Industry News

RIMS, the risk management society™, has selected nine universities to compete in Boston for the 2019 Spencer-RIMS Risk Management Challenge top honor.

The latest Reinsurance Association of America (RAA) survey reveals that a group of 17 US property-casualty reinsurers wrote $59.3 billion of net premiums during the 12 months ended December 31, 2018, compared to $45.3 billion for the same period in 2017.

Bermuda-based Hamilton Insurance Group, Ltd. (Hamilton), is set to acquire Liberty Mutual Group's Pembroke Managing Agency Limited at Lloyd's and its Dublin-based Ironshore Europe DAC business.

The European Union has updated its list of noncooperative tax jurisdictions. The so-called blacklist document identifies 15 countries for failing to meet agreed good tax governance standards. This year's list includes Bermuda, the world's largest captive domicile.

In a recent Wall Street Journal article by Melissa Korn, titled "After Nassar Scandal, Michigan State Lacks Broad Sexual-Misconduct Insurance," it was reported that Michigan State University has turned to a captive insurance solution after finding itself without direct liability insurance for sexual-misconduct claims following the Larry Nassar sex-abuse scandal.

This year's Captive Insurance Companies Association (CICA) International Conference, "Captives: Shaping the Future," is now underway from March 10–12 at the JW Marriott Starr Pass Resort & Spa in Tucson. Some of the captive industry's best minds converge with CICA to examine captive solutions and strategies found in the opportunity-rich captive industry.

Clyde & Co reported that completed insurance industry mergers and acquisitions (M&A) worldwide remained robust in 2018 with a slowdown in dealmaking during the fourth quarter.

According to the latest "sigma" report from Swiss Re, emerging markets will remain the growth engine for the global economy and insurance industry over the next decade.

IVANS has announced the "IVANS Index: Premium Renewal Rate Index" February results. Year over year, February results showed an increase in premium renewal rate change across all major commercial lines of business except workers compensation.

A day after Aon PLC said it was considering buying rival Willis Towers Watson PLC, Aon disclosed Wednesday that it is dropping the plan, which would have resulted in the creation of the world's largest captive insurance company manager.

The Bermuda Insurance Exchange, a blockchain risk and capital exchange for the insurance and reinsurance market, will be launched later this year.

The National Association of Insurance Commissioners (NAIC) recently released data on property-casualty insurers. The data include market share information indicating the degree of market concentration in lines of business and identify leading insurance writers. The 2018 market share data include countrywide direct written premium for the top 25 insurers.

Despite the expectation that reinsurers would adjust their pricing amid the segment's depressed performance and following the nearly $200 billion in losses for the prior 18 months, reinsurance renewal rates were mostly flat, with some exceptions.

Fitch Ratings said that its Brexit-driven rating watch negative on the United Kingdom does not imply an immediate threat to UK insurance company ratings.

Insurance Australia Group has sponsored the first catastrophe bond issued out of Singapore by Orchard ILS Pte. Ltd.

Don't miss the March issue of "Captive Insurance Company Reports" ("CICR"), which looks at best practices for "pooling arrangements."

Britain's state-backed terrorism reinsurer, Pool Re, recently placed a 3-year £75 million catastrophe bond that was issued through a special-purpose vehicle, Baltic PCC Ltd.

According to the latest report from Marsh, titled "Political Risk Map 2019," rising geopolitical tensions and protectionist sentiments, coupled with ongoing trade disputes, are leading to increased uncertainty and risk for multinationals with direct foreign investments.

Marsh's fourth quarter 2018 "Global Insurance Market Index" revealed that commercial insurance pricing increased for the fifth consecutive quarter in the fourth quarter of 2018. Read about the report's key findings.

In a recent report provided by Aon, titled "Supporting The Energy Industry Through Captive Insurance Programs," the organization said that captive insurance is an important component of energy companies' risk management strategies.