Industry News

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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
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Global Insurance M&A at a 4-Year High with More To Come in 2020

The volume of mergers and acquisitions (M&A) in the insurance sector increased 10 percent in 2019 with 419 deals completed worldwide, up from 382 in 2018.
February 21, 2020 Read More
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Bermuda Insurance Sector Remains Resilient to Catastrophe Scenarios

The Bermuda Monetary Authority recently reviewed the Bermuda insurance sector's capacity to absorb shocks from catastrophe risk events.
February 20, 2020 Read More
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Solvency II Review To Dominate Regulatory Agenda for European Insurers

The European Commission's 2020 review of Solvency II is likely to be the dominant regulatory theme in European insurance over the next few years, according to Fitch Ratings.
February 20, 2020 Read More
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US Property and Casualty Insurance 2020 Outlook

In a recent Kroll Bond Rating Agency (KBRA) report, the rating agency said it believes the US property and casualty insurance sector in 2020 is stable, based on a number of expectations.
February 19, 2020 Read More
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SIIA Offers Insights Following IRS Micro-Captive Settlement Results

The Self-Insurance Institute of America, Inc. (SIIA), said in a statement that the vast majority of captive insurance participants are not only doing the right thing but are left untouched by the recent Internal Revenue Service (IRS) global settlement initiative offered last year.
February 18, 2020 Read More
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AI Expected To Transform Financial Services Industry within 2 Years

A new survey released by the World Economic Forum and the Cambridge Centre for Alternative Finance (CCAF) found nearly two-thirds (64 percent) of financial services leaders expect to be mass adopters of artificial intelligence (AI) in just 2 years compared to just 16 percent doing so today.
February 18, 2020 Read More
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Join IRMI as a Captive and Risk Finance Product Manager

Do you have experience working with captive insurance or risk finance programs? Do you have a passion for learning, doing research, teaching others, and writing? Would you like an opportunity to become a recognized expert while engaging this passion? Join IRMI in our role of captive and risk finance product manager.
February 17, 2020 Read More
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KBRA Affirms Ratings for Premia Reinsurance Ltd.

Kroll Bond Rating Agency (KBRA) affirmed the insurance financial strength rating of A- for Premia Reinsurance Ltd., a Class 4 Bermuda specialty reinsurer focused on acquiring nonlife runoff liabilities.
February 14, 2020 Read More
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Aon: Reinsurance Industry Handles 2019 Losses Comfortably

The 409 natural catastrophe events of 2019 resulted in economic losses of $232 billion. Of that total, private sector and government-sponsored insurance programs covered $71 billion.
February 14, 2020 Read More