Market News
North Carolina Legislature Ends Session without Passing Captive Bill
The North Carolina General Assembly ended this year's session without passing legislation that would extend the state's premium tax holiday for captive insurance companies that redomesticate to the state as well as other improvements to the state's captive law. Read More
Best Maintains Its Stable Outlook for Global Reinsurance Sector
A.M. Best is maintaining its stable outlook for the global reinsurance sector, citing substantial rate improvement—largely in property lines—with higher attachment points expected to widen reinsurers' profit margins. The rating agency said its stable outlook is also driven by increased demand for reinsurance coverage and increasing investment income. Read More
Market Forecast Sees Current Conditions Likely To Persist in 2024
The hard property market conditions experienced in 2023 seem likely to persist in 2024, while the casualty market might see insurers looking to drive rate increases, a new report suggests. The "Insurance Marketplace Realities 2024" report from Willis Towers Watson suggests the outlook might be better in financial lines. Read More
Property Catastrophe Reinsurance Premium Increases Expected To Slow
Premium increases for property catastrophe reinsurance are likely to slow to below 10 percent on average at January 2024 renewals, according to Fitch Ratings. As a result, improvements in reinsurers' underwriting margins will be less significant than in 2023, the rating agency said. Read More
Government To Consult on Design of UK Captive Insurance Framework
The UK government has indicated it will consult on the design of a new framework for encouraging the establishment and growth of captive insurance companies in the United Kingdom. The government indicated it would begin consultation on the framework for a UK captive regime in the spring of 2024. Read More