With transposition of the Reinsurance Directive now under way in Ireland, LIAM FLYNN urges the Irish regulator to give Irish reinsurers a competitive advantage wherever possible, as opposed to overburdening them with unnecessarily restrictive requirements and obligations. This is particularly important in a number of key areas including solvency margins, and facilitating finite reinsurance and securitisation.

The use of protected cell companies has been one of the most significant developments in the field of corporate finance over the last 10 years especially in the world of insurance and captive insurance, writes MIKE MATTHEWS. However, despite the introduction of such structures in competing jurisdictions such as Gibraltar, the Isle of Man and Malta, the Irish regulators still refuse to allow such ‘ring-fenced’ structures to be formed in Ireland. He says that this lack of pro-activity and unwillingness to introduce PCC legislation is just one example of, ‘where we are at risk of stagnating and jeopardising all that we have worked so hard to build’.

A recently released paper by the International Association of Insurance Supervisors (IAIS) sets out a new framework for insurance supervision. Ireland’s insurance regulatory system is well-established, and to Irish industry players much of the content may seem obvious. LIAM FLYNN and EAMONN CAREY examine how the Irish system measures up to what is envisaged in the framework.

Ireland's life reinsurance market blossomed in 2004, writes RICK HODGDON, adding that this growth will soon position it as a global reinsurance leader in new premiums written.

Against a background of increased competitiveness from centres such as Gibraltar and Malta, Dublin’s expertise in alternative forms of risk financing could well set it in good stead, as other centres of business start feeling the pinch, writes SARAH GODDARD, and she says that its ‘can do’, forward-thinking attitude bodes fair for the future of the city.

AXIS Capital Holdings Limited, the Bermuda-based global provider of specialty lines insurance and treaty reinsurance, officially opened its European headquarters in Dublin in July.

PMI Europe, the Dublin based mortgage insurance and credit enhancement company, has opened a Milan office. It will be headed up by Giuliano Giovannetti.

A further eight captives have been set up in Ireland since the start of this year, according to figures released by the IDA, bringing the total number of captives to 202. This represents a four per cent growth over the first half of the year. 27 new captives were authorised in 2002.

John Byrne, chief executive of Cologne Re, has been appointed chairman of the Dublin International Management and Insurance Association (DIMA). He takes over from Ian Clancy, manager of Marsh Management Services.

Matt Coffey, general manager of San Paolo Life, has been elected chairman of the FSI/IIF International Life Assurance Group for a term of two years. The group focuses on issues of importance to the international life assurance sector.

Since setting up in Dublin in 2001, Inora Life has continued to expand its pan-European structured insurance products business, and is now looking at markets outside the EU.

Irish Progressive Services International (IPSI) has just signed new business agreements with Italian owned Vicenza Life, Darta Saving and Grow Life worth a total of €40 million.

The Dublin-based reinsurance and insurance arms of the ACE Group of Companies have evolved dramatically since their formation in the 1990s, writes JAMES HOOBAN.

Although Dublin’s captive insurance market continues to grow, few captives carry ratings. KEVIN WILLS explains why such accreditation can be of benefit to the captive insurance market in particular.

Quanta Capital, a new international insurance start-up, has opened an office in Dublin, to add its other locations in Bermuda, New York and the UK.

On October 13th Gerling Global Life Reinsurance Company Limited, the Dublin based life reinsurance subsidiary of Gerling Life Reinsurance, changed its name to Revios Reinsurance Ireland Ltd, following the takeover of Gerling Life Reinusrance by VHV Vermögensanlage AG, Hanover.

Fiona Dunn, the new international insurance representative at the IDA, says that opportunities abound in the insurance sector, with captives posting strong growth, an increasing number of Bermudian reinsurers setting up a European base in Dublin, and a number of life assurance start-ups to be announced in the coming months.

With more than 20 new companies being formed to date in Dublin, 2002 is turning out to be a record year for the captive insurance sector. Growth has been exceptional so far this year, and according to the new international insurance representative at the IDA, Fiona Dunn, a further 30 captives could be authorised by year-end.

In the June issue of Finance Dublin, Tom Doran, chief underwriting officer of Hannover Re, called for a formal scheme of regulation for Irish reinsurers, saying, ‘While there is informal regulation through the industry association DIMA and through the use of best practice within the companies themselves, the industry is in need of a coherent and business-friendly regulation system.’ This month, leading industry players respond to his suggestion. Below are the responses from the DETE, DIMA, the Taoiseach’s IFSC Insurance Group, the IDA, McCann Fitzgerald and Matheson Ormbsy Prentice.

SCOR, the leading French reinsurance company, has increased its holding in Irish Reinsurance Partners (IRP), the Dublin-based reinsurer, from 42 to 47 per cent, pending regulatory approvals.

The Irish international insurance sector grew by 42 per cent, surpassing E10 billion during 2001 according to the annual survey of members by the Dublin International Insurance and Management Association (DIMA), the representative body of Dublin’s international insurance industry. The underlying asset base grew by a similar percentage.

Bermudian insurer and reinsurer, AXIS Specialty, has set up its European headquarters in the heart of Dublin. ROISIN HOGGE spoke with ADRIAN RYAN.