Captive Insurance Issues and Trends 2017
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In a new briefing, A.M. Best reports European cedants have increased reinsurance buying despite slowing demand. This trend is driven by a diverse range of factors, including regulatory demands under Solvency II and the need to support product diversification, including new lines of business.
Randall & Quilter American Holdings Inc. (R&Q) has agreed to acquire Bermuda-based Linco Ltd. (Linco), a wholly owned captive insurer of AmeriPride Services, Inc. and Alsco Inc. The transaction is subject to regulatory approvals, which are anticipated within 30 days.
A new report from the International Association of Insurance Supervisors (IAIS) highlights the potential impact of innovative financial technologies (“FinTech”) on insurance sector competitiveness, consumer choice, interconnectedness, business model viability, and regulatory oversight. The report, titled "FinTech Developments in the Insurance Industry," also examines the challenges and opportunities for insurance supervisors.
The 2017 Captive Insurance Companies Association (CICA) Conference, Defying Disruption, focused on talent management as one key aspect for captives. In his opening remarks, CICA president Dennis Harwick noted that 25 percent of the captive insurance industry workforce will retire in the next 5 years. This certainly set the stage for the keynote address and session topics to focus on the need to attract and retain talent.
In a letter to Treasury Secretary Steven Mnuchin, four insurance industry trade groups reiterated their strong support for the Covered Agreement negotiated by the United States and European Union to resolve prudential insurance and reinsurance matters. They believe the Agreement makes US insurers competitive in the European Union and recognizes the strength of the US insurance regulatory system.
The Financial Accounting Standards Board has issued ASU 2015–09 for nonpublic, calendar year-end insurance company filers. This Accounting Standards Update requires additional disclosures to provide better insight into an insurer's initial claim estimates and subsequent adjustments and to help financial statements users understand the frequency, severity, and timing of future cash flows related to the estimated claim costs. This article summarizes the new requirements.
The National Risk Retention Association filed an amicus curiae brief in support of Restoration RRG in its recent court appeal, challenging the Wisconsin Department of Safety and Professional Services for discrimination against risk retention groups.
Written by a practicing risk manager, this article outlines some of the potential advantages of embedding centralized loss control within a captive and how doing so can reduce the cost of risk.
The Captive Insurance Companies Association (CICA) has elected a new board chairperson and new officers and directors. Sarah Pacini, J.D., chief executive officer, Cooperative of American Physicians, Inc., has been elected chair of the Board of Directors.
The Delaware Captive Insurance Association (DCIA) has released details on its upcoming 2017 Spring Forum, to be held May 8–9, 2017, at Chase Center on the Riverfront in Wilmington, Delaware. The forum will provide an opportunity to meet Delaware's newly elected insurance commissioner, Trinidad Navarro, and other key stakeholders.