In a new briefing, A.M. Best reports European cedants have increased reinsurance buying despite slowing demand. This trend is driven by a diverse range of factors, including regulatory demands under Solvency II and the need to support product diversification, including new lines of business.
Randall & Quilter American Holdings Inc. (R&Q) has agreed to acquire Bermuda-based Linco Ltd. (Linco), a wholly owned captive insurer of AmeriPride Services, Inc. and Alsco Inc. The transaction is subject to regulatory approvals, which are anticipated within 30 days.
A new report from the International Association of Insurance Supervisors (IAIS) highlights the potential impact of innovative financial technologies (“FinTech”) on insurance sector competitiveness, consumer choice, interconnectedness, business model viability, and regulatory oversight. The report, titled "FinTech Developments in the Insurance Industry," also examines the challenges and opportunities for insurance supervisors.
The 2017 Captive Insurance Companies Association (CICA) Conference, Defying Disruption, focused on talent management as one key aspect for captives. In his opening remarks, CICA president Dennis Harwick noted that 25 percent of the captive insurance industry workforce will retire in the next 5 years. This certainly set the stage for the keynote address and session topics to focus on the need to attract and retain talent.
In a letter to Treasury Secretary Steven Mnuchin, four insurance industry trade groups reiterated their strong support for the Covered Agreement negotiated by the United States and European Union to resolve prudential insurance and reinsurance matters. They believe the Agreement makes US insurers competitive in the European Union and recognizes the strength of the US insurance regulatory system.
The National Risk Retention Association filed an amicus curiae brief in support of Restoration RRG in its recent court appeal, challenging the Wisconsin Department of Safety and Professional Services for discrimination against risk retention groups.
The Captive Insurance Companies Association (CICA) has elected a new board chairperson and new officers and directors. Sarah Pacini, J.D., chief executive officer, Cooperative of American Physicians, Inc., has been elected chair of the Board of Directors.
The Delaware Captive Insurance Association (DCIA) has released details on its upcoming 2017 Spring Forum, to be held May 8–9, 2017, at Chase Center on the Riverfront in Wilmington, Delaware. The forum will provide an opportunity to meet Delaware's newly elected insurance commissioner, Trinidad Navarro, and other key stakeholders.
Bermuda Premier Michael Dunkley will be a speaker at the RIMS 2017 Annual Conference & Exhibition. Also presenting from Bermuda will be Brad Kading, president and executive director of the Association of Bermuda Insurers and Reinsurers, and Stephen Catlin, executive deputy chairman of XL Catlin.
The International Association of Insurance Supervisors (IAIS) has launched a new consultation package and is seeking public feedback via one more upcoming public background session. The consultation focuses on revised Insurance Core Principles (ICPs), ComFrame-specific material, and a new draft "Application Paper on Group Corporate Governance."
Liability arising from data breach is of growing concern for all businesses. A January 2017 article in "Pratt’s Privacy & Cybersecurity Law Report" discusses basing a motion to dismiss on lack of standing.
A.M. Best has downgraded its outlook for the Connecticut Medical Insurance Company (CMIC) Risk Retention Group from positive to stable to "reflect the group's sub-par results reported over the past several years."
At its 2017 International Conference, the Captive Insurance Companies Association (CICA) honored Karin Landry with the 2017 CICA Distinguished Service Award and Fiat Lux Risk and Insurance Company with the 2017 CICA Outstanding Captive Award.
Bruce Wright of Eversheds Sutherland has been named as the chairman of the American Bar Association’s Captive Insurance Committee.
In its 4th quarter 2016 report, the Bermuda Monetary Authority summarized the statistics for the insurance-linked securities (ILS) market. The total nominal amount of outstanding ILS increased 2.4 percent year-over-year to $26.9 billion.
The Self-Insurance Protection Act has been reintroduced in Congress to reaffirm that medical stop-loss insurance is not health insurance. Supported by the Self-Insurance Institute of America, Inc., the intent is to avoid the application of the Employee Retirement Income Security Act and other federal laws to this coverage, which is used by healthcare self-insurers.
Peter D. Hancock, president and CEO of American International Group (AIG), has announced plans to resign once his successor has been named. The Board of Directors will conduct a comprehensive search for that successor.
In 2016, major US reinsurers experienced a 2.2 percent decrease in net income and an 8.8 percent increase in policyholder surplus, according to the Reinsurance Association of America (RAA).
The Captive Insurance Companies Association (CICA) announced that it has selected Dan Towle as its new president. Mr. Towle, who is currently director of financial services with the Vermont Agency of Commerce & Community Development, will succeed Dennis Harwick, who is retiring in June.
Retiring CICA president Dennis Harwick looks back at captive industry changes as well as regulatory challenges and successes in the March issue of "Captive Insurance Company Reports (CICR)." This brief article reviews all the topics covered in the latest issue and provides a link for "CICR" subscribers to access it.