Market News

Cyber attacks and data loss are seen as the top risks facing organizations' directors and officers, with cyber extortion and the increase in ransomware attacks a top concern, a recent survey found. Cyber extortion was identified as a very significant or extremely significant risk by 59 percent of those surveyed. Read More

Gross cyber-insurance premiums written in Bermuda-domiciled captive insurance companies increased approximately 42 percent in 2020, according to a recent report from the Bermuda Monetary Authority (BMA). Meanwhile, the number of Bermuda captives writing cyber insurance increased from 20 to 23 in 2020, the BMA said. Read More

After further strengthening their financial positions with continued improvements in terms and conditions at January 1 renewals, reinsurers approached April 1 renewals with many still seeking top-line revenue growth, according to a recent report from Gallagher Re. The report describes the April 1 reinsurance renewals as demonstrating an "orderly calm." Read More

Publicly traded US property-casualty insurers’ net income more than doubled in 2021 to $133.9 billion despite weather-related catastrophes, investment volatility, and the ongoing economic fallout from the COVID-19 pandemic, according to A.M. Best. Best said that publicly traded US property-casualty insurers posted gains in all major revenue and income measures. Read More

Guernsey is celebrating its 100th year of captive insurance, marking the June 1922 establishment and listing with the Guernsey Registry of the Commercial Insurance Company Limited (CICL) as the island's first captive insurance vehicle. Today, Guernsey is Europe's largest captive insurance domicile. Read More