Market News
Increased Economic Risks Highlight Importance of ERM Programs
Growth in economic risks, the increased severity and frequency of weather events, and the growing impact of social inflation underscore the need for enterprise risk management (ERM) processes to evolve with insurance companies' risk profiles, according to A.M. Best. Read More
Lloyd's Names Transformation Director To Lead Blueprint Two Adoption
Lloyd's of London has appointed Matt Unsworth transformation director to lead market adoption of Lloyd's new Blueprint Two solutions. Working with Lloyd's joint venture partners, technology providers, and market associations, Mr. Unsworth will seek to ensure that the market is ready to make needed changes. Read More
MCIA Says New Measure Makes Montana a More Competitive Domicile
The Montana Captive Insurance Association (MCIA) has applauded Governor Greg Gianforte's signing of a bill the group calls a victory for the association on behalf of its members and the state’s growing captive insurance domicile. The measure explicitly protects captive insurers from third-party bad faith claims. Read More
While Some Commercial Lines Stabilize, Captive Resurgence Continues
While the stabilizing trend across most commercial insurance lines that began in 2022 is continuing, increased use of captive insurance is as well, according to a new report from Willis Towers Watson. In addition to the continued use, captive owners are increasingly putting additional coverage lines into their captives. Read More
Florida Legislative Session Ends without Passage of RRG Bill
Florida lawmakers have concluded their legislative session without giving final approval to a bill that the National Risk Retention Association said would have discriminated against risk retention groups (RRGs) writing commercial auto coverage in the state. Read More