Industry News

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Emerging Risks in Captives Ripe for Continued Expansion

Marsh's 2018 "Captive Landscape Report" reveals that captive insurance vehicles are rapidly growing in popularity as risk managers seek alternative ways to finance emerging risks their organizations now face. The report says that, over the past 50 years, captives have been in a "near-continuous expansion."
May 23, 2018 Read More
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Cyber Insurance Market Grows with Continued Pricing Uncertainty

According to A.M. Best, the US market for cyber insurance grew significantly in 2017, as direct premiums written rose nearly 32 percent year over year to $1.8 billion, and policies in force jumped 24 percent to $2.6 million.
May 22, 2018 Read More
  Zurich Switzerland

Toa Re Expands Its European Portfolio

The Toa Reinsurance Company, Ltd., will begin underwriting European reinsurance business in Zurich, Switzerland, aiming to further develop its European portfolio currently written from Tokyo.
May 21, 2018 Read More
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Fitch: US Property Casualty Insurers Set for Improved Performance

Following a rough 2017, US property and casualty (P&C) insurers are positioned for better performance this year in the commercial insurance market sector, according to Fitch Ratings' new report, "U.S. Commercial Lines Market Update (Underwriting Loss Should Reverse in 2018)." Fitch said that commercial lines represent approximately 41 percent of US P&C industry net written premiums.
May 17, 2018 Read More
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XL Group Announces Leadership Details Ahead of AXA Integration

XL Group recently shared new details surrounding plans affecting XL Catlin and AXA leadership. Full details of the proposed leadership team will not be available until after the AXA-XL deal closes in the second half of 2018. As reported in March 2018, AXA will acquire 100 percent of XL Group Ltd.
May 15, 2018 Read More
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Ocean Risk Management: Aligning Public Policy with Business Interests

XL Catlin and the Stimson Center are creating a predictive model to help identify the developing coastal nations that are most at risk from climate change. The joint effort seeks to better understand how governments and businesses should respond to ocean risks by mapping existing and projected oceanic changes.
May 15, 2018 Read More
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Fitch: Global Reinsurers Expected To Rebound from Catastrophe Losses

The sector outlook for global reinsurance remains negative given intense market competition, the influx of alternative capital that continues to pressure pricing, and persistently low investment yields that strain reinsurer profitability. Reinsurer profitability is expected to improve, reflecting the normalization of catastrophe losses and marginally improved pricing, according to Fitch Ratings.
May 14, 2018 Read More
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Severe April Storms in US Result in $1.5 Billion in Catastrophe Claims

Aon Benfield's monthly "Global Catastrophe Recap" report reveals that five separate storm systems caused severe thunderstorms across the United States during April 2018. Total combined economic losses from convective storm-related damage in the United States during the month were estimated at $2.3 billion.
May 11, 2018 Read More
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Inflation: Captive Insurers, Beware of What You Wish for

Beware of what you wish for—captive insurers are impacted by inflation in a number of ways, and the results are typically not good. The benign inflation of the past 5 years may have led captive insurers to become complacent. Here is why you need to reexamine your inflation risk mitigation strategy.
May 10, 2018 Read More
  VCIA Annual Conference 2018

The VCIA Captive Conference Registration Is Open!

The Vermont Captive Insurance Association (VCIA) invites you to its annual captive insurance conference set for August 7–9, 2018, in Burlington, Vermont. VCIA will host 1,100 people from all over the world to experience its high-quality educational offerings and take advantage of its numerous networking opportunities.
May 09, 2018 Read More
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Cayman Islands Government Displeased with Anti-Money Laundering Bill

The Cayman Islands government is unhappy with the Sanctions and Anti-Money Laundering Bill amendment that was recently accepted by the House of Commons. The amendment requires the British Overseas Territories, but not the Crown Dependencies, to establish public registers of beneficial ownership information by no later than December 31, 2020.
May 09, 2018 Read More
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Bermuda Committed to Blockchain and Digital Assets

A group of Bermuda representatives recently participated in a series of media interviews and live broadcasts in New York. The discussions focused on emerging technologies as Bermuda works to position itself as the world's first regulated hub for blockchain business and digital assets.
May 08, 2018 Read More
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Increasing Rates for Most Major Commercial Lines According to IVANS

IVANS has announced its April "IVANS Index: Premium Renewal Rate Index" results. The beginning of the second quarter continues to showcase increasing premium renewal rates year over year across most major commercial lines.
May 07, 2018 Read More
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Widening Terrorism Re/insurance Coverage Availability Crucial for Resilience

JLT Re's latest report analyzes the dynamics behind the evolving terrorist threat and examines how the terrorism re/insurance market has reacted. JLT Re advises that although significant progress has been made, there is still more to do in order to deliver a sustainable proposition that offers comprehensive protection to buyers.
May 04, 2018 Read More
  Cyber Insurance-SF-2

Power Grid Cyber Threats Spark Need for Customized Cyber Coverage

According to A.M. Best, specialty insurance groups in the energy and utility sectors have been exploring avenues to leverage their industry knowledge into areas of profitable but conservative and controlled growth in cyber insurance.
May 04, 2018 Read More
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Risk Maps Reveal Heightened Political Violence and Political Risk

Aon has published its 2018 "Risk Maps," covering political risk, terrorism, and political violence. Political violence risks are rising globally due to geopolitical tensions, a weakening of liberal democratic governance, and the repercussive effects of chronic conflicts around the globe.
May 03, 2018 Read More
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Where Will the Captive Insurer Talent Come from?

The "MarketWatch" article "Job Openings Hit Record High at Start of 2018" shows how the war for talent is well under way. Captive insurers that have not started developing and implementing a strategy for recruiting new professionals face real impediments to finding new professionals to hire.
May 03, 2018 Read More
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Allianz: Insurers To Play Crucial Role in Artificial Intelligence

In the recent report "The Rise of Artificial Intelligence: Future Outlook and Emerging Risks," insurer Allianz Global Corporate & Specialty (AGCS) identifies both the benefits and emerging risk concerns around the growing implementation of artificial intelligence (AI) in society and industries, including the insurance sector.
May 01, 2018 Read More
  Upward trend 2018-SF

ILS Market Update: Capacity Greater than Ever

Outstanding capacity under catastrophe bonds is greater than ever, according to Willis Towers Watson Securities. The first quarter of 2018 saw $3.1 billion of underwritten, widely distributed non-life insurance-linked securities (ILS) capacity issued through 12 catastrophe bonds, compared to $1.7 billion through 5 bonds in the same quarter of 2017.
May 01, 2018 Read More
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Fitch: Insurance Industry Is Fertile Ground for Blockchain

Blockchain is a potentially game-changing technology for the insurance industry over the long term. Benefits could range from significantly reduced operating costs, more accurate customer-specific data, better risk pricing, and improved efficiencies. However, the technology remains unproven, and greater clarity around its advantages and risks will be revealed.
April 30, 2018 Read More