Market News
Customer Data Theft a Growing Threat to US Health Insurance Industry
The theft of customer data by cyber criminals is a growing threat to US health insurers and the related third parties with which they do business, according to Fitch Ratings. But the possession of that data makes insurers a popular target for phishing, ransomware, or man-in-the-middle attacks, Fitch said. Read More
Vermont Captive Insurance Leaders Meet with British Delegation
Vermont captive insurance leaders met recently with a group of British government representatives to discuss captive insurance. The meeting with Peter Abbott, Her Majesty's Counsel General, and members of his team took place earlier this month at the British Consulate-General Boston. Read More
Michael Maglaras & Company Secures Additional Captive Financing
Captive organizational and consulting firm Michael Maglaras & Company has secured another $100 million of financing from the State of Connecticut to support Connecticut Foundation Solutions Indemnity Company, Inc. (CFSIC). Michael Maglaras & Company formed CFSIC in 2018 at the request of the Connecticut state government. Read More
US Property-Casualty Insurers' Underwriting Results Improved in 2020
Despite the impact of the COVID-19 pandemic, the US property and casualty insurance industry's 2020 underwriting results showed sharp improvement, according to A.M. Best. Net underwriting income increased 30 percent in 2020 to $4.3 billion, Best said in a special report titled "P/C Snapshot: Statutory Underwriting Results for Full Year 2020." Read More
Number of US Cyber Insurers, Premiums, and Loss Ratio Grew in 2020
The number of US cyber insurers and cyber-insurance premiums continued to grow in 2020, according to a report from Aon. According to Aon’s 'US Cyber Market Update," 200 US insurers reported direct cyber-written-premium to the National Association of Insurance Commissioners in 2020, up from 192 in 2019. Read More