Captive.com and International Risk Management Institute, Inc., have created a special 12-page report examining the COVID-19 pandemic's implications for the captive insurance industry. The new white paper, "The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance," is available free to "Captive Wire" subscribers.

There is likely to be a push by captive insurance company owners and policyholders to cover some of the risks uncovered by the pandemic. But risk and pricing are critical elements in product development, and captives need to ask if they can rate, price, and adjust these risks properly.

AXA XL has named Jonathan Salter head of Risk Consulting, effective October 1, 2020. In his new role, Mr. Salter will drive AXA XL's Risk Consulting’s global strategy and value proposition, working closely with AXA XL's underwriting and claims teams. Mr. Salter is currently deputy CEO of AXA XL Risk Consulting.

Catastrophe risk modelling firm RMS estimates that insured losses from wildfires in the western United States will be between $4.0 billion and $8.0 billion. RMS said the projected losses reflect estimates as of September 20, 2020, and indicated that the losses are likely to increase as many fires are still ongoing.

Catastrophe risk modeling firm AIR Worldwide estimates that Hurricane Sally caused $1 billion to $3 billion in insured onshore property losses as a result of wind, storm surge, and inland flood. Wind was responsible for the majority of the losses, AIR said.

Don't miss the October issue of "Captive Insurance Company Reports" ("CICR"), in which John Thomson, editor, provides an insightful commentary on the continued hardening of the market, the interminable COVID-19 pandemic, and the Vermont Captive Insurance Association's first-ever virtual conference.

As they deal with the COVID-19 pandemic and the accompanying economic downturn, investment market volatility, and a hardening insurance market, organizations can look to their captive insurance companies to help protect their balance sheets. The captive can open up opportunities for the parent company to retain risk more economically.

Commercial insurance companies should not be surprised to see buyers reduce their premium spending across lines if they continue to tap out of difficult-to-insure risks like pandemics, Zach Finn, clinical professor of risk management and insurance at Butler University, tells Richard Cutcher in episode 38 of the Global Captive Podcast.

The Captive Insurance Council of the District of Columbia Inc. has rescheduled its annual conference for October 27. The new conference, unlike the originally planned May conference that was canceled in late March due to the COVID-19 pandemic, will be held online.

Fitch Ratings has affirmed Lloyd's of London's insurer financial strength (IFS) rating at AA- (very strong) and removed Lloyd's from Rating Watch Negative. Fitch's outlook for Lloyd's is stable. The affirmation of the AA- IFS rating primarily reflects Lloyd's very strong business profile and capitalization and leverage, Fitch said.