Market News
Montana Captive Insurance Association Releases 2023 Domicile Report
The Montana Captive Insurance Association (MCIA) has released a new report that provides a wide range of details on the Montana captive domicile and how to form captives in the state, which is a major captive domicile. At the end of 2022, Montana had 268 captives. Read More
Faced with Challenging Property Market, More Buyers Look to Captives
At midyear 2023, the insurance market is essentially split into two different markets, with many property insurance buyers facing the most challenging market in 20 years, while the casualty and liability insurance market was less challenging, according to Arthur J. Gallagher & Co. Read More
Digital Insurer Lemonade Looks to Captives in Its Reinsurance Program
InsurTech Lemonade, Inc., has formed two captive insurance entities as part of its July 1 reinsurance renewal program. The digital insurer formed Lemonade Re in the Cayman Islands and a captive cell in a Bermuda transformer vehicle to retain some of its risks. Read More
Connecticut Governor Signs Legislation Updating State's Captive Laws
Connecticut Governor Ned Lamont has signed legislation updating the state's captive insurance laws to support the growth of captive insurance in Connecticut and increase options for captive owners. The measure, which becomes effective October 1, offers increased support and flexibility for captive insurance companies, their owners, and service providers. Read More
New Vulnerabilities Accompany Growing Reliance on AI, Machine Learning
As reliance on artificial intelligence (AI) and machine learning (ML) systems grows, so too do new vulnerabilities, according to a new report from Swiss Re. Meanwhile, insufficient risk awareness and governance expose greater numbers of AI services to new attacks, the reinsurer suggests. Read More