Market News
Connecticut Lawmakers Approve Measure Updating State's Captive Statute
Connecticut lawmakers have given final approval to legislation to update the state's captive insurance statute. Among other things, the measure would exempt dormant captives from paying the state's minimum premium tax and would allow captives to use parametric products and contracts. Read More
US P&C Reinsurers Saw Premiums Grow in First Quarter
A group of 17 US property and casualty (P&C) reinsurers wrote $27.3 billion of net premiums during the first 3 months of this year, according to the Reinsurance Association of America (RAA). The reinsurers' first-quarter net premiums were up from $24.6 billion during the same period in 2022, according to the RAA. Read More
US Commercial Lines Insurers Face Challenges as Premium Hikes Persist
Slower revenue growth, inflation-based claims uncertainty, and less favorable loss reserve experience are challenging US commercial lines insurers, according to Fitch Ratings. Fitch projects the US commercial lines sector will post a combined ratio of 97–98 percent in 2023, up from 96 percent in 2022. Read More
Iowa Becomes Latest State To Enact a Captive Insurance Law
Iowa lawmakers have passed and Governor Kim Reynolds has signed legislation to allow the formation of captive insurance companies in the state. Under the bill, SF 549, captives would have to submit an annual report to Iowa's Insurance Division by April 1. Read More
Attracting Sufficient Capital Remains Cyber Market's Top Challenge
Despite recent capacity increases in the cyber (re)insurance market, attracting sufficient levels of capital remains the market's greatest challenge. According to a Gallagher Re white paper, "The Vital Role of Capital in Cyber (Re)insurance," despite those recent capacity increases, the amount of capital entering the cyber (re)insurance remains insufficient. Read More