Market relief as swollen captive set to absorb Shell loss
A major shift in reinsurance buying at Shell's main captive has come at a good time for the energy reinsurance market as the firm faces a major loss at its largest refinery in Singapore.
Shell self-insures through its Swiss-based captive insurance subsidiary Solen Versicherungen, which has been established for over 20 years.
Crucially, however, according to research by Standard & Poor's, the company embarked on a radical change in its reinsurance strategy in 2010. It decided to cease purchasing reinsurance...
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