Gerald Gakundi has been promoted to director, supervision of insurance at the Bermuda Monetary Authority

Offshore micro captive insurance products were listed as a potential “abusive tax scheme” in a study by the US Government Accountability Office

Legacy acquirer DARAG has completed a novation agreement with Cayman reinsurer to provide finality for its US liability books, with the transaction value in excess of $40 million

Korean Re Switzerland, Korean Re’s newly established European reinsurance subsidiary, has gone live with Eurobase Synergy2 platform

A.M. Best has downgraded the financial strength rating to A- from A and the long-term issuer credit rating to “a-” from “a” of Delvag Versicherungs-AG, based in Germany

AXA XL has promoted Matthew Latham to chief underwriting officer for global programmes and captives

Washington Insurance Commissioner Mike Kreidler has started a study to determine how many organisations in the state are not paying insurance premium tax as required under state law

Shareholders of Aon and Willis Towers Watson have approved all proposals necessary to complete their combination announced earlier this year

A.M. Best has affirmed the financial strength rating of A- and the long-term issuer credit rating of “a-” of Maxseguros EPM, based in Bermuda

Roundstone, an Ohio-based health insurance provider specialising in a self-funded group captive solutions, has reported more than $10,000,000 in cash distributions to business owners across the US

A judge at the US District Court for the Middle District of Alabama has ruled in favour of Christopher Jarvis, former owner of Jade Risk, after he filed a lawsuit against Arsenal Insurance, a subsidiary of TaylorChandler, for breach of contract

The captive division of the South Carolina Department of Insurance has promoted Dan Morris, Greg Delleney, Eva Conley and Lauren Robertson