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Archived stories from 2012

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Tracy Island launches campaign to defend reinsurance business

Fierce competition from other reinsurance domiciles has prompted the Pacific atoll of Tracy Island to offer new start-ups and existing companies a range of additional benefits and reduced registration fees. The island's commissioner of insurance, former millionaire astronaut Jeff Tracy, has promised to eliminate registration fees for SPVs completely and reduce fees for other classes of reinsurer by 90%.

Reduce Fees - F.A.B .

Other inducements offered by Tracy Island include the option for reinsurers to to avoid new capital charges required by Solvency equivalence by re-locating from Tracy Island itself to Thunderbird 5, the earth orbiting space station manned by John Tracy.

Jeff Tracey has also promised that any company looking to move to Tracy Island will be able to access the considerable intellectual capital provided by scientific genius and engineer, Brains. "Although it doesn't take a rocket scientist to work out the benefits of being located on Tracy Island, compared to say Bermuda or Cayman," Jeff Tracy joked. "There's more to do in the evenings and no risk of being shot dead by a crackhead."

Tracey Island has been working hard to strengthen its franchise and to steal a march on the more traditional insurance jurisdictions. In London, a Tracy Island representative office staffed by Lady Penelope Creighton-Ward and her cockney chauffeur Parker have recently made a series of presentations on the benefits of locating on the island.

Speaking to RISKbitz from a pink Rolls Royce parked outside Balls Brothers in Lime St, Lady Penelope said that the recent threats from Prudential's CEO to leave London because of Solvency II have resonated around the market. "We would make Mr Thiam most welcome on Tracy Island, wouldn't we Parker?" Lady Penelope said. "Yes m'lady," Parker replied.

Value added services related to reinsurers writing catastrophe business include free use of Thunderbirds 1 through 4 to mitigate claims costs. "Business interruption and CBI are a big component of losses today. We think by using our supersonic heavy transporter Thunderbird 2, client supply lines can be kept open," Jeff Tracy said, before adding "F.A.B. father".

STOP PRESS: The stratosphere based reinsurance domicile Cloudbase, which is managed by the secretive Spectrum corporation, has announced that it is to launch a new form of SPV (Special Patrol Vehicle) in order to compete with the alternative collateralised reinsurance vehicles known as sidecars. Spectrum spokesman Captain Scarlet told RISKbitz that, like him, the SPVs would be "indestructible" and therefore irresistible to new investors [Please stop this piece now. You are the only person left alive to remember Captain Scarlet. Ed]

STOP STOP PRESS: Marineville, the underwater domicile located off the coast of California and overseen by Sergeant Troy Tempest [I'm warning you. Ed]


Other news from May 2012
 
Travelating the Wave of Insurability
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