Captives Continue Rising

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INDEPENDENT GLOBAL EXPERTS WITH LOCAL EXPERTISE

R&Q Quest Management Services is a leading

and major domiciles worldwide.

independent and balanced advice to clients.

Nick Frost +1 441 247 8301 email nicholas.frost@rqih.com

www.rqquestbermuda.com

“

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CUSTOMMEDIAGROUP

This special advertising supplement is not created, written or produced by the editors of Business Insurance and does not represent the views or opinions of the publication or its parent company, Crain Communications Inc.

SPONSORS

Delaware Captive Insurance Association

4023 Kennett Pike, Box 801 

Wilmington, DE 19807 

888-413-7388 

www.delawarecaptive.org

Delaware Bureau of Captive &

Financial Insurance Products

The Nemours Building

1007 Orange Street, Suite 1010

Wilmington, DE  19801

Phone: 302-577-5280

Fax: 302-577-3057

www.captive.delawareinsurance.gov

R&Q Quest Management Services Ltd.

F.B. Perry Building

40 Church Street

P.O. Box HM2062

Hamilton HM HX

Bermuda

441-247-8301 

www.rqquestbermuda.com

Towers Watson

175 Powder Forest Drive 

Weatogue, CT 06089-9658 

860-843-7012 

www.towerswatson.com

Two trends will continue to drive interest in funding employee benefit risks through captives in 2016.Debbie LiebeskindSenior consultant and life/health actuary with Towers Watson in Parsippany, N.J.

“

”

CONTENTSSmall captives, benefits interest fueling global growth 4

25 years of captive history 4

Domicile choices abound worldwide 7

Fronting, ROI hard for captives 8

Benefit captives expected to soar 10

FOUNDING PARTNERS DIAMOND SPONSOR

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2016

SMALL CAPTIVES, BENEFITS INTEREST

The growth of captive insurance entities over the past quarter-century has been remarkably steady, captive industry data shows. From a worldwide total of about 2,800 in1991 to nearly 7,000 licensed captives today, the captive movement is stronger than ever. Here are some of the highlights of the captive industry during the past 25 years:

The Internal Revenue Servicestates that companies can deductgroup term life premiums paid tocaptives because the premiumsrepresent unrelated business.

General Electric Co. captive Electric Mutual LiabilityInsurance Co., redomiciles to Bermuda and subsequently declares itself to be underreservedfor GE asbestos and environmental liability claimsand insolvent by more than $500 million. EMLICO is sued by its reinsurers, which chargethat GE and the captive planned the collapse, butEMLICO prevails and enters liquidation. 

Columbia Energy Group gains approval to fund U.S. employeebenefit risks through its Vermontbranch captive. This precedentblazes a trail for other captiveowners to follow.

Vermont’s captives generate premium volume exceeding $1 billion.

Goldman Sachs & Co. establishesArrow Reinsurance Co. Ltd., a special-purpose reinsurer in Bermuda that marks the first Bermuda reinsurer owned by an investment bank. Lehman Brothersfollows suit a few months later with Lehman Re Ltd.

The Sept. 11, 2001, terrorist attackson the World Trade Center and the Pentagon create one of the worst-everloss events, more than $20 billion intotal insured losses. Uncertainty anddelay in establishing a permanentfederal government backstop for terrorism risk prompt some businessesto fund their terrorism risks throughcaptives.

Bermuda’s Segregated Accounts Companies Act permits registration of protected-cell captives, paving the way for more captive formations.

Captive owners obtain a favorable rulingfrom the 11th U.S. Circuit Court of Appeals in United Parcel Service vs. Commissioner on the tax deductibility ofpremiums paid to captives. UPS built onthe landmark 1987 Tax Court ruling in Humana vs. Commissioner, which recognized the tax deductibility of captivepremiums under certain circumstances.

1992

1991

1995

1998

2000

2000

2001

2001

9911

9951

0002

0012

00122991 2

9981

0002

0012

The global captive industry has come a long way since the first World Captive Forum 25 years ago.

The number of captives in 1991 wasslightly more than 2,800 worldwide, basedin a small number of domiciles. Today,there are at least 71 domiciles and morethan 6,800 licensed captives globally.

The growth in overall numbers has beenaccompanied by the diversification of typesof  captives, making captive  insurance anoption for organizations of virtually all sizes,from small businesses and nonprofit entitiesto global multinational corporations.

Growth  in  the  captive  industry  today  islargely  coming  from  companies  formingsmaller captives, as well as from multinationalcompanies that are expanding, said NicholasFrost, president of R&Q Quest ManagementServices Ltd. in Bermuda.

“We’re seeing a lot of interest from LatinAmerica,” said Frost. “As these markets mature,Latin American clients are looking to set up inBermuda, enjoying the multitude of opportu-nities afforded by owning a captive, which caninclude improved coverage, lower cost of riskand direct access to leading reinsurance. Untilvery recently, the majority of interest from the

region was from Colombia and Mexico, whilenow we are seeing interest across the widerregion,  including  Chile. We  are  also  seeingmore interest from companies in Canada.”

Steve Kinion, director of the Bureau of Cap-tive and Financial Insurance Products at theDelaware Department of Insurance, is seeing“a  proliferation  of  captives  in  the  past  fiveyears,  especially  microcaptives,  in  manydomiciles. Delaware is indicative of that growth.”

Microcaptives, typically formed by smallerparent organizations, are those that elect notto pay taxes on underwriting income underthe Internal Revenue Code 831(b).  The InternalRevenue  Service  permits  such  captives  toseek an exemption provided that their premiumvolume is below $1.2 million. Microcaptivesdo pay taxes, however, on investment income.

As of 2013, “about 80% of Fortune 500companies had a  captive of  some  type,  sothat’s an 80% market penetration. Only 20%or so of  small  to midsize companies hadcaptives. While that has increased to 20% to25% now, there still is tremendous opportu-nity for growth in this area,” Mr. Kinion said.

25 YearsOF CAPTIVE HISTORY Milestones mark steady growth in captive industry since 1991

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FUELING GLOBALGROWTH

Vermont, with more than500 captives, becomes thethird-largest domicile in theworld, behind Bermuda andthe Cayman Islands. 

The U.S. Department of Labor approvesArcher Daniels Midland Co.’s petition toreinsure group life benefits through itscaptive. This decision, on the heels ofthe Columbia Energy decision in 2000,paves the way for other captive ownersto seek fast-track approval from the department. 

The number of licensed captives worldwide surpasses 5,000 for the first time, according to Business Insurance’sannual ranking.

Captive premiums account for10% of global commercial insurance premiums, or about $60 billion, according to an estimate by Swiss Reinsurance Co.

The IRS begins looking closer at captives formedunder Section 831(b) of the Internal Revenue Code,which dates back to 1986, for abusive practices. Theintent of the law was to extend the tax benefits of self-insurance to smaller and midsize entities. By2014, however, the IRS grew concerned that many831(b) captives were formed not for self-insurancebut to avoid tax.

The IRS rules that an innovative plan by The Coca-Cola Co. to fund retiree health care benefits throughits captive qualifies as insurance. Observers hail theruling as expanding the types of benefits risksthat captive parents can fund through their captives.

2002

2003

2007

2010

2014

2014

20027002 4102

410202 300

0102

4102

He  attributes  the  growth  in  captives  bysmaller entities to the expansion of differenttypes of captives. “It’s like the chips and sodaaisle  in  the  grocery  store  –  there  are manymore  choices  today  than  there  were  in  the1990s. Just as we’ve seen boutique or nicheproducts  in different  industries, now we’reseeing more choices in types of captives: cells,series, group captives and association captives,”Mr. Kinion explained. “There’s a captive typesomewhere that will fit your needs. That helpsbusinesses to be more productive.”

Large companies based in Delaware also aresponsoring captives, Mr. Kinion said. “Delawareis the home of 64% of the U.S. Fortune 500, andwe  are  seeing  growth  in  captives  owned  byDelaware-domiciled corporations,” he said.

Captives funding new risksAs the types of captive entities have expanded,

so too have the types of risks that captiveowners have  sought  to  fund  through  thosestructures. What risks a captive owner choosesto fund depend largely on the owner’s needs.

For some, a captive is useful for financing theworking-layer risks  in a property or casualtyprogram,  to  increase  attachment  points  forcommercial  insurance  and  therefore  reducethe costs of coverage. For others, the captivecan provide coverage for which there are fewcommercial options, or where capacity  islimited or expensive.

“Today  there  is a  tremendous amount ofdifference  in  the  coverages  that  a  captiveprovides,” compared with a few years ago, Mr.Kinion said. “In the last 12 months, there hasbeen a real proliferation of cyber risk funded incaptives,” he said. For example, some ownersare  using  their  captives  to  reimburse  theparent  companies  for  expenses  related  tothird-party liability, which frequently occur indata breaches, he explained.

“And  it’s  not  just  retailers  looking  to usecaptives  for  these  expenses.  It  could  beplumbing  contractors  or  other  servicebusinesses that observe breaches and wantto protect themselves,” Mr. Kinion said. “Risksfor cyber are changing all the time, and the cost

of cyber breaches keeps going up. Companiessee this and say  to  themselves, ‘We need tocover our exposure.’”

For  the  past  several  years,  an  increasingnumber of captive owners have expressedinterest in  funding  U.S.  employee  benefitsthrough  their  captives.  But  funding  thosebenefits requires U.S. Department of Laborapproval (see story, page 10). 

Only a  few dozen  large employers haveobtained approval to finance U.S. benefits incaptive  programs,  but  industry  observersexpect that number to grow significantly. 

Delaware’s Bureau of Captive and FinancialProducts estimates that the total market forbenefits that are eligible for captive coverage isabout $800 billion, Mr. Kinion said. “Thereobviously is a tremendous growth opportunityin funding benefits through captives, and onlya fraction of it has been served so far,” he said.“The last two months have seen a spike in inter-est in funding benefits in Delaware captives. I ex-pect to see a lot of new developments in benefitfinancing in the coming years.” •

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Global distribution of captivesAs of 2011, more than one-third of global captives were in U.S. domiciles

Steady rise in number of captives worldwide

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2,833

2,895

2,988

3,026

3,196

3,086

3,285

3,417

3,624

3,812

4,002

4,247

4,512

4,843

4,881

4,951

5,119

5,211

5,525

5,587

5,745

6,125

6,559

45% Bermuda/Caribbean

35% United States

17% Europe

3% Other

Captives’ growing share of the pieAs a percentage of global commercial insurance direct written premiums

8.3% 2001$38 billion of $458 billion

2010:$60 billion of $600 billion10.0%

.3%8

ren ptect writrdicial insurommec

e gatencrs a peAwing shaor g’sevveCapti

0012

emiumsre canrcial insu

al bf glooe f the pieoe rwing sha

global captives were in U.S. domicilesAs of 2011, more than one-third of Global distribution of captives

global captives were in U.S. domicilesAs of 2011, more than one-third of Global distribution of captives

global captives were in U.S. domicilesAs of 2011, more than one-third of Global distribution of captives

0%.01

.3%8

f $600 billiono$60 billion 0:102

f $458 billiono$38 billion

f $600 billion

f $458 billion

9951

9941

3991

2991

9911

e in number sady rietS

orldwidews evapticf oe in number

96

1,3

620,3

2,988

958, 2

833,2

orldwide

3%135%45%

Other3%ope ruE%7117

setated St Uni35%Cari//CaribbermudaB45%

aneCaribb

3002

2002

0012

0002

9991

9981

7991

9961

8,23

086,3

,5124

742,4

200,4

812,3

426,3

714,3

58

0112

0102

0092

0082

7002

0062

0052

0042

8814,

8434,

,512

4575

78,55

,5255

,2115

91,15

,9514

881

3102

0122

0112

,1256

457,5

95,56

,125

Source: Swiss Reinsurance Co., Insurance Information Institute

25 Years of CAPTIVE HISTORY

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CAPTIVES IN 2014

Bermuda

Cayman Islands

Vermont

Utah

Anguilla

Delaware

Guernsey

Nevis

Barbados

Luxembourg

World’s largest captive domiciles

DOMICILE

Source: Business Insurance

800

759

584

422

379

333

281

271

224

321

A critical step in the decision to form a captive entity is the choice of domicile: where it will be licensed and where it will operate.

There are dozens of jurisdictions around theworld with captive insurance laws. As a result,there are lots of choices on where to base acaptive, said Nicholas Frost, president of R&QQuest Management Services Ltd. in Bermuda.

“Most clients want to go where there  isgood infrastructure for captives,” he said. Theproliferation of captive domiciles, especiallyin the United States over the past 10 years,has increased the number of onshore optionsfor captive owners. “Establishing a captive ju-risdiction has become popular, but you can’tjust pass a law and expect people to show up,”Frost  said.  “Successful  domiciles  have  thelegal and financial infrastructure to support

captives – managers,  lawyers and auditorswho all understand what a captive is.”

Most  of  R&Q  Quest’s  clients  are  inBermuda, the world’s largest captive domicile,where the firm has been based for the past40 years, Mr. Frost said. “But there are manyother domiciles with strong regulations andinfrastructure. Selecting a domicile tends tobe driven by the client,” he said.

According to Business Insurance researchdata, more than 60% of the world’s captivesare based in the 10 largest domiciles, severalof which — including Bermuda, the CaymanIslands  and Vermont —  have  operated  fordecades.  •

Domicile choices abound

WORLDWIDE

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2016

Even  though  the  options  for  formingcaptives and interest in doing so have neverbeen greater, owning a captive is not necessarilyeasy. Many captive parents face challenges,from  finding  suitable  fronting  services  toachieving investment income targets, observerssay.

Running  a  business  that  intentionallytakes  risk  on  its  balance  sheet  requiresowners to temper their expectations with aclear understanding of the long-term benefitsof a captive, which  include reduced cost ofrisk,  less  volatility  in  risk  transfer  andenhanced organizational risk management.

Return on investment with a captive, es-pecially in the form of investment income, canbe  a  challenge  for  captive  owners,  notedNicholas Frost, president of R&Q Quest Man-agement Services Ltd. in Bermuda.  

One  trend  that  R&Q Quest  has  seen  ismore conservative underwriting by captives.“Captives today are writing more conserva-tively. For example, in Bermuda you can writeon a 5:1 premium-to-capital ratio,” Mr. Frostsaid. That is partly because investment incometo  offset  underwriting  results  is  scarce,  henoted.

In the 1990s, companies “could get hugeamounts  of  investment  income. That’s  nothappening now. Companies are not makinginvestment  income”  in  the current market,Mr. Frost explained.

Historical data support this trend. The

Insurance  Information  Institute  (III),  forexample, found that commercial property/ca-sualty insurers’ net income rose steadily from1993 to 1997, fell slightly in the ensuing yearsand spiked from 2004 to 2006 before goingflat  in 2007. The III’s analysis showed P/Cinsurers’ net investment income grew 3.3%in 2010 before three straight years of invest-ment income declines. When net  income isexpressed as a percentage of equity, property/casualty insurers lag well behind Fortune 500industrial  and  service  businesses.  The  IIIfound that, in 2014, the rate of return for P/Cinsurers on a generally accepted accountingprinciples basis was 7.5%, while the Fortune500 group’s rate of return was 14.2%.

Fronting woesInsurance regulators require captives that

write  certain  risks,  such  as  workerscompensation  and  third-party  liabilitybusiness, to use fronting arrangements withapproved  insurance companies. Fronting  ischallenging for captive owners, because thereare few strong fronting companies, Mr. Frostsaid. The largest players currently have beenproviding such services for many years andhave the lion’s share of the market. 

“It’s very difficult for a new entity to frontcaptives. The margins are not there, and thatcan be hard to explain to a board,” Mr. Frostsaid.

Regulators  require  fronting  insurance

Fronting, ROI

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companies  to  guarantee  the  payment  ofclaims. If the fronted captive becomes insolvent,the fronting company is responsible. Somefronts share risks with captives, and some-times 100% of the risks are ceded back to thecaptive. In addition to fees, fronting compa-nies generally require captive owners to col-lateralize their expected liabilities through aletter  of  credit  (LOC) or  provide  securitywith other assets.

Such requirements can pose a challengeto  captive  owners.  “An  LOC  to  support  afronted captive can cost more than the cashgenerated by investments,” Mr. Frost said.

Stop-loss in crosshairs?Steve  Kinion,  director  of  the  Bureau  of

Captive  and  Financial  Products  at  theDelaware Department of Insurance, said hehas observed strong interest by captive ownersin medical stop-loss arrangements. Using acaptive to write medical stop-loss coverage isviewed as an effective way for employers thatself-fund  employee  benefits  to  reduce  therisk of high-cost claims. The National Asso-ciation of  Insurance  Commissioners,  how-ever, is considering changes to its Credit forReinsurance Model Act that would authorize in-surance regulators to reduce or eliminate thecredit  for reinsurance retroactively, or  imple-ment additional requirements, Mr. Kinion said.These could include measures that discouragefronting  insurers  from  participating  in

medical stop-loss arrangements that coversmaller employers, he cautioned.

Credit for reinsurance  is an  importantfinancial benefit of fronting. When an insurancecompany cedes risk to a reinsurer, it is entitledto take a credit on its balance sheet for thereinsurance. Conversely, the reinsurer mustreport the assumed risk as a  liability on  itsbalance sheet. In medical stop-loss arrange-ments, Mr. Kinion explained, a captive acts asthe reinsurer, and when more lives are coveredunder the reinsurance, the fewer are coveredby the commercial market.

“There  has  been  strong  proliferation  ofstop-loss in captives. Some regulators mightdecide that’s hurting the small-group marketfor  health  care  insurance,” Mr.  Kinion  said.“The  proposed  changes  may  dissuadefronting companies from getting involved infunding medical stop-loss. We typically don’tsee  retroactive  application  of  NAIC  modellaw.”

Regulatory scrutinyOne other challenge that Mr. Kinion sees,

as a regulator and longtime observer of thecaptive industry, is the growth of regulation.“Increased scrutiny at both the federal andstate levels will be a challenge,” he said. “Captiveinsurance is no longer a small industry with afew domiciles. As more jurisdictions look atcaptives, I think you’ll see increased regula-tory issues in the future.” •

hard for captivesAs more jurisdictions look at captives, I think you’ll see increased regulatory issues in the future.Steve KinionDirector of the Bureau of Captive and Financial Products at the Delaware Department of Insurance

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BENEFIT CAPTIVE INNOVATIONS

Two trends will continue to drive interestin  funding  employee  benefit  risks  throughcaptives  in 2016, said Debbie Liebeskind, asenior consultant and life/health actuary withTowers Watson in Parsippany, N.J.

One is that the U.S. Department of Laborhas resumed its fast-track approval program,known as ExPro, for employers seeking to fundU.S. benefits  in their captives, she said. TheLabor Department suspended ExPro in 2012while it reviewed the criteria for fast-track ap-proval. It continued to consider individual em-ployer applications for funding benefits andreinstated the fast-track process in 2015.

The other  trend, Ms. Liebeskind said,  isthat benefit plan sponsors are experiencingmore volatility in their health plans as theAffordable Care Act has eliminated annualand  lifetime maximums, which means thatmedical benefit plans can no longer cap theircoverage.  Such  coverage  maximums  havetraditionally been used to mitigate high-costclaims,  she  said. With  those maximumsremoved, plan sponsors are more eager toexplore ways to reduce the volatility; captivesare  increasingly  entering  the  conversation,she added.

Steve  Kinion,  director  of  the  Bureau  ofCaptive  and  Financial  Products  at  theDelaware Department of Insurance, agreedthat  benefit  captives  are  poised  for  rapidgrowth.

“Since ExPro has returned, we’re seeingmore interest by captive owners in Delawarein funding benefits,” he said. “In 2016, we’llsee those captives forming. There’s a longercycle for licensing benefit captives. Next yearshould be a strong year for benefits fundingin captives.”

New benefit risksEmployee benefit coverages that are being

funded in captives include life and accidentaldeath and dismemberment, for both activeemployees  and  retirees.  But  other  benefitrisks are also beginning to enter captives,observers note.

“Some  smaller  companies  are  puttingloss of key employee and loss of key supplierpolicies into their captives,” which is a relativelynew  development,  said  Nicholas  Frost,president of R&Q Quest Management ServicesLtd. in Bermuda. 

More companies are  looking at  fundingcyber liability coverage through their captives,Mr. Frost said. “Whether it’s a large nationalentity  or  a  small  entity  with  either  healthrecords  or  an  abundance  of  credit  cardtransactions, risk managers are trying to gettheir arms around this relatively new riskexposure and how to finance it through thecaptive,” he said.

“Medical stop-loss is one growth area forcaptives. There is a lot of that going on now.People are looking to fund that through a cap-tive. Smaller employers, however, are not put-ting benefits into captives,” said Mr. Frost.

Towers Watson’s Ms. Liebeskind said thatmedical  stop-loss  is  “quite  easy  to  getstarted” through a captive because  it doesnot require U.S. Department of Labor approval.Medical stop-loss coverage is not considereda benefit under the Employee Retirement In-come Security Act, or ERISA, and thereforedoes not require approval. Medical and retire-ment benefits governed by ERISA, however,are subject to Department of Labor approval.

With  increasing  claim  volatility  in  healthplans, more employers are saying, “We hadn’tthought about medical stop-loss before butnow we need  it as we are concerned aboutpaying for high-cost claims through the humanresources budget,” she explained. A captive canprovide more financially viable ways to fund the

risk, Ms. Liebeskind pointed out.“In fact, January is not too early to start

thinking about stop-loss,” she said. “Thinkingabout that option in the beginning of the planyear is a good idea, though a feasibility studyfor funding benefit risks can be conducted atany time during the plan year,” she added.

One of the advantages of feasibility studiesis their actuarial analysis of claims data todetermine the cost of coverage at differentattachment points. “If expected claims arepredictable, you might not have to buy stop-loss coverage at all. If the claims show volatility,then you can utilize your captive. One otheradvantage  of  funding  stop-loss  is  that  ittypically is not correlated with any other risksin the captive,” which can help with liquidityand  capital  requirements,  Ms.  Liebeskindsaid.

“For ERISA benefits, the first quarter in acalendar year is a great time to conduct afeasibility  study.  It  enables  employers  toconduct  procurement  to  find  a  frontingcarrier and coordinate with plan enrollment,”Ms. Liebeskind said.

The most cost-effective benefit  risks  tofund through captives “tend to be the oneswith  long tails, such as  long-term disabilityand life insurance with waiver of premium,”she suggested.

Stop-loss  medical  insurance  for  activeemployees  is  an  area  of  growing  interest.Stop-loss comes in two forms: specific stop-loss, which is triggered when claims exceed apredetermined  cap  placed  on  individualscovered by the plan; and aggregate stop-loss,which  typically kicks  in when claims  in  theplan  year  exceed  125%  of  the  expectedamount.  For  self-funding  employers with  asmaller number of lives covered in their plans,specific stop-loss can be more economicalthan aggregate coverage.  •

Benefits CAPTIVES Expected to SOAR

Interest in funding benefit risks through captives continues to grow, and helping fuelthat interest are innovative approaches in recent years by high-profile employers.

For example, The Coca-Cola Co. uses its South Carolina-based captive, Red Re Inc., to fund international life, disability and medical insurance.In 2013, Atlanta-based Coca-Cola obtained permission from the Labor Department to fund AD&D benefits for U.S. employees. In 2014, theInternal Revenue Service ruled that Coca-Cola’s innovative plan to fund retiree health care benefits through a voluntary employees’ benefi-ciary association does constitute insurance. The IRS ruling not only gives Coca-Cola tax advantages but also opens the door for other em-ployers to pursue similar captive benefit strategies.

In an example of scale, Detroit-based General Motors Corp. funds life and health insurance, and other employee benefits, for 85% of itsnon-U.S. employees through its Bermuda-based captive, General International Ltd. The captive helps the giant automaker to save tens ofmillions of dollars annually while providing promised benefits.

“People have looked at what Coca-Cola and General Motors have done with their captives, and those are areas that I think we’ll see a lotof growth and interest in, now that ExPro is back,” said Steve Kinion, director of the Bureau of Captive and Financial Products at the DelawareDepartment of Insurance. 

Innovative captive programs can be complex and difficult to understand. “It’s important to have knowledgeable regulators,” Mr. Kinionsaid. He has a practice of meeting periodically with the U.S. Department of Labor staff to discuss captive trends and share things he learns. 

NEW & EMERGING RISKSIndustry leaders convene at this domicile-neutral conference to discuss strategies and best practiceson Benefits and Property/Casualty captives. Registration includes four days of roundtablediscussions and keynotes coupled with unrivaled networking opportunities for executives whoseorganizations have risks insured by a captive or who are exploring the formation of one.

� Accountable Care…Accountable Captives: The Changing Landscape of Health Care Liability

� Hedging their Bets? Reinsurance and Fronting Market Update� Captives in Latin America: Growth and Challenges� Using Group Captives to Manage Medical Stop-Loss� "Small" Captives and Cells

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