Under the act, premiums written above US$60 million will be taxed at a rate of 0.02 per cent, instead of the five per cent rate that applied previously.
In her new role, Morley will lead the growth and advancement of the AXIS offering in the professional liability market.
The upgrade reflects improved enterprise risk management practices, policies and procedures around Trisura’s risk management of US captive reinsurance contracts.
With a value of US$13.75 million, the bond aims to provide the firm with incremental retrocession protection.
This proposal follows the mention of micro-captives on its 2023 list.
The state is known as the largest captive domicile in the US, followed by Utah and North Carolina, holding 439 and 311 respectively.
The state currently hosts 311 captive entities, up from 294 in 2022, with Utah holding 439 and Vermont licensing 659.
The firm says it could reduce carriers' loss ratios by up to 10 points.
