Increasingly complex cyber attacks, the rise of remote working, and the growth of cryptocurrencies are among the factors likely to result in a hard cyber-insurance market for some time to come, according to A.M. Best.
Group captives can provide a valuable option for small and midsized companies looking for alternatives to the hard commercial insurance market. Successful members of group captives share a number of common characteristics, outlined in this article.
North Carolina Governor Roy Cooper has signed into law recently passed legislation, SB 347, that will give captive insurance companies licensed in other domiciles a new incentive to redomesticate to North Carolina. Earlier, the measure received strong support from the state's insurance regulators.
Aggregate US commercial insurance prices increased 6 percent during the first quarter of this year, down approximately one percentage point from the fourth quarter of 2021, according to Willis Towers Watson (WTW). WTW’s Commercial Lines Insurance Pricing Survey (CLIPS) showed nearly all lines experiencing significant price increases during the quarter.
Bermuda licensed 17 new captive insurance companies in 2021, according to the Bermuda Monetary Authority's 2021 annual report. The new formations are an increase from 2020, when Bermuda licensed 12 new captives insurance companies.