Industry News

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The US 2017 Billion-Dollar Weather and Climate Disasters Count Hits 15

Since June 2017, six weather and climate events impacted the United States with costs exceeding $1 billion. The events included Western wildfires, Northern Plains drought, severe weather in the Midwest, and Hurricanes Harvey, Irma, and Maria. This brings the year-to-date total to 15 separate billion-dollar weather and climate disasters.
October 13, 2017 Read More
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Swiss Re sigma Study: Deep Changes, New Risks, and New Opportunities

The Swiss Re sigma study "Commercial insurance: innovating to expand the scope of insurability" reveals that product development and innovation around data and data analytics have expanded the scope of insurance solutions to a wider range of threats and perils and made risk transfer more efficient.
October 12, 2017 Read More
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IVANS September: Workers Compensation Renewal Rate Dips Again in the Third Quarter

IVANS has announced third-quarter results in the "IVANS Index: Premium Renewal Rate Index." Third quarter results showed that the variable premium renewal rate change is average across business owner's policy, commercial property, and workers compensation compared to second quarter. Workers compensation remains the only line of business experiencing a negative premium renewal rate change.
October 10, 2017 Read More
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IRMI Expands Free Information Resources To Include Hurricane Maria

International Risk Management Institute, Inc. (IRMI), has opened several resources to the public at no charge to help victims and insurance professionals navigate the insurance process after the devastation of Hurricanes Harvey, Irma, and Maria.
October 06, 2017 Read More
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RMS Caps Insured Losses from Puebla Earthquake at $1.2 Billion

Catastrophe risk modeling organization Risk Management Solutions (RMS) has provided its initial loss estimates following the Puebla earthquake in Central Mexico on September 19, 2017. RMS said that economic shake losses will be between $4 billion and $8 billion, but it expects that insured losses will not exceed $1.2 billion.
October 05, 2017 Read More
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Charter Communications Moves Entire Captive Operations to Connecticut

Stamford-based Charter Communications, the nation's second-largest cable company, recently expanded its business footprint in Connecticut by basing its entire captive insurance operations in the state. Its captive, Spectrum Communications Indemnity, Inc., is the largest of 15 captives licensed in Connecticut.
October 05, 2017 Read More
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Coverys Syndicate 1975 To Provide Re/Insurance Capacity

Coverys, a leading provider of medical professional liability insurance, has announced that the Lloyd's Franchise Board has granted "in principle" approval for Coverys to establish Coverys Syndicate 1975. The syndicate will provide insurance and reinsurance capacity to healthcare and provider organizations, captive insurers, and risk retention groups.
October 04, 2017 Read More
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PCI Praises Bipartisan Duffy-Heck FIO Reform Bill

The Property Casualty Insurers Association of America (PCI) says the recently introduced bipartisan Duffy-Heck Federal Insurance Office (FIO) Reform Act refocuses the office on international matters, "where it can play an appropriate role in coordinating with the states to develop consensus on US international insurance policy."
October 03, 2017 Read More
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KBRA Embarks on European Expansion with New Dublin Office

Following exponential US growth over the past few years, Kroll Bond Rating Agency (KBRA) has expanded into Europe with the opening of a Dublin office. KBRA is a full-service credit rating agency that was established in 2010 to restore trust in credit ratings after the financial crisis.
October 03, 2017 Read More
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AIG's SIFI Designation Rescinded by the FSOC

David A. Sampson, president and CEO of the Property Casualty Insurers Association of America, recently responded to the Financial Stability Oversight Council (FSOC) decision to de-designate American International Group, Inc. (AIG), as a nonbank systemically important financial institution (SIFI).
October 02, 2017 Read More
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CICA Mentorship Program Set To Develop Future Captive Leaders

The Captive Insurance Companies Association (CICA) recently announced the launch of its new Mentorship Program. The CICA Mentorship Program will provide opportunities for professionals from all levels of experience to build their career skills and be a part of an energetic movement to develop future captive industry professionals.
September 29, 2017 Read More
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Fitch: Hurricane Maria Will Be a Capital Event for Some Re/Insurers

Following the devastation caused by Hurricane Maria, catastrophe losses for the global insurance and reinsurance sectors will exceed $100 billion and could reach close to $190 billion, according to Fitch Ratings. Losses on this scale could weaken capital at some re/insurers and increase the risk of rating downgrades.
September 29, 2017 Read More
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United States, European Union Sign Bilateral Re/Insurance Agreement

The United States and European Union recently signed the bilateral US-EU agreement on prudential insurance and reinsurance measures. The agreement conveys benefits to US and EU insurers and reinsurers operating across the Atlantic by offering them enhanced regulatory certainty while maintaining robust consumer protections.
September 28, 2017 Read More
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A Message from MSI's Puerto Rico Headquarters

Management Services International (MSI), headquartered in Puerto Rico, reports that its team and staff on the island are safe after Hurricane Maria. While the storm has devastated Puerto Rico, leaving MSI's office in San Juan with limited e-mail and phone service, the office remains open for business.
September 28, 2017 Read More
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Bermuda Update: How Is Globalization Affecting Insurance?

At this year's Bermuda Captive Conference, panelists Todd Cunningham of Zurich North America, Steve Horton of Iron-Starr Excess Agency, and Giles Harlow of Aon Bermuda spoke on a variety of issues, including providing their insights on the topic of globalization.
September 27, 2017 Read More
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Demotech Releases Second Quarter 2017 Financial Analysis of RRGs

Demotech has released its second quarter 2017 "Analysis of Risk Retention Groups," which reports on the overall financial performance of risk retention groups (RRGs). The rating company's senior financial analyst, Douglas Powell, has concluded that "RRGs remain financially stable despite underwriting losses."
September 26, 2017 Read More

ICCIE Updates: CICA Continues as Leading Financial Supporter

Autumn opens with abundant updates from the International Center for Captive Insurance Education (ICCIE). ICCIE shares that it has received financial support from the Captive Insurance Companies Association and also reveals recent recipients of the Associate in Captive Insurance and Certificate in Captive Insurance designations.
September 26, 2017 Read More
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Captive Insurance Use Around Catastrophe Losses

The recent spate of natural disasters has focused a spotlight on catastrophic losses. "Captive insurance," says JLT Insurance Management's (JLIT's) Anne Marie Towle, "can play an important role in helping organizations defray some of the related financial losses."
September 25, 2017 Read More
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Hurricane Irma CCRIF Parametric Insurance Payments Total $31.2 Million

Due to Hurricane Irma, CCRIF SPC has made payouts totaling $31.2 million to 6 countries for the 2017 Atlantic hurricane season. Since its inception in 2007, CCRIF SPC has made payouts of a little more than $100 million to 12 of its 17 member countries.
September 22, 2017 Read More
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Alabama Captive Association Conference Is "of High Quality"

Alabama has experienced tremendous growth in the captive insurance industry since 2016 when new legislation made it easier and more attractive to businesses looking to create a captive in the state. The Alabama Captive Association's 4th Annual Conference recently brought together professionals from all facets of the captive industry.
September 22, 2017 Read More