Industry News

  Word COVID-19 on Building Blocks Atop Money

Coalition Urges Support of COVID-19 Business Recovery Fund

The Reinsurance Association of America along with a coalition including other insurance industry trade groups and business organizations sent a letter to federal government leaders urging them to support the COVID-19 Business and Employee Continuity and Recovery Fund, a solution to support businesses and employees hurt by the COVID-19 pandemic.
April 01, 2020 Read More
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Powerful New Search Engine Makes You the Expert

Our site is now mobile friendly and has a powerful, new, state-of-the-art search engine with cool features that can make you the hero for your clients and colleagues.
April 01, 2020 Read More
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Captive Insurers Are Filling COVID-19 Business Interruption Gaps

Many healthcare facilities addressing the COVID-19 pandemic are suffering significant daily loss of revenue. Their property insurance policies frequently contain limitations on business interruption coverage. Property policies written for healthcare institutions frequently contain broad limitations on business interruption coverage caused by the cascading effect of dealing with the coronavirus.
March 31, 2020 Read More
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As Business Losses Mount, Pandemic Backstop Discussions Grow

Many businesses have been ordered shut to try to contain the outbreak, while shelter-in-place orders and social distancing are dramatically reducing business for those that are open. Coverage issues around business interruption losses related to COVID-19 have prompted discussions of creating a federal pandemic backstop.
March 30, 2020 Read More
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Bermuda Captive Conference Rescheduled to September Due to COVID-19

The Bermuda Captive Conference (BCC) has been rescheduled due to the COVID-19 pandemic. The Bermuda Captive Conference committee said it decided to reschedule the June event to new dates of September 9–11 due to the global impact of the COVID-19 outbreak.
March 30, 2020 Read More
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April "CICR" Looks at COVID-19 and Captives

Don't miss the April issue of "Captive Insurance Company Reports" ("CICR"), in which John Thomson, editor, expresses his concerns and comments on COVID-19 and the risk management implications, including a role for captives.
March 27, 2020 Read More
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Airmic Cancels Annual Conference Due to Coronavirus Pandemic

London-based Airmic has joined the ranks of industry organizations canceling their annual conferences due to the novel coronavirus pandemic. Airmic's conference had been scheduled for June in Edinburgh. Airmic said it came to the decision after working through the association's risk management process and considering different scenarios.
March 26, 2020 Read More
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Mexico City Captive Insurance Forum Rescheduled for September

A captive insurance educational forum in Mexico that was postponed because of the COVID-19 outbreak has been rescheduled. The forum, to which the state of Vermont and the Vermont Captive Insurance Association planned to send a delegation of captive experts, will now be held September 22.
March 26, 2020 Read More
  The top half of a clock with the word reschedule written on it

North Carolina Captive Group Reschedules Conference Due to COVID-19

The North Carolina Captive Insurance Association has rescheduled its 2020 Annual Conference to August 30 through September 2, 2020, due to the COVID-19 outbreak. The conference venue remains the Washington Duke Inn in Durham, North Carolina. The conference was originally scheduled for May 13–15.
March 24, 2020 Read More
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COVID-19 Forces DC Captive Council To Cancel Annual Conference

The Captive Insurance Council of the District of Columbia, Inc. (CIC-DC), has canceled its annual conference due to the COVID-19 virus. The event was scheduled for May 5–6 in Washington, DC. CIC-DC announced on March 23 that it intends to reschedule the conference later this year.
March 24, 2020 Read More
  The Word Postponed Rubber Stamped in Blue

COVID-19 Forces Postponement of Texas Captive Group's Conference

The Texas Captive Insurance Association (TxCIA) has postponed its annual conference due to uncertainty created by the COVID-19 pandemic and Centers for Disease Control and Prevention (CDC) guidance regarding large gatherings. The TxCIA said it is currently targeting a September-October time frame for the rescheduled event.
March 23, 2020 Read More
  Red "Canceled" stamp

WRCIC Cancels Annual Gathering Due to COVID-19

The board of the Western Region Captive Insurance Conference (WRCIC) has canceled this year's conference due to COVID-19. The WRCIC board said it has been monitoring and assessing the travel and health issues associated with COVID-19 and decided it was necessary to cancel the event.
March 20, 2020 Read More
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A.M. Best Developing COVID-19 Stress Test for Rated Insurers

A.M. Best announced that it's developing stress testing that it will conduct on all its rated insurance companies' balance sheets to gauge the impact of the COVID-19 outbreak on risk-adjusted capital levels, investment portfolios, reserve adequacy, and other aspects of risk borne by rated companies.
March 19, 2020 Read More
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COVID-19's Possible Impacts on Captive Insurers Are Varied

Captive insurance companies will no doubt feel the impacts of the novel coronavirus pandemic and the COVID-19 disease it causes, both in the near term and possibly in the future as captive owners look to close holes the outbreak is revealing in insurance programs.
March 18, 2020 Read More
  Businesswoman pointing to images of globes and location markers with the word cancel written on the right

COVID-19 Forces Cancellation of Annual RIMS Conference

The Risk and Insurance Management Society (RIMS) has canceled its 2020 Annual Conference & Exhibition due to COVID-19. The event was scheduled for May 3–6 in Denver. RIMS noted that it's the first time in the organization's 70-year history that it has been forced to cancel its annual conference.
March 17, 2020 Read More
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SRS Closing Offices, Moving Meetings Online Due to COVID-19

In yet another impact of the COVID-19 outbreak on the captive insurance industry, captive manager Strategic Risk Solutions (SRS) disclosed Monday that it will close all offices, except for essential staff. The Boston-based captive manager will move all meetings from in person to online and will suspend all business-related travel.
March 17, 2020 Read More
  Red "Canceled" stamp

SIIA Latest Industry Group To Cancel Event over COVID-19

Another industry gathering has been canceled due to COVID-19 with the Self-Insurance Institute of America, Inc. (SIIA), announcing it had canceled this week's Self-Insured Health Plan Executive Forum. SIIA said fast-moving developments around the spread of COVID-19 forced the association's board to cancel the gathering.
March 16, 2020 Read More
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Lance Abbott Elected Chair of CICA's Board

Lance Abbott, president of BevCap Management, LLC, has been elected chair of the board of directors of the Captive Insurance Companies Association (CICA). CICA's board also elected Robert "Skip" Myers as vice chair and Renea Louie as secretary/treasurer.
March 13, 2020 Read More
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COVID-19 Prompts NAIC To Adopt Virtual Format for Spring Meeting

The National Association of Insurance Commissioners (NAIC) has canceled its in-person spring national meeting and instead will hold the meeting in a virtual-only format due to COVID-19. The NAIC said a revised schedule with dates, times, and call-in numbers will be available next week at the organization’s website,
March 13, 2020 Read More
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Premiums Across Most Lines Continue Their Upward Trend in February

Year over year, nearly all lines of insurance business experienced an increase in average premium renewal rate in February, according to the February results of the "IVANS Index." The lone exception to the premium increase trend, according to IVANS, was workers compensation, which continued its negative trend.
March 12, 2020 Read More