Market News
Premium Increases Continue Across Most Major Lines in Fourth Quarter
Commercial insurance premium renewal rates were up across most major coverage lines in 2020's fourth quarter, according to the January IVANS Index, a premium renewal rate index compiled by the IVANS insurance exchange service. The fourth quarter saw increases across general liability, commercial property, umbrella, and workers compensation. Learn More
Vermont Licenses 38 Captives in 2020 as Hard Market Drives Formations
Vermont licensed 38 new captive insurance companies in 2020, bringing the state's total number of licensed captives to 589. A fourth quarter that saw 11 new licenses contributed significantly to Vermont's new captive formations in 2020. Learn More
Hawaii Adds to Captive Total, Licensing 21 New Captive Insurers in 2020
Captive growth continued in Hawaii in 2020 as the state licensed 21 new captive insurance companies during the year. After the dissolution of 9 captives, the new formations brought Hawaii's captive total to 242, making the state one of the largest US captive domiciles. Read More
Reinsurance Market Continued Hardening in January: Fitch Ratings
In its review of January reinsurance renewals, Fitch Ratings found that the reinsurance market continued hardening as pandemic-related claims, high natural catastrophe losses, and pressure on liability lines of business led to widespread price increases that often went beyond claims inflation. Read More
Lloyd's Forming Protected Cell Company To Ease Investor Access
Lloyd's of London has obtained regulatory approval to form a new protected cell company (PCC) intended to make it easier for investors to gain access to the Lloyd's market. The independently owned and managed London Bridge Risk PCC Limited was formed under the United Kingdom's PCC legislation. Read More
KBRA Maintains Stable Outlook for US Property-Casualty Industry
While 2020 saw a record North Atlantic hurricane season, Kroll Bond Rating Agency (KBRA) is maintaining a stable outlook for the US property-casualty insurance sector. KBRA noted that the US property-casualty industry achieved record levels of policyholder surplus at the end of 2019 and remains near those levels entering 2021. Read More
Cat Bonds, Insurance-Linked Securities Show Resilience to Challenges
Alternative sources of capital, including catastrophe bonds and other types of insurance-linked securities, have played a growing role in securing coverage for various exposures in recent years. Despite the impact of the COVID-19 pandemic and more frequent and severe natural catastrophes, the market continues to show resilience and growth. Read More