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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
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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
Rachel Seale-Consulting Actuary-Milliman

Using a Captive To Insure Unique Risks

While captive insurance companies are most often used to insure traditional exposures and insurance risks, they can also be used to insure just about any risk to which a parent company is exposed.
July 13, 2020 Read More
Business Card with Word Pandemic Held in Businessman

COVID-19 Pandemic May Accelerate Risk Management Trends

A recent survey of European risk managers reveals that risk management trends, such as digital transformation and the use of captive insurance, may be accelerated by the COVID-19 pandemic, some believe. The Federation of European Risk Management Associations "2020 European Risk Manager Report" collected data from 764 risk managers.
July 08, 2020 Read More

Recent News

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

EIOPA Offers Proposed Public-Private Pandemic Resilience Solutions

Two businessmen shaking hands-SF 
The European Insurance and Occupational Pensions Authority (EIOPA) has presented a proposed public-private "shared resilience solution" for future pandemics. EIOPA's "Issues Paper on Shared Resilience Solutions for Pandemics" acknowledges that private insurance alone is unable to protect society against the financial consequences of future pandemics.
July 31, 2020 Read More

Alabama Captive Insurance Association Sets In-Person Annual Conference

Green road sign with Alabama written on it and a blue sky with clouds in the background. 
The Alabama Captive Insurance Association (ACIA) will hold its annual conference in-person September 16–18 at the Westin Birmingham in Birmingham, Alabama. For the first time, the ACIA conference will promote student engagement by incorporating student-focused sessions and networking opportunities.
July 30, 2020 Read More

August "CICR" Explores the "Next Normal"

Captive Globe-SF 
Don't miss the August issue of "Captive Insurance Company Reports" ("CICR"), which discusses the importance of risk financing in a post-2020 risk management plan that will need to account for risks uninsurable in the traditional marketplace.
July 30, 2020 Read More

Joe McDonald Joins IRMI as Captive and Risk Finance Products Manager

Joe McDonald - IRMI Captive and Risk Finance Products Manager 
Joe McDonald has joined International Risk Management Institute, Inc. (IRMI), as its captive and risk finance products manager. In this role, Mr. McDonald is responsible for the quality and growth of IRMI's captive insurance and risk finance product line.
July 29, 2020 Read More

First Half's $68 Billion in Natural Disaster Losses Below Average

Line of Dark Storm Clouds Gather Parallel to Country Road Alongside Grain Silos 
Natural disasters caused approximately $68 billion in losses during the first half of 2020, slightly below the inflation-adjusted 30-year average of $74 billion, according to Munich Re. Insured losses, at $27 billion, were above the average of $20 billion due to the large proportion of North American weather disaster losses.
July 28, 2020 Read More

Liability Management Firm Gets PCC License in Malta

Word License in a Blue Seal 
Liability management company Gossmann & Cie. has been licensed to operate a protected cell company (PCC) in Malta. The PCC is fully operational and able to create customized cell-based solutions as well as manage the relevant insurance portfolios transferred to Gossmann & Cie., the company said.
July 28, 2020 Read More