Industry News

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US Commercial Insurance Prices Up

A recent commercial lines insurance pricing survey found price changes from first quarter 2017 to first quarter 2018 were in excess of 1 percent for the first time in 11 quarters, breaking the moderating trend in price increases observed since 2013.
June 14, 2018 Read More
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CICA Extends Free Membership To Support Young Insurance Professionals

The Captive Insurance Companies Association (CICA) and the International Center for Captive Insurance Education (ICCIE) will partner on a program to support the career development and educational needs of young captive insurance professionals.
June 14, 2018 Read More
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US Captive Reinsurance Runoff Transaction Announcement

In its first transaction with a California self-insurer, Randall & Quilter (R&Q) recently completed a runoff deal to provide the self-insurer with full finality. In a different captive reinsurance transaction, R&Q issued a reinsurance agreement assuming the legacy liabilities of the Bermuda-domiciled captive of a US corporate airline.
June 13, 2018 Read More
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KBRA Assigns A Rating to Watford, an Arch Partner

Kroll Bond Rating Agency (KBRA) assigned insurance financial strength ratings (IFSR) of A to Watford Holdings. Watford is a total return global re/insurer that combines underwriting medium- to long-tail casualty risks with an investment strategy focused on noninvestment grade credit assets to generate attractive operating returns.
June 12, 2018 Read More
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Bermuda Captive Conference Kicks Off with Record Numbers

A record 845 delegates registered for this week's Bermuda Captive Conference, the island's largest industry event that kicked off its 14th year on June 11 at the Fairmont Southampton.
June 12, 2018 Read More
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TCIA Update on the Fast-Approaching Tennessee Captive Conference

Last week, caught up with the Tennessee Captive Insurance Association (TCIA) to discuss the 8th annual captive conference, happening June 19–20, 2018, at The Westin, Nashville, Tennessee. readers can still register online up until the day of the conference.
June 11, 2018 Read More
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SCOR Issues First Cat Bond under New UK Regime

SCOR is the first reinsurer to use the United Kingdom's new insurance-linked securities regime to issue a new catastrophe bond (cat bond), Atlas Capital UK 2018 PLC, with a multiyear risk transfer capacity of $300 million.
June 08, 2018 Read More
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Dodd-Frank Reform and International Insurance Standards Coordination

On May 24, 2018, President Donald Trump signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act. It includes an important provision designed to encourage federal coordination with US state insurance regulators when federal agencies represent the United States before international insurance standard-setting organizations.
June 08, 2018 Read More
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London ILS Market Off to a Slow Start; Guernsey Believes It Can Help

Guernsey believes that it can work closely with London to help develop its insurance-linked securities (ILS) sector, following findings from a Guernsey roadshow that revealed the ILS business in London has been slow to take off.
June 07, 2018 Read More
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Commercial Lines Market Remains Hard, According to IVANS

IVANS has announced its May "IVANS Index: Premium Renewal Rate Index" results. The outcomes showed that the majority of standard commercial lines products are trending positively.
June 07, 2018 Read More
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Florida Property Reinsurance Renewal Pricing Is Highly Competitive

The latest JLT Re research shows that low single-digit reinsurance rate increases for the June 1, 2018, Florida property-catastrophe renewal have not met early market expectations.
June 05, 2018 Read More
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Bermuda Captive Hall of Fame Will Induct 11 New Companies

This year, Bermuda will add 11 captive insurance companies to its Captive Hall of Fame. The Hall of Fame was created by the industry in 2016 to highlight captive entities with a quarter-century commitment to the Bermuda market. More than 200 Bermuda-based companies now share the honor.
June 05, 2018 Read More
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Lloyd's Brussels To Commence Writing Business January 2019

Lloyd's recently received license approval from the National Bank of Belgium for Lloyd's Insurance Company S.A. (Lloyd's Brussels). This now means that Lloyd's Brussels will be able to write non-life risks from the European Economic Area, ensuring Lloyd's customers continued access to the market's specialist underwriting in time for Brexit.
June 01, 2018 Read More
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June "CICR" Looks at Blockchain Concepts and Their Impact on Captives

Don't miss the June issue of "Captive Insurance Company Reports (CICR)," where John Thomson discusses blockchain concepts and their potential impact on captive insurers in "Blockchain: Accessing Its Value."
May 31, 2018 Read More

Hurricane Modeling Shows Considerably Wetter Future

Scientists from the National Center for Atmospheric Research have published a detailed analysis of how 22 recent hurricanes would change if they instead formed near the end of this century in a future, warmer climate. One consistent feature across storms was that they all produced more rain.
May 30, 2018 Read More
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Incumbents versus Innovators: Insurtech Hybrid Investment Models Emerge

In its latest "Quarterly InsurTech Briefing," Willis Towers Watson reported that 66 insurtech investment deals in Q1 2018 marked a new high, as transaction sizes continued to increase and the line between insurtech funding by incumbent re/insurers and traditional venture capital was blurred by newer "hybrid" investment funds.
May 29, 2018 Read More
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Congress Wraps Up Increased International Insurance Transparency

Last week, the US House of Representatives passed S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. S. 2155 contains a provision to increase transparency at global insurance standard-setting regulatory forums and on any international insurance agreements.
May 29, 2018 Read More
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WTW Survey: Most Insurers Uncertain on Key Solvency II Requirements

A Willis Towers Watson (WTW) survey has revealed the extent to which significant uncertainty remains in the insurance industry concerning the approach to key Solvency II requirements since the regulation came into force on January 1, 2016.
May 25, 2018 Read More
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A.M. Best Examines GDPR Issues for European Insurers at Implementation

Operational and legal complexities, as well as preparing for the tight reporting window for breach notification, are the main challenges that re/insurers have met on their path toward complying with the implementation of the EU's General Data Protection Regulation (GDPR) on May 25, 2018.
May 25, 2018 Read More
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Atlantic Hurricane Outlook: 2018 Forecast Significantly Lower

According to The Weather Company's second seasonal tropical forecast for the North Atlantic basin for the 2018 season, a total of 12 named storms, 5 hurricanes, and 2 major hurricanes are expected. These forecasted numbers are lower than those issued a month ago and significantly lower than last year's numbers.
May 24, 2018 Read More