Industry News

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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
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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
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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
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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
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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
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SRS Announces Barbados Succession Plans

Strategic Risk Solutions (SRS) has announced that Kirk Cyrus will succeed Chris Evans as head of its Barbados operations. Mr. Evans will become chairman of the Barbados operations and will move into more of an advisory role to the company and its clients.
March 11, 2020 Read More
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Coronavirus Likely To Hit US Health, Medical Stop-Loss Insurers

A.M. Best said it expects US health insurers to experience an increase in medical claims due to the spread of the coronavirus. The coronavirus also could have an impact on medical stop-loss insurers through high-dollar claims and high claims in the aggregate, A.M. Best said.
March 10, 2020 Read More
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Hardening Insurance Market Sets the Stage for Captive Insurance Growth

A hardening traditional insurance market has the captive insurance market poised for growth in 2020. Speaking in a Strategic Risk Solutions (SRS) Web seminar, Brady Young, president of SRS, said captive insurance companies are showing their value in the current market environment.
March 09, 2020 Read More
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Risk Strategies Acquires Atlas Insurance Management

Risk Strategies, a major brokerage and risk management company, has acquired Atlas Insurance Management, a large and well-known captive insurance manager. With the acquisition of Atlas, Risk Strategies says it will be involved with more than 1,000 captive insurance programs.
March 09, 2020 Read More
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CICA Cancels Annual Conference over COVID-19 Concerns

The Captive Insurance Companies Association (CICA) announced the organization is canceling its 2020 International Conference scheduled for March 8–10 at the Westin Mission Hills, Rancho Mirage, California because of safety concerns due to COVID-19.
March 06, 2020 Read More
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A.M. Best Affirms NEIL's Financial Strength and Issuer Credit Ratings

A.M. Best has affirmed the A (excellent) financial strength rating and the A+ long-term issuer credit rating of Nuclear Electric Insurance Limited (NEIL). Among the positive factors it cited in its rating were NEIL's balance sheet strength, enterprise risk management and management culture.
March 05, 2020 Read More
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More Complex D&O Risk Environment Pressures Underwriting Profits

A new report from A.M. Best finds that directors and officers (D&O) insurers are facing a more complex risk environment. The report found that D&O insurers' results continue to deteriorate even as they increase premiums to address the changing exposures.
March 03, 2020 Read More
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March "CICR" Profiles Cassatt Risk Retention Group

Don't miss the March issue of "Captive Insurance Company Reports" ("CICR"), in which William H. Black Jr., vice president and general counsel of Cassatt Risk Retention Group (RRG) Holding Company, presents a profile in excellence for his RRG.
February 26, 2020 Read More
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Collateralized Reinsurer, Prospero Re Ltd., Assigned "A" Rating by KBRA

Kroll Bond Rating Agency (KBRA) recently assigned an insurance financial strength rating of A to Prospero Re Ltd. The rating reflects Prospero Re's sound capitalization, seasoned management team, and collateralized reinsurance structure.
February 25, 2020 Read More