Multinational telecom and broadband giant Telefonica has established a new captive insurer in Luxembourg, Nova Casicapea Reinsurance Company (NCR), which will replace Casicapea Reinsurance Company (CR), established in Luxembourg in 1988.

        NCR expects gross premium income of US$54 million in 2017 and will take over the renewal business of CR. Once the above contract transfer is completed, CR will enter the run-off process.

        Rating agency A.M. Best said it is confident in the new captive, which will still be managed by the original operating team. CR has operated for more than 10 years, and the original team's good management track record will reduce the new captive's going-concern risk. NCR will implement a new risk management framework to match its risk profile and integrate with parent company Telefonica.

Source: Captivereview.com