Captive Insurance Industry and Alternative Risk Transfer Market News

Click Here for Information on Management Services International

Articles

Welcome to Vermont Spelled Out in Red, White, and Blue with Stars at Bottom and Top

Virtual VCIA Conference Begins Amid Busy Year for Vermont Formations

The Vermont Captive Insurance Association (VCIA) 2020 Virtual Conference began Tuesday against a backdrop of an active year for new captive insurance company formations in the state. Michael Pieciak, commissioner of the Vermont Department of Financial Regulation, said the state has licensed approximately 20 new captives thus far in 2020.
August 12, 2020 Read More
Combination Lock with Padlock on Front and Cyber Insurance Words Streaming Out from It

As Cyber Risks Grow, So Do Captive Insurance Cyber-Risk Premiums

The cyber risks confronting organizations continue to grow, and captive insurance companies are playing an increasing role in managing cyber exposures. The COVID-19 pandemic has increased cyber risks for many organizations as employees are forced to work remotely, making the need to address the exposure even more critical.
August 10, 2020 Read More
Warehouse Supervisors in Hardhats and Reflective Vests Monitor Safety Using Checklists

Creating a Culture of Safety Is Critical for Reducing Accident Losses

As employers look to reduce losses due to employee accidents and injuries, making safety part of the organization's culture is essential. The value of making safety part of an organization's culture can be particularly apparent when companies move to captive insurance.
August 05, 2020 Read More
Businessman Wearing Mask Climbs Upward Arrow Looking through Telescope at Future after COVID-19

With COVID-19 and a Hardening Market, Captives Respond to Challenges

As with previous commercial insurance market disruptions, captive insurance companies are responding to the current hardening traditional market, according to A.M. Best. Current conditions will likely result in more new captive insurance companies or parents of existing captives adding coverage lines.
August 03, 2020 Read More
Clear Crystal Globe with Stacks of Coins in the Background

For Offshore Captives, Economic Substance Is a Compliance Concern

For captive insurance companies located in offshore domiciles, abiding with economic substance requirements has become an important compliance consideration. The focus on economic substance is based on the Organization for Economic Co-Operation and Development Base Erosion and Profit Shifting project.
July 29, 2020 Read More
The word "actuary" with the words "secure," "protect," "insured," "finance," and "contract" crossing it

Why Your Captive Insurance Company Board Needs To Be Actuarially Sound

In today's environment, it's imperative that a captive insurance company board, or at least a number of board members, be actuarially sound. Take a look at what captive board members should know about actuarial analysis and why as well as actuarial terms board members should understand.
July 27, 2020 Read More
Steven Bauman, head of global programs and captive practice in North America, AXA XL

Using Captive Insurance as Part of a Global Risk Management Strategy

There is a long history of organizations using captive insurance companies to enhance their global risk management strategies. From a risk management and regulatory perspective, proper coordination of a global insurance program is vital for the overall organization. Steven Bauman of AXA XL explains in this new Captive Thought Leader video.
July 22, 2020 Read More
The Word Event on a Tablet Screen with Starburst and Universe in Background

Vermont Captive Group Readies for August Virtual VCIA Conference

As Vermont Captive Insurance Association (VCIA) leadership wrestled this spring with how to move forward with its annual conference, thoughts turned to presenting something that addresses pandemic realities while providing something as close as possible to the usual conference experience. The virtual event will be held August 11–13.
July 20, 2020 Read More
Collage of 8 Scenes Illustrating People Interacting with Data in Various Ways

Reflections on the 2020 "FERMA European Risk Manager Report"

This article takes a look at some of the key findings and themes of the Federation of European Risk Management Associations (FERMA) 2020 "European Risk Manager Report." The analysis includes a look at survey findings concerning the use of captive insurance companies by European organizations.
July 15, 2020 Read More

Recent News

Global Commercial Prices Up 19 Percent in Second Quarter: Marsh Index

An arrow curving into an upward curve with a percent sign on top 
Global commercial insurance prices increased 19 percent in this year's second quarter, according to Marsh's quarterly Global Insurance Market Index. It was the eleventh consecutive quarter of price increases, according to Marsh. The second-quarter increase was the largest since Marsh launched the index in 2012.
August 12, 2020 Read More

Insurance Premium Increases Continue Across Most Major Lines in July

A man in a suit drawing a digital graph in the air with the line increasing 
All commercial insurance lines except workers compensation saw year-over-year increases in July, according to the IVANS Index, a premium renewal rate index compiled by IVANS insurance exchange service. Compared to July 2019, commercial auto, general liability, commercial property, businessowners policy, and umbrella coverages experienced premium renewal rate increases in July.
August 11, 2020 Read More

Chubb Names John Lupica, Paul Krump to New Executive Positions

Promotion-SF 
Chubb Ltd. has named John Lupica president, North America insurance, and Paul Krump vice chairman, global underwriting and claims. Both appointments are effective September 1, with both executives reporting jointly to Evan G. Greenberg, chairman and chief executive officer, and to John Keogh, executive vice chairman and chief operating officer.
August 11, 2020 Read More

Risk Retention Groups Maintain Financial Stability in First Quarter 2020

The Word Stability with Letters Reflected Underneath and Magnifying Glass over the S 
An analysis of risk retention groups (RRGs) financial results from the first quarter of 2020 finds that RRGs have a great deal of financial stability and remain committed to maintaining adequate capital to handle losses. Demotech, Inc., said RRGs' first-quarter balance sheet ratios appear to be appropriate and conservative.
August 10, 2020 Read More

William Wood Joins Artex Bermuda as Director, Captive and Commercial

Two hands shaking over image of global map 
William Wood has joined Artex Bermuda as director, captive and commercial, for Artex’s Bermudian operations. In the newly created role, Mr. Wood joins the office's senior management team and is responsible for leading Artex's Bermuda captive insurance and commercial insurance and reinsurance management operations.
August 07, 2020 Read More

Forecasters Now Predict "Extremely Active" Atlantic Hurricane Season

Beach Hurricane 480x377 
Two leading forecasters have upgraded their projections for this year's Atlantic hurricane season, with both now expecting an "extremely active" storm season. Both the National Atmospheric and Oceanic Administration and researchers at Colorado State University have increased the number of hurricanes they expect this year.
August 07, 2020 Read More

CICA Settles Insurance Claim over 2020 Conference Cancellation

A blue key on a grey keyboard reading "Claim" 
The Captive Insurance Companies Association (CICA) has settled its event cancellation insurance claim with Tokio Marine HCC for the cancellation of CICA's 2020 International Conference due to the COVID-19 pandemic. CICA has previously indicated that it purchased event cancellation for the conference.
August 06, 2020 Read More

ICCIE To Hold Virtual "Sweet 16" Anniversary Celebration

A cupcake with a candle and the numbers 16 on top of it 
The International Center for Captive Insurance Education (ICCIE) will mark the 16th anniversary of its launch with a virtual "Sweet 16" anniversary celebration. The event will be held online at 7:30 p.m. (EDT) Monday, August 10 and will feature Associate in Captive Insurance certificate presentations and other activities.
August 06, 2020 Read More

Joshua Clark Joins Tennessee Department in Captive Development Role

Joshua Clark-Tennessee Department of Commerce and Insurance Director of Business Development 
Joshua Clark, a veteran insurance executive, has joined the Tennessee Department of Commerce & Insurance as director of business development. In his new role, Mr. Clark will be involved in attracting more captive insurance companies to the state.
August 05, 2020 Read More

Brian Collins Joins Strategic Risk Solutions in New Luxembourg Branch

Two businesspeople shaking hands, one of them holding a leather portfolio 
Strategic Risk Solutions (SRS) has announced the opening of its Luxembourg captive management branch with Brian Collins joining the firm as managing director, Luxembourg, to lead captive management business in the domicile. Mr. Collins joins SRS from Stadhold Insurances (Luxembourg), a subsidiary of Randstad.
August 04, 2020 Read More

Guy Carpenter Adds 3 New Members to Its Executive Committee

handshake 480x377 
Guy Carpenter has appointed three new members—Neil Mayer, Lara Mowery, and John Crichton—to its executive committee. Mr. Mayer has been appointed chief operating officer; Ms. Mowery has been appointed global head of distribution; and Mr. Crichton, Guy Carpenter's chief information officer, also joins executive committee.
August 04, 2020 Read More

Elliott Goss To Join Legacy Acquirer DARAG as Group Head of Claims

New Job Written on a Blue Key on a Gray Computer Keyboard 
Malta-based legacy acquirer DARAG Group has named Elliott Goss group head of claims. Mr. Goss, who will be based in London, will join DARAG on August 17. Mr. Goss brings over 17 years of insurance and reinsurance claims experience to DARAG, specializing in long-tail classes such as international casualty.
August 03, 2020 Read More

US P&C Insurers Saw Record Surplus Drop in the First Quarter

Bar chart with little businessman on top of a bar about to fall onto really small red bar at the far left end 
The US property and casualty (P&C) insurance industry experienced its largest-ever quarterly decline in surplus during the first quarter of this year when surplus fell $75.9 billion, according to Insurance Services Office, Inc., a Verisk business, and the American Property Casualty Insurance Association. Since then, the COVID-19 pandemic has continued to affect many insurers.
July 31, 2020 Read More