Market News
Bermuda (Re)insurers Anticipate Improved Underwriting Performance
Bermuda (re)insurers expect to experience improved underwriting performance in 2023 as a result of accelerating premium rates with a market reset in pricing, terms, and conditions, according to Fitch Ratings. Those underwriting performance improvements are expected to occur despite heightened catastrophe losses, inflation, and economic uncertainties, the rating agency said. Read More
Stress Testing Finds Bermuda Insurers Resilient to Adverse Events
Bermuda insurers saw both their gross loss exposure and gross potential loss value grow in 2021, according to a review by the Bermuda Monetary Authority (BMA). The BMA said that the gross loss exposure assumed by Bermuda insurers increased 8.03 percent in 2021 to $225.02 billion from $208.29 billion in 2020. Read More
Utah Licensed 57 Captives in 2022 as Activity Level Remained High
New captive insurance company formations in Utah continue to be high, with the state licensing 57 captive insurers in 2022, boosting the domicile's captive count to 419. Utah licensed 52 captive insurance companies in 2021 and 39 in 2020. Read More
January Renewals Seen Ushering in New Reality for Reinsurance Buyers
January renewals marked a turning point for the reinsurance market and the beginning of a new reality for reinsurance buyers, according to Aon. An Aon report called January renewals the most challenging in a generation with a fundamental shift in the reinsurance market's pricing and risk appetite. Read More
Vermont Licensed 41 Captives in 2022 as Captive Count Grew to 639
Vermont licensed 41 new captive insurance companies in 2022, bringing the domicile's total number of captives to 639, up from 620 in 2021. The 41 new captive formations in 2022 made it Vermont's sixth-highest year of growth in its 41-year history as a captive insurance domicile. Read More