Market News
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
Airmic Updates Its Captive Governance Guide To Address Captive Changes
Responding to the increasing size and sophistication of captive insurance companies as well as the rapidly changing corporate and regulatory environment in which they operate, Airmic, the UK risk management association, has updated its Captive Governance Guide. The guide was originally published in 2019 in partnership with Aon plc. Read More
Guernsey Finance Names Kevin Boscher New Board Deputy Chairman
The board of directors of Guernsey Finance, the joint industry and government initiative created to promote Guernsey's financial services sector internationally, has appointed Kevin Boscher the board's new deputy chairman. Mr. Boscher is chief investment officer at investment services group Ravenscroft. Read More
US Property-Casualty Industry Posted $8.2 Billion Q1 Underwriting Loss
The US property-casualty insurance industry experienced an $8.2 billion net underwriting loss during the first quarter of this year, according to A.M. Best. During the same period in 2022, the US property-casualty industry posted a $3.4 billion gain, the rating agency said. Read More