Industry News

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In Observance of Memorial Day wants to take this opportunity with Memorial Day approaching to remember our fallen heroes who died while serving in the United States armed forces.
May 26, 2017 Read More
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XL Catlin Names Steven Bauman To Lead Captive Practice—North America

XL Catlin is expanding its global insurance programs and captive business with the appointment of Steven Bauman as head of global programs and captive practice in North America. Mr. Bauman joins XL Catlin from Zurich Insurance Group where he most recently served as head of captive services.
May 26, 2017 Read More
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Latest Data Suggests 2017 Tropical Storm Season Will Be More Active than Originally Thought

The Weather Company has updated its 2017 tropical forecast for the North Atlantic basin. It now expects a total of 14 named storms, 7 hurricanes, and 3 major hurricanes. These are increases in all three major categories of storms.
May 25, 2017 Read More
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Texas Senate Improves the Captive Law, Passing HB No. 1944

House Bill (HB) 1944 passed its second and third reading in the Texas Senate and has been sent to Governor Greg Abbott to sign. At that time, it will become part of the Texas captive statute. HB 1944 makes a number of improvements in the statute.
May 25, 2017 Read More
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Emerging Leaders Summit for Insurance Professionals Planned for August

International Risk Management Institute, Inc. (IRMI), and Young Risk Professionals (YRP) have announced plans to hold an Emerging Leaders Summit in Dallas, Texas, on August 28, 2017. This 1-day event will feature interactive sessions focused on issues important to young risk management and insurance professionals.
May 24, 2017 Read More
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Ransomware Attacks Quadrupled in 2016 and Are Expected To Double in 2017

The "Beazley Breach Insights—January 2017" report found that ransomware attacks quadrupled in 2016 and projects they will double in 2017. The analysis is based on data from 1,943 data breaches on behalf of Beazley’s clients in 2016, compared to 1,247 breaches in 2015, and highlights several insightful trends.
May 23, 2017 Read More
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A.M. Best Affirms Credit Ratings of Cayman Captive Palms Insurance Co.

Palms Insurance Company, Limited—a Cayman Islands domiciled captive—received positive ratings. A.M. Best has affirmed a Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a.”
May 23, 2017 Read More
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Bloomberg and BDA: Bermuda Plays a Special Role in Global Economy

Michael Bloomberg, three-term former New York City mayor and founder of Bloomberg LP, commented on Bermuda's special role in the global economy at an invitation-only forum cohosted by the Bermuda Business Development Agency last week at Bloomberg headquarters and titled "The Future of International Business Deals: How To Position for Long-Term Growth."
May 22, 2017 Read More
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Puerto Rico International Insurance Center Not Affected by Government Debt Restructuring

In a statement issued recently, the Puerto Rico International Insurers Association reassured the insurance and financial sectors there will be no change to the tax, regulatory, or other legal status of any licensed insurer as a result of Puerto Rico's Title III bankruptcy filing.
May 19, 2017 Read More
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RIMS Backs Treasury Department's US-EU Covered Agreement on Reinsurance

RIMS President Nowell Seaman sent an official letter to the secretary of the US Department of the Treasury, Steven T. Mnuchin, expressing the Society's support for the recently proposed US-European Union (EU) Covered Agreement. The bilateral agreement is designed to improve the access and management of reinsurance between the United States and Europe.
May 19, 2017 Read More
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Reinsurance Pricing Won't Turn This Year, Says Fitch Ratings

The soft pricing in the global reinsurance market will continue for at least the rest of 2017, Fitch Ratings says. Fitch expects premium rates to continue declining, due to large volumes of under-deployed capital and sluggish demand from reinsurance buyers following several years of below-average catastrophe claims.
May 18, 2017 Read More
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Inaugural Asian Captive Conference To Be Hosted by Labuan IBFC and LIIA

Labuan International Business and Financial Centre (Labuan IBFC) and Labuan International Insurance Association (LIIA) have teamed up to host the inaugural Asian Captive Conference (ACC) 2017 in Sasana Kijang, Kuala Lumpur, August 16–17, 2017. This first-ever event may prove a watershed moment for the nascent Asian captive market.
May 18, 2017 Read More
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Closer Ties Initiated between Hamilton Insurance Group and AIG

In tandem with Brian Duperreault's departure from Hamilton Insurance Group to join American International Group (AIG), AIG, Hamilton, and Two Sigma Insurance Quantified announced they have entered into a memorandum of understanding designed to expand their existing partnership with a view to the data-driven underwriting evolution.
May 17, 2017 Read More
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4 Recommendations for Visionary Boards

Strong leadership and a healthy culture may be the ultimate defining qualities of a successful company today. A recent survey by WomenCorporateDirectors foundation and executive compensation consultancy Pearl Meyer provides insight on how boards of directors can advance their organization’s business strategy by cultivating the right leadership strategy, talent development, and corporate culture.
May 16, 2017 Read More
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"CICR" Interviews Divers Alert Network

The June issue of "Captive Insurance Company Reports (CICR)" begins with an interview of William Ziefle of Divers Alert Network about its use of alternative risk financing.
May 16, 2017 Read More
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AIG Names Brian Duperreault President and CEO

American International Group, Inc. (AIG), has appointed Brian Duperreault as president, CEO, and director, effective May 14, 2017. Peter D. Hancock has stepped down after heading the company for the past 7 years.
May 15, 2017 Read More
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Reinsurance Association of America Elects 2017–2018 Officers

Kean Driscoll, CEO of Validus Re, has been elected chair of the Reinsurance Association of America's Board of Directors. Steve Levy, president of the Reinsurance Division of Munich Reinsurance America, was elected vice chair, and John Welch, chief executive of North America Reinsurance at XL Catlin, was elected secretary-treasurer.
May 12, 2017 Read More
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Bermuda Business Development Agency and Bloomberg To Host Media Event

The Bermuda Business Development Agency will cohost a special live media event at Bloomberg headquarters in New York City on Wednesday, May 17, 2017, convening senior US business leaders for in-depth panel discussions on issues important to the Bermuda market.
May 12, 2017 Read More
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New Law Further Improves Montana Captive Insurance Regulations

Montana captive insurance regulations get a boost as Governor Steve Bullock signs into law Senate Bill 245. Among the positive changes enacted by the new bill includes removing the requirement that a reciprocal insurer have 25 or more persons domiciled in Montana.
May 11, 2017 Read More
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Systemic Cyber Attacks Likely in 2017, According to AIG Cyber Risk Study

According to a cyber risk study by American International Group, Inc. (AIG), systemic cyber attacks are likely to occur in 2017. The study goes on to outline specific industries that may be particularly vulnerable to these types of attacks, as well as worst-case scenario analyses.
May 11, 2017 Read More