Cyberrisk is a hot topic at captive conferences, and a panel of experts at the Connecticut Captive Insurance Association’s annual Symposium on Captive Insurance provided a great overview of this expanding risk. Leon Pintsov, CEO of SignitSure Company, moderated the panel. He stated, “No statistical stability exists for the cyber risk,” making it difficult to underwrite.
The air was filled with optimism at the Connecticut Captive Insurance Association (CCIA) Symposium at what Anne Melissa Dowling, deputy commissioner of the Connecticut Insurance Department, described as the “Thinking Persons’ Domicile.”
Last week a 7-0 Missouri Supreme Court decision invalidated the state cap on some punitive damages. The supreme court restored the judgment of a lower court because the plaintiff had filed a claim as a common law fraud, which existed in Missouri since the first state constitution was written.
The Intelligent Insurer website features an article on the rise in the number indemnity insurance-linked securities. “Going back only a couple of years, less than 50 percent were indemnity deals ...,” according to Michael Madigan, head of the property and casualty alternative risk transfer practice of Sidley Austin in New York.
IRS is currently reviewing numerous captive insurance companies that are operating under Section 831(b) of the Internal Revenue Service Code and as many as a dozen captive managers may be involved according to David McManus, President of Artex Risk Solutions.
This is a reminder the Connecticut Captive Insurance Association (CCIA) and the Missouri Captive Insurance Association (MOCIA) will hold their conferences next week on September 17 and 18, respectively.
The preliminary agenda for the 2014 Cayman Captive Forum, scheduled for December 2-4, is now available.
Best’s Special Report on U.S. Captive Insurance published in August 2014 includes a section comparing the performance of single-parent U.S. captives with the commercial market.