Insurance brokerage firm Risk Strategies has acquired Oxford Risk Management Group (Oxford), an alternative risk and captive insurance and consultant. Oxford conducts captive feasibility analysis and also coordinates and manages turnkey captive insurance company arrangements, both domestically and internationally.
The Federal Emergency Management Agency (FEMA) will launch a cat bond to transfer risk from the National Flood Insurance Program (NFIP) to the capital markets through FloodSmart Re, Ltd., a Bermuda-domiciled special purpose vehicle.
Swiss Re's latest sigma report reveals that emerging markets continue to be a key driver of global premium growth, particularly in the life sector, as China remained among the world's fastest growing insurance markets. Swiss Re expects global non-life premiums to rise, led by the US, where the economy is strengthening.
The UK government's Brexit white paper further defines the United Kingdom's position surrounding its exit from the European Union. Regarding financial services, the white paper confirms that the United Kingdom will leave the EU Single Market, will no longer operate under the European Union's "passporting" regime, and will not adopt an equivalence regime.
The International Center for Captive Insurance Education (ICCIE) is partnering with the Captive Insurance Companies Association (CICA) on a new career development program and has updated its continuing education (CE) guidelines for Associate in Captive Insurance designation graduates. ICCIE has also announced 17 new captive insurance designees.
Kroll Bond Rating Agency (KBRA) released a research report as two of the leading hurricane forecasters reduced their outlooks for the 2018 Atlantic hurricane season. The revised forecast from Colorado State University called for below average activity. AccuWeather also reduced its forecast, remaining more in line with historical averages.
The US House of Representatives passed the International Insurance Standards Act of 2018 (H.R. 4537) on July 10, 2018. The legislation is intended to preserve the US state-based system of insurance regulation while giving Congress greater oversight of and transparency in international insurance standard-setting negotiations.
IVANS has announced its second quarter 2018 "IVANS Index: Premium Renewal Rate Index" results. The outcomes showed a general uptick in premium renewal rate change across the commercial lines of business compared to first quarter 2018.
Kroll Bond Rating Agency (KBRA) recently released an update to its research report on the Affordable Care Act (ACA) outlining the continuing collapse of the healthcare Consumer Operated and Oriented Plan programs that were created and funded as part of the ACA. The latest report is titled "No Relief in Sight for Affordable Care Act Insureds."
The European Commission appointed 52 experts to the new High-Level Group on Artificial Intelligence. The group includes representatives of academia, business, and civil society that will support the implementation of the European Commission's communication on "Artificial Intelligence for Europe" that was published in April 2018.
In the second quarter of 2018, the global mergers and acquisitions (M&A) market recorded its worst performance since the launch of the Quarterly Deal Performance Monitor by Willis Towers Watson in 2008. So far, the overall M&A volume remains on track to beat the post-crisis high of 2015.
The Microinsurance Catastrophe Risk Organization, a reinsurance company incorporated in Barbados, has launched Produce Seguro in El Salvador, an index-based insurance product that protects low-income families against natural disasters.
Demotech has released its "Analysis of Risk Retention Groups—First Quarter 2018," reporting on the overall financial performance of risk retention groups (RRGs). Demotech's senior financial analyst, Douglas Powell, has concluded, "Despite political and economic uncertainty, RRGs remain financially stable and continue to provide specialized coverage to their insureds."
For the first time in its 330-year history, Lloyd's of London is opening its doors to the global tech start-up and entrepreneur community, giving unparalleled access to the world's largest market for specialist insurance and reinsurance in support of its digital evolution.
In the face of record-setting natural catastrophes and an ever-evolving risk environment, the average total cost of risk trended lower for the fourth year in a row, according to the newly released "2018 RIMS Benchmark Survey."
The Federation of European Risk Management Associations (FERMA) has launched the first European program of continuous professional development for risk management as part of its rimap professional certification.
Market modernization, underwriting systems upgrades, and Brexit preparations are the top three 2018 priorities of Lloyd's market chief operating officers, a survey commissioned by the Lloyd's Market Association reveals.
The July issue of "Captive Insurance Company Reports (CICR)" provides an insider's perspective from Steven Beeghly, Esq., of Seattle-based Kreger Beeghly, PLLC on the recent cease and desist order issued by the Washington State insurance commissioner against Microsoft to stop using one of its captive insurance companies.
The International Underwriting Association of London (IUA) has published the Brexit Contract Continuation Clause to assist companies in managing insurance contracts as the United Kingdom leaves the European Union.
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