment applied to other types of investments held by UK life insurers, with the aim […]