Captive formation surges; the number of captives hits 4,000 worldwide as more companies send their life, property/casualty and health care risks to specialized, single-purpose companies

Article Abstract:

Captive insurance companies throughout the world number almost 4,000, with more than 300 of these formed in 1997. A captive insurer is a special-purpose unit established to serve the insurance needs of a company or a group of businesses. Bermuda has the most number of captives formed in 1997 with about 60, followed by the Cayman Islands with 50. A favorable legislative environment and tax incentives are among the ways used to attract captives to an area. A surge in 'rent-a-captive' units was also observed, with 45 of these insurers or reinsurers handling the property/casualty risks of a number of insurance programs formed in 1997.

Insurance Agencies and Brokerages, Insurance agents, brokers, & service, Captive Insurance Agents, Statistics, Captive insurance companies

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How low can they go?

Article Abstract:

The mortality and expense charges of the Vanguard Variable Annuity Plan have been lowered further to 0.28%. It is the second time in an 18-month period that the annuity plan reduced its mortality and expense charges. The new rate, which takes effect on Dec 1, 1997, will be applicable to current as well as new plan holders. The Vanguard plan is also the third annuity plan to slash its mortality and expense charges in the last few months, after Fidelity Investments Life Insurance Co and Nationwide Life Insurance Co.

Direct Life Insurance Carriers, Life insurance, Variable Life & Equity Insur, Prices and rates, Vanguard International Semiconductor Corp., Mutual fund industry, Variable annuities, Variable life insurance

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