Delaware Insurance Commissioner Trinidad Navarro and the Delaware Captive Insurance Association (DCIA) announced a series of process and regulatory improvements meant to keep Delaware an attractive choice for businesses seeking a captive domicile. The measures include guidance for captives writing Side A directors and officers coverage.
A hypothetical but plausible cyber attack on a major financial services payment system could cause widespread disruption to global business and global economic losses of $3.5 trillion, according to Lloyd's. While the cyber-insurance market is growing, Lloyd's cautioned that that coverage represents just a fraction of potential economic losses.
Cyber attacks increased for the fourth consecutive year in 2022, with 53 percent of firms surveyed suffering a cyber attack, according to a new report from Hiscox. Hiscox says that last year's report saw 48 percent of firms revealing that they'd experienced a cyber attack.
Michael Maglaras, principal of Michael Maglaras & Company, has announced that the captive formed to respond to the crumbling foundations property insurance crisis in Connecticut has successfully secured $36 million more in capitalization from the State of Connecticut. Connecticut Foundation Solutions Indemnity Company, Inc. (CFSIC), was formed in 2018.
Social and economic inflation drove US personal and commercial auto liability claims payouts $96 billion to $105 billion higher between 2013 and 2022, according to a new study from the Insurance Information Institute (Triple-I). The Triple-I study found that commercial insurers saw losses grow faster than the overall economy.