Market News

Connecticut Approves License for Newly Formed United Rentals Captive

July 21, 2021

The Connecticut Insurance Department has approved the licensing of a new captive set up by Stamford, Connecticut-based United Rentals, Inc., the world's largest equipment rental company. The new captive, Harbor Point Insurance, will be used by its parent to insure a variety of risks, including property damage from natural disasters. Read More

US Government Creates Online Ransomware Resource Center

July 16, 2021

The US government has launched a new website intended to help organizations defend against the rise in ransomware attacks by providing a central location for ransomware resources and alerts. is an interagency resource that provides guidance on ransomware protection, detection, and response on a single website. Read More

Best Details ESG Factors' Impact on Insurance Company Rating Actions

July 16, 2021

Environmental, social, and governance (ESG) factors were considered the primary driver in 13 percent of A.M. Best’s insurance company global rating actions during the 12 months through March 2021, according to a new report from the rating agency. Weather-related events and governance were the primary ESG factors driving Best's rating actions. Read More

Survey Finds Insurers Planning To Increase Automation Adoption

July 15, 2021

Global insurers plan to accelerate their use of automation over the next 5 years, according to a new survey from Willis Towers Watson. Both property-casualty and life insurers are looking to improve efficiency and auditability and close the gap between their current automation and where they'd like to be. Read More

Global Reinsurers' Tokyo Olympics Loss Could Reach $400 Million

July 14, 2021

Japan's decision to bar spectators from the Tokyo Olympics will likely cost global reinsurers $300 million to $400 million due to payouts for ticket and hospitality refunds, according to Fitch Ratings. That loss is only 10 percent to 15 percent of the potential loss if the Olympics been canceled, however. Read More