Industry News

  Pharmaceutical Research-SF

A.M. Best Affirms Credit Ratings of Pfizer Captive Blue Whale Re Ltd.

A.M. Best has affirmed positive financial and credit ratings of Blue Whale Re Ltd. This is the Vermont-domiciled single-parent captive of pharmaceutical giant Pfizer. The company received a positive Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of "a+."
March 29, 2017 Read More
  One Two Three 480x377

The 3 Categories of Risk Retention Groups

A panel discussion on corporate governance of risk retention groups (RRGs) at the 2017 Captive Insurance Companies Association (CICA) Conference provided a useful way to categorize RRGs. RRGs can be divided into one of three categories based on whether there is a sponsor and, if so, the type of sponsor.
March 28, 2017 Read More
  Company Acquisition-SF

R&Q Acquires Captive Insurer of American Fortune 500 Company

Randall & Quilter Investment Holdings Ltd. (R&Q) has acquired ICDC, Ltd. (ICDC), a captive insurer of an American Fortune 500 company. The company, originally domiciled in Bermuda, was redomiciled in Vermont effective June 30, 2015. The company reinsured workers compensation, commercial general liability, business auto liability, business auto physical damage, and property risks.
March 27, 2017 Read More
  Europe 480x377

European Cedants Increase Reinsurance Buying but Demand for Cover Slows

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.
March 24, 2017 Read More
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R&Q Acquires Bermuda Captive Linco

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.
March 24, 2017 Read More
  Global Technology 480x377

IAIS Report Analyzes Impact of FinTech Trends on Insurance Industry

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.
March 23, 2017 Read More
  Young Professionals 480x377

25 Percent of Captive Insurance Workforce To Retire in 5 Years, Says CICA President

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.
March 23, 2017 Read More
  Letter of Support-SF

Insurance Industry Trades Voice Support for Covered Agreement

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.
March 22, 2017 Read More
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NRRA Files Amicus Brief in Restoration RRG Appeal

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.
March 21, 2017 Read More

CICA Elects Sarah Pacini New Board of Directors Chair

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.
March 20, 2017 Read More
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Delaware Captive Insurance Association Plans 2017 Spring Forum

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.
March 20, 2017 Read More
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Bermuda Premier Michael Dunkley To Speak at RIMS 2017

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.
March 17, 2017 Read More
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IAIS Launches New Consultation Package

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."
March 17, 2017 Read More
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Litigation Strategy for Cyber-Security Lawsuits

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.
March 16, 2017 Read More
  Medical Professional-SF

CMIC Risk Retention Group Outlook Revised

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."
March 16, 2017 Read More
  Karin Landry 2017-SF

Karin Landry and Fiat Lux Receive CICA Awards

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.
March 15, 2017 Read More
  P. Bruce Wright 480x377 and "CICR" Contributor Bruce Wright Named ABA Captive Insurance Committee Chair

Bruce Wright of Eversheds Sutherland has been named as the chairman of the American Bar Association’s Captive Insurance Committee.
March 14, 2017 Read More
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Bermuda Monetary Authority (BMA) Issues 4th Quarter Insurance-Linked Securities Report

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.
March 14, 2017 Read More
  Doctor Visit-SF

Bill Introduced To Stipulate Stop-Loss Insurance Is Not Health Insurance

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.
March 13, 2017 Read More
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AIG Announces CEO Transition Plan

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.
March 10, 2017 Read More