Market News

North Carolina licensed 62 new captive insurance companies in 2022, increasing the domicile's total number of captives to 294. North Carolina is one of the younger captive insurance domiciles in the United States. North Carolina lawmakers passed the state's captive statute in 2013. Read More

The average premium renewal rate change increased year over year across all major commercial insurance lines during the fourth quarter except for workers compensation, according to the "Ivans Index," a regular premium renewal rate index compiled by the Ivans insurance exchange service. Read More

As many businesses saw their supply chains become more far-flung over the past 2 decades, recent events have highlighted supply chain vulnerabilities. As businesses look to address supply chain and business interruption exposures, captive insurance can play a valuable part in those efforts. Read More

Montana licensed 46 new captive insurance companies in 2022, boosting the domicile's total captive count to 268. Montana officials expect captive formations to remain strong in the state in 2023 and have already licensed six new captives this year. Read More

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