The number of captive insurance companies domiciled in Europe is growing, both within existing captive domiciles and new domiciles coming online, according to A.M. Best. The rating agency suggests that that growth should drive increased European captive insurance company numbers this year and beyond.
The latest IRMI Podcast on the International Risk Management Institute's (IRMI) and Captive.com's Captive Podcasts page features Michael Maglaras, principal at Michael Maglaras & Company, discussing the potential impacts of the US Supreme Court's ruling in Dobbs v. Jackson Women's Health Organization on captive insurance.
The Cayman Islands licensed eight new captive insurance companies during this year's third quarter, according to statistics from government regulators.
Reputation risk is considered a top-3 risk at more than 1 in 4 companies and a top-5 risk at more than half, according to WTW. WTW's "2023 Reputational Risk Readiness Survey Report" said that 26 percent of companies now considering reputation a top-3 risk was up from 18 percent in 2021.
A.M. Best has revised its outlook for the US medical professional liability (MPL) insurance segment to stable from negative. The rating agency cited the MPL segment's improved rate adequacy, diminishing impact from pandemic-related exposures, persistently redundant loss reserves, higher reinvestment rates, and improved overall returns.