Captives - Lifetime achievement award for Alan Fleming

Alan Fleming gets top award for work with Captives

Alan Fleming, who chairs the Airmic Captives special interest group, has received an award for his “outstanding contribution to the captive insurance industry.” Fleming (centre) won his recognition at the recent Captive Review awards.

The citation described him as “a remarkable person who has made an outstanding contribution to the industry’s growth and development. This contribution was not made for personal gain, but to further the industry and help others within it.”

He is the only person to have been both chairman and chief executive of Airmic.

Captives ride out economic storm, but regulatory challenges loom – A.M. Best

The European captive industry has weathered the global economic downturn well,

although the forthcoming implementation of Solvency II remains among the biggest

challenges for the sector, according to a report by A.M. Best. Compared with conventional insurers, their exposure to sovereign debt is generally lower, although captives may come under pressure to increase loans back to parents that have been negatively affected by the financial uncertainty.

Parent companies continue to have a wide choice of jurisdictions for their captives. Cells are being formed, although the soft market and uncertainties regarding Solvency II’s final specifications and implementation date could result in delayed decisions to form captives in onshore jurisdictions.

Direct captives are likely to be more heavily impacted by the current form of Solvency II, said the report.