Market News

Guernsey finished 2022 with 201 captive insurance companies domiciled on the island, making it Europe's largest captive domicile, according to Guernsey Finance. Guernsey issued 12 new captive licenses last year while 3 were surrendered, breaking a tie with Luxembourg as the largest European domicile, Guernsey Finance said. Read More

The insurance market's hard market trends continued to decelerate in 2022, with new capacity arriving either through new market entrants or expanded insurer appetites in areas targeted for growth, according to a new report from Aon. The report notes that modest price increases continued in the fourth quarter. Read More

Cyber security will see a significant evolution in 2023, with organizations needing to get smarter about educating employees to spot fraudulent tactics, according to Beazley. In its latest “Cyber Services Snapshot,” Beazley noted that cyber losses as a result of fraudulent instruction increased 13 percent year over year in 2022. Read More

Hylant has partnered with cyber safety and security platform CloudCover to create a cyber-security rent-a-captive insurance program known as the "CloudCover CyberCell." Hylant said the partnership will allow clients to benefit from more affordable cyber-insurance premiums and more inclusive coverage. Read More

The hard market for short-tail reinsurance lines will likely continue through 2023, while casualty reinsurance pricing remains firm, though price increases have moderated in the United States, according to a report from S&P Global Ratings. S&P indicated it is maintaining its negative view on the global reinsurance sector. Read More