Industry News

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Captive Update on the 2017 NAIC Summer Meeting

What are the key takeaways for captive insurers from the recent National Association of Insurance Commissioners (NAIC) Summer 2017 National Meeting? Model laws for cyber security, corporate governance, financial stability, risk assessment, and triple X captives were all under discussion.
August 21, 2017 Read More
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NAIC Model Law Requirements Will Most Greatly Affect Smaller Insurers

The National Association of Insurance Commissioners (NAIC) Cybersecurity Working Group approved the "Insurance Data Security Model Law," which, if approved by the NAIC Executive Committee, will promote more rigorous cyber risk management practices in the US insurance market. Concurrently, it will add to insurers' compliance costs and associated risks of penalties for compliance violations.
August 21, 2017 Read More
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Delaware's Captive Insurance Program Dedicated to Excellence

Insurance Commissioner Trinidad Navarro recently announced that the International Center for Captive Insurance Education (ICCIE) has designated the Delaware Insurance Department Bureau of Captive and Financial Insurance Products as an ICCIE Trained Organization. Delaware is one of only two states that has applied for and received this recognition.
August 18, 2017 Read More
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First Half of 2017: Biggest Catastrophe Losses Come from US Thunderstorms

According to the Swiss Re preliminary sigma estimates, global total economic losses from natural catastrophes and man-made disasters in the first half of 2017 were $44 billion. Severe thunderstorms in the United States resulted in the largest catastrophe losses, with overall US insured losses totaling $23 billion.
August 18, 2017 Read More
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Vermont Provides Most Current Captive Insurance Figures at VCIA Conference

Vermont's most current captive insurance figures were outlined by Sandy Bigglestone, State of Vermont director of captive insurance, during a "Hot Topics" panel held August 10 at the Vermont Captive Insurance Association (VCIA) 2017 Annual Conference. Vermont's numbers make it the leading captive domicile in the United States.
August 16, 2017 Read More
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Attendees Will Peer into the Future of Insurance at NRRA Conference

Register now for the 2017 National Risk Retention Association Conference, happening September 26–28 in Chicago. At "Business to Business: The NRRA Edge," attendees will find out how to solve today's pressing issues and develop solutions for tomorrow's problems.
August 15, 2017 Read More
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Vermont Agency Captive Insurance Law Details Revealed

Vermont's captive bill (H.85), signed into law May 1, added agency captives to the types of captives that can be formed in the state. An agency captive is a reinsurance company formed/owned by an insurance agency or brokerage to provide reinsurance to its insured clients.
August 15, 2017 Read More
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Captive Insurance Pre-Formation and Feasibility Discussed by Panel

The Vermont Captive Insurance Association 2017 Annual Conference provided attendees with sessions from the basics to the most advanced. "Captives 101: Where the Mission Begins" was a foundational course for those new to captive insurance or those needing a refresher. Among other aspects, the session reviewed captive pre-formation and the captive feasibility processes.
August 14, 2017 Read More
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MSI's Jeremy Colombik To Speak on Captive Benefits at NCCIA Conference

The North Carolina Captive Insurance Association (NCCIA) will host its third annual Captive Insurance Conference on August 21–23. Over 200 captive industry professionals are expected to attend. NCCIA board chairman Jeremy Colombik, of Management Services International, will participate in a panel on maximizing the benefits of captive ownership.
August 11, 2017 Read More
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Anne Marie Towle To Serve on VCIA and ICCIE Boards

Anne Marie Towle, executive vice president and consulting practice leader of JLT Insurance Management, has recently been elected to serve as a director on the Vermont Captive Insurance Association (VCIA) board and on the International Center for Captive Insurance Education (ICCIE) board.
August 11, 2017 Read More
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Vermont "Sticks to" and "Nurtures" Its Captive Insurance Plan

On the morning of Wednesday, August 9, US Representative Peter Welch and Governor Phil Scott addressed Vermont Captive Insurance Conference attendees. While it's a small state, Vermont has a huge captive industry, and it continues to productively amend and modernize its captive laws to remain effective and responsive to competitive pressures.
August 10, 2017 Read More
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Connecticut Licenses First Healthcare Liability Captive Insurer

The Connecticut Insurance Department announced the licensure of the state's first healthcare liability captive insurance company: Keystone Indemnity Company, Ltd. Michael Maglaras & Company advised Masonicare and Keystone on the re-domestication. Masonicare is Connecticut's leading provider of health care and retirement living communities for seniors.
August 10, 2017 Read More
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Strategic Risk Solutions Launches European Operation in Dublin

Strategic Risk Solutions announced the launch of Strategic Risk Solutions Europe, a firm established in Dublin, Ireland, to serve US and European multinational captive insurance owners operating in Europe. The firm will be led by Stuart King.
August 09, 2017 Read More
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Captive Insurance Conference Begins in Vermont

The Vermont Captive Insurance Association (VCIA) Conference has begun, with the theme "Mission: Possible!" This 2 1/2-day event will host 1,100 people from around the world. Networking and education events are scheduled August 8–10 at the Sheraton Burlington Hotel.
August 08, 2017 Read More
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Captives Continue To Outperform Their Commercial Peers

Fred Eslami, senior financial analyst for A.M. Best, has reviewed the most recent "Best's Special Report" on U.S. captive insurers and how they continue to perform when compared with their commercial lines counterparts, mainly due to their loss-control activities and expertise in the coverages that they write.
August 08, 2017 Read More
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Rundown of Texas Law Updates Related to Insurance and Captives

During the 85th legislative session in Texas, a number of bills became law related to insurance and captives. The Texas Captive Insurance Association has produced a summary of these laws, including those coming into effect on September 1, 2017.
August 07, 2017 Read More
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S&P Reports Re/Insurance M&A Activities Off to a "Light Start" in 2017

Recent S&P research reveals that, amid continued soft market conditions, global property and casualty re/insurers find themselves riding the merger and acquisition (M&A) rollercoaster through 2016 and into 2017. Declared M&A transaction values over the last 18 months reached $22 billion, as opposed to $80 billion for 2015.
August 04, 2017 Read More
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Global Insurance Industry Mergers and Acquisitions Down 24% from 2015

Clyde & Co reports that completed insurance industry mergers and acquisitions (M&A) worldwide continued a downward trend, with 170 deals in the first 6 months of 2017, compared to 186 in the preceding period. Activity is now down 24 percent from the first half of 2015, when there were 225 deals.
August 04, 2017 Read More
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Positive Commercial Lines Premiums Continue in July, According to "IVANS"

IVANS, a division of Applied Systems, recently announced the commercial lines premium results for July’s "IVANS Index: Premium Renewal Rate Index." Premium renewal rate change for the majority of commercial lines products remains in positive territory, but workers compensation has dipped below -1.00 percent for the first time this year.
August 03, 2017 Read More
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A.M. Best-Rated Captives and Alternative Risk Profits Are Up Nearly 16%

A.M. Best has released its latest special report on the financial performance of A.M. Best-rated US captives. According to the report, A.M. Best-rated captives and other alternative risk transfer mechanisms posted excellent results in 2016, with pretax profits up by nearly 16 percent year over year.
August 03, 2017 Read More