Notes from the Academy.
Articles, deep dives, and commentary on captive insurance practice. New writing as it's published.
Collateral 101: LOCs vs Trusts — and What's Actually Negotiable
Once the regulatory floor is understood, the real decisions are the form the security takes and the terms written around it. A plain-English guide to trusts, LOCs and funds withheld — and where the negotiation actually lives.
How Much Capital Does a Captive Insurance Company Need?
The statutory minimum is the licence floor, not the answer. What actually sizes a captive's capital: the business plan, the regulator, and the premium-to-surplus yardstick.
What Is a Fronting Arrangement in Captive Insurance?
When a policy must be issued by an admitted, rated insurer, a fronting carrier issues it and the captive reinsures it. The fee is visible; the collateral is the real negotiation.
Captive Insurance vs Self-Insurance: What Is the Difference?
Both keep risk instead of paying an insurer to take it. The difference is what formalising that decision inside a licensed insurance company buys — and what it costs.
Circular Risk: When Insurance Capital Becomes Its Own Collateral
Regulators are examining structures where insurer money loops back to affiliated managers, borrowers, or assets. A five-question test for finding the loops in your own programme.
The RBC Rules Changed. What Should Insurers and Captives Do Now?
The NAIC adopted new capital treatment for collateral loans and CLOs in June 2026. Here is the readiness agenda — not another recap of the debate.
Why Captive Insurance Rules Are Changing — and Why It's Safe to Act
Regulators in the UK, EU and US are competing to make captives easier to own. Here's why the trend is durable — and what it means if you're still deciding.