Industry News

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CICA Teams with HCIC on Japan Captive Owners' Summit

The Captive Insurance Companies Association (CICA) and the Hawaii Captive Insurance Council (HCIC) will team for a series of educational programs in Tokyo, Japan, November 19–20, including the second annual HCIC Japan Captive Owners' Summit.
November 12, 2019 Read More
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IVANS Commercial Lines Premium Renewal Rates Upward Trend Continues

IVANS announced its October 2019 results. Year over year, all lines of business, except workers compensation, experienced an increase in average premium renewal rate.
November 08, 2019 Read More
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House Financial Services Committee Approves TRIP Legislation

On October 31, 2019, the House Committee on Financial Services unanimously approved bipartisan legislation to reauthorize the Terrorism Risk Insurance Program (TRIP). The program is currently set to expire on December 31, 2020. The unanimous bipartisan vote suggests the legislation will gain broad support when taken up by the full House.
November 08, 2019 Read More
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Microinsurance Provides Reverse Innovation for Traditional Markets

Access to insurance is a key component of financial stability. Support of financial inclusion has taken a greater hold globally as more major insurers and reinsurers incorporate dedicated microinsurance operations, socially-minded impact investors fund microcredit and microinsurance programs in developing countries, and governments extend insurance access to lower-income citizens.
November 07, 2019 Read More
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European Insurers Fairly Stable, Competitive, and Profitable Overall

A.M. Best reported that the primary focus of Europe’s largest nonlife insurers continues to be on their local markets. Most European countries have relatively stable nonlife insurance segments, which, although competitive, are technically profitable for the market overall.
November 05, 2019 Read More
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Non-life ILS Is Well Positioned for Growth

Willis Re's latest "ILS Market Update" said the value of non-life capacity issued and outstanding at the end of the third quarter was at a near-record high of $27.3 billion, exceeded only by the year-end figure of $27.8 billion for 2018.
November 04, 2019 Read More
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Lloyd's Report Looks at "Plausible Scenario" Single Cyber Attack

According to the latest report from Lloyd's, titled "Shen Attack: Cyber Risk in Asia Pacific Ports," a single cyber attack on major ports across Asia-Pacific could cost $110 billion, which is roughly equivalent to half of all losses from natural catastrophes globally in 2018.
November 01, 2019 Read More
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Insurers Continue To Reexamine Wildfire Peril

With the proliferation of wildfire losses in California, insurers will continue to reexamine this peril and likely make adjustments to risk appetites, capital management strategies, and reinsurance partnerships. Furthermore, enterprise risk management practices and risk-scoring models used by catastrophe modeling firms will also likely need to become more sophisticated.
November 01, 2019 Read More

RiverStone Completes First Runoff Transactions in Captive Space

London-based global runoff specialist RiverStone recently acquired two Cayman-based captive insurance companies with medical liabilities, GMPCI Insurance Company, Ltd., and Seaside Indemnity Alliance Company, Ltd.
October 31, 2019 Read More
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Aon Will Move Parent Company from United Kingdom to Ireland

Aon's parent company will change its jurisdiction of incorporation from the United Kingdom to Ireland in a transaction that will be completed during the first quarter of 2020.
October 30, 2019 Read More

Western Region Captive Insurance Conference 2020 Announced

The 2020 Western Region Captive Insurance Conference is set for May 18–20 in Salt Lake City, Utah. The 3-day event will take place at Little America Hotel in downtown Salt Lake City.
October 29, 2019 Read More
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Some See InsurTech as the "Potential Savior" of a Broken System

Total new worldwide funding commitments to the InsurTech sector in 2019 have already surpassed the 2018 full-year total and, during the third quarter, exceeded $1.2 billion for the fifth consecutive quarter, according to Willis Towers Watson's latest "Quarterly InsurTech Briefing."
October 29, 2019 Read More
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Why Parents Fold Their Captive Insurance Companies

As is the case with virtually any type of business, not all captive insurance companies stay in business indefinitely. There are several reasons why parents fold their captives. Find out.
October 25, 2019 Read More

Catastrophe Losses and US Tax Reform Continue To Affect Bermuda Financial Results

The 2018 financial statements of 22 Class 4 Bermuda-domiciled re/insurers revealed slight favorable results despite above-average catastrophe losses. Underwriting gains for the group in 2018 were $0.3 billion, with a combined ratio of 98.7 percent and a 3.4 percent net income return on equity, with both measures improving over 2017 results.
October 24, 2019 Read More
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November "CICR" Provides Micro-Captive Settlement Proposal Insights

On September 16, 2019, the Internal Revenue Service (IRS) published a news release, IR–2019–157, which stated that the IRS would offer to certain (initially 200) taxpayers a settlement. Don't miss the November issue of "Captive Insurance Company Reports" ("CICR") to find out more about the IRS's settlement proposal for micro-captives.
October 23, 2019 Read More
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Lloyd's Launches Disaster Resilience Partnership

Lloyd's has launched a new disaster resilience partnership with Habitat for Humanity Great Britain, as part of its ongoing response to emerging risks and the challenges they pose to communities around the world.
October 22, 2019 Read More
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All Stakeholders in Medical Malpractice Liability under Pressure

Findings from the "2019 Aon/American Society for Health Care Risk Management Hospital and Physician Professional Liability Benchmark Analysis" showed that while hospital professional liability (HPL) claims frequency has stabilized in recent years, HPL claim severity (inclusive of defense costs) is growing at a rate of 2 percent annually.
October 21, 2019 Read More
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Ransomware Attacks for 2019 Outpacing the Number of Incidents in 2018

In its latest "Cyber InFocus Report," titled "Adapting to the New Realities of Cyber Risks," Chubb provided insight into the recent growth of ransomware attacks across industries and underscored best practices companies should take to combat the associated risks.
October 18, 2019 Read More
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WCRI Studies Look at Workers Compensation Medical Costs in 18 States

A new set of Workers Compensation Research Institute (WCRI) studies examine trends in payments, prices, and utilization of medical care for workers injured on the job in 18 states. The studies analyze recent costs and trends, reporting how medical payments per claim and cost components vary over time and from state to state.
October 18, 2019 Read More
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UVM Health Network Captive Redomiciles from Bermuda to Vermont

Another major organization, the University of Vermont (UVM) Health Network in Burlington, has redomiciled its medical malpractice captive insurer, VMC Indemnity Company, Ltd., from Bermuda to Vermont. The relocation of the captive, which was first licensed in Bermuda in 1993, was applauded by Vermont Governor Phil Scott.
October 17, 2019 Read More