Industry News

Mary McMorrow has joined Strategic Risk Solutions Europe (SRS Europe) to head the firm's new governance practice in developing and delivering governance services to European captive insurers as well as commercial insurance companies.

In its latest expansion push, Houston-based Capstone Associated Services, Ltd. said it is interested in acquiring the US captive management portfolios of other captive insurance management firms. Read on to learn more!

A new RIMS report, titled "Top Six Legal Developments of 2018," highlights the most significant legal decisions of 2018 and explores their relevance to the risk management community.

Strategic Risk Solutions Europe (SRS Europe) will acquire a majority share of Malta-domiciled Ark Insurance Management PCC Limited (Ark) as the firm accelerates its expansion into the European market.

The Marsh and Jardine Lloyd Thompson Group plc (JLT) specialty teams will combine to form Marsh-JLT Specialty as a new specialty business within Marsh. The combination will be effective once the transaction closes between Marsh's parent company, Marsh & McLennan Companies, and JLT.

A recent A.M. Best report describes the main rating considerations the rating agency uses for captives with European parent groups. The report shows that A.M. Best European captive ratings have been stable through the past year, with most of the ratings affirmed and their stable outlooks maintained.

A recent economic impact study provided by PricewaterhouseCoopers (PwC) findings show that the Bermuda Business Development Agency (BDA) had a direct economic impact on the island's economy of $26.3 million in 2017.

Willis Towers Watson (WTW) recently released a report, titled "Insurance Marketplace Realities 2019," as guidance for North American insurance buyers preparing for upcoming insurance program renewals. Findings from the report show that commercial insurance buyers are facing upward pricing pressure across most lines of business in 2019.

Hugh Rosenbaum and his panel of timeline advisers recently deliberated and agreed upon some new entries for Captive.com's "History of Captives" timeline. Check out the updates today!

IVANS has announced the "IVANS Index: Premium Renewal Rate Index" October results. The results showed a continued increase in premium across nearly all major commercial lines except workers compensation.

An Appleby report for the first half of 2018 found much of the world has seen a fallback in the volume of offshore merger and acquisition (M&A) deals. Yet, according to the law firm, value is up "firmly" and organizations are benefiting from a "resurgent world economy."

Willis Re's third quarter insurance-linked securities (ILS) update reveals, "a record-high $1.6 billion of nonlife ILS capacity was issued in Q3, 2018…. The total exceeds the former Q3 record of $1.4 billion achieved in 2013 and is well ahead of the 5-year average of $800 million."

Willis Re released a new damage survey report detailing the various damage patterns that it observed in the organization's field reconnaissance efforts following Hurricane Michael. The hurricane was 2018's 11th named storm and made landfall on the Florida Panhandle as a Category 4 hurricane on October 10.

The joint venture SOBC DARAG has completed its first acquisition: Florida-based Peachtree Casualty Insurance Company (Peachtree). SOBC DARAG was formed in Delaware to support DARAG's expansion into the US and Bermuda/Caribbean runoff markets. The joint venture and Peachtree acquisition were both announced in mid-August.

The latest release of "Risk Financing" features updates to the risk quantification factors in its famed "Appendix F," including updates to the workers compensation loss development factors, benefit level adjustments, and the consumer price index.

Don't miss the November issue of "Captive Insurance Company Reports" ("CICR"), where you'll get answers to all of your questions about navigating tax reform in the captive insurance industry in an in-depth article from Daniel J. Kusaila, certified public accountant and tax partner at Crowe Horwath LLP.

According to new data released by Beazley, reported cases of ransomware attacks and the value of ransom demands in the most sophisticated type of breaches have spiked in the third quarter of 2018.

Randall & Quilter Investment Holdings Ltd. (R&Q) has issued a facultative reinsurance certificate to a large US property-casualty insurer. The collateralized reinsurance policy was written from a cell within R&Q's wholly owned subsidiary, R&Q Quest Insurance Limited.

In "A World at Risk: Closing the Insurance Gap," the latest research from Lloyd's, the organization found $163 billion of assets are underinsured in the world today, leaving an exposure gap that poses a significant threat to livelihoods and global prosperity.

In a report, Kroll Bond Rating Agency (KBRA) said Bermuda's role as both a seasoned reinsurance provider and a solution incubator for the global (re)insurance industry continues, and KBRA believes Bermuda's role is perhaps even more relevant now than ever before.