Industry News

  Flames

California Wildfire Losses Manageable, According to KBRA

In a new report, Kroll Bond Rating Agency (KBRA) said California is experiencing some of the most devastating and catastrophic wildfires in the state's (and country's) history for the second year in a row and expects these losses to be manageable for most (re)insurers.
November 26, 2018 Read More
  Firefighter Heroes-SF

RMS Estimates California Wildfire Insured Losses between $9 Billion and $13 Billion

RMS recently projected that insured loss for the Camp and Woolsey wildfires in California will be between $9 billion and $13 billion. RMS said this fire season represents the second consecutive year with more than $10 billion in insured wildfire loss.
November 26, 2018 Read More
  Dead Burned Trees-SF

California Wildfires: Losses Expected To Reach Record Levels

In a recent report, titled "California Wildfires Losses Projected To Reach Record Levels," A.M. Best said that 2018 losses from California's latest round of wildfire activity will be at record levels.
November 26, 2018 Read More
  Cayman Flag 480x377

A New Look and Tagline Will Greet Cayman Captive Forum Attendees

The Insurance Managers Association of Cayman (IMAC) launched the annual Cayman Captive Forum 26 years ago as the world's largest captive insurance conference, said IMAC. At the 26th annual Cayman Captive Forum, November 27–29, 2018, over 1,400 captive insurance specialists will convene.
November 20, 2018 Read More
  US-EU Growth 480x377

Regulators Focus on Cyber, Big Data, AI, and Intragroup Transactions

Insurance regulators from the United States and the European Union were joined by representatives from industry and consumer organizations to discuss challenges and opportunities related to cyber risks, the use of big data, artificial intelligence (AI), and intragroup transactions in multinational insurance groups at the 6th EU-US forum held in Luxembourg.
November 20, 2018 Read More
  Brexit Eggxit 480x377

UK Insurers Make Plans for Passporting Rights Loss after Brexit

When the United Kingdom withdraws from the European Union, and at the end of any transition period, passporting rights that currently exist between the United Kingdom and the European Economic Area are expected to cease. A.M. Best explores this in a report, titled "UK Insurers Prepare for Loss of Passporting Rights Post Brexit."
November 20, 2018 Read More
  Europe Continent 480x377

Mary McMorrow To Head SRS Europe's New Governance Practice

Mary McMorrow has joined Strategic Risk Solutions Europe (SRS Europe) to head the firm's new governance practice in developing and delivering governance services to European captive insurers as well as commercial insurance companies.
November 16, 2018 Read More
  Handshake Merger-SF

Capstone Looks To Acquire Captive Management Portfolios

In its latest expansion push, Houston-based Capstone Associated Services, Ltd. said it is interested in acquiring the US captive management portfolios of other captive insurance management firms. Read on to learn more!
November 16, 2018 Read More
  Gavel on Top of Legal Books

RIMS White Paper Explores 2018's Top 6 Legal Developments

A new RIMS report, titled "Top Six Legal Developments of 2018," highlights the most significant legal decisions of 2018 and explores their relevance to the risk management community.
November 15, 2018 Read More
  Malta Merger SF

SRS Europe Steers into Malta with Ark Management Acquisition

Strategic Risk Solutions Europe (SRS Europe) will acquire a majority share of Malta-domiciled Ark Insurance Management PCC Limited (Ark) as the firm accelerates its expansion into the European market.
November 13, 2018 Read More
  Mergers and Acquisitions

Marsh-JLT Specialty To Be Formed Following Acquisition Finalization

The Marsh and Jardine Lloyd Thompson Group plc (JLT) specialty teams will combine to form Marsh-JLT Specialty as a new specialty business within Marsh. The combination will be effective once the transaction closes between Marsh's parent company, Marsh & McLennan Companies, and JLT.
November 13, 2018 Read More
  Excellent Rating 480x377

A.M. Best-Rated European Captives Are Stable, According to Report

A recent A.M. Best report describes the main rating considerations the rating agency uses for captives with European parent groups. The report shows that A.M. Best European captive ratings have been stable through the past year, with most of the ratings affirmed and their stable outlooks maintained.
November 12, 2018 Read More
  Bermuda flag-SF

BDA's Economic Impact to Bermuda: $26.3 million According to PwC

A recent economic impact study provided by PricewaterhouseCoopers (PwC) findings show that the Bermuda Business Development Agency (BDA) had a direct economic impact on the island's economy of $26.3 million in 2017.
November 09, 2018 Read More
  Profitability Report-SF

Commercial Market Firming According to WTW

Willis Towers Watson (WTW) recently released a report, titled "Insurance Marketplace Realities 2019," as guidance for North American insurance buyers preparing for upcoming insurance program renewals. Findings from the report show that commercial insurance buyers are facing upward pricing pressure across most lines of business in 2019.
November 09, 2018 Read More
  Time Concept SF

Check Out Captive.com's "History of Captives" Timeline Updates

Hugh Rosenbaum and his panel of timeline advisers recently deliberated and agreed upon some new entries for Captive.com's "History of Captives" timeline. Check out the updates today!
November 08, 2018 Read More
  Upward trend 2018-SF

IVANS: Commercial Lines Renewal Rates Continue Trending Positive

IVANS has announced the "IVANS Index: Premium Renewal Rate Index" October results. The results showed a continued increase in premium across nearly all major commercial lines except workers compensation.
November 08, 2018 Read More
  Global Mergers and Acquisitions

Cayman Leads in Offshore M&A Deals, According to Appleby Report

An Appleby report for the first half of 2018 found much of the world has seen a fallback in the volume of offshore merger and acquisition (M&A) deals. Yet, according to the law firm, value is up "firmly" and organizations are benefiting from a "resurgent world economy."
November 07, 2018 Read More
  Rising Statistics SF2

ILS Capacity Continues with Record-High $1.6 Billion Issuance

Willis Re's third quarter insurance-linked securities (ILS) update reveals, "a record-high $1.6 billion of nonlife ILS capacity was issued in Q3, 2018…. The total exceeds the former Q3 record of $1.4 billion achieved in 2013 and is well ahead of the 5-year average of $800 million."
November 06, 2018 Read More
  Beach house damaged by hurricane

Willis Re Report Details Hurricane Michael's Damage

Willis Re released a new damage survey report detailing the various damage patterns that it observed in the organization's field reconnaissance efforts following Hurricane Michael. The hurricane was 2018's 11th named storm and made landfall on the Florida Panhandle as a Category 4 hurricane on October 10.
November 06, 2018 Read More
  Acquisition

SOBC DARAG Completes Peachtree Runoff Acquisition

The joint venture SOBC DARAG has completed its first acquisition: Florida-based Peachtree Casualty Insurance Company (Peachtree). SOBC DARAG was formed in Delaware to support DARAG's expansion into the US and Bermuda/Caribbean runoff markets. The joint venture and Peachtree acquisition were both announced in mid-August.
November 05, 2018 Read More