Market News
Catastrophes, Pandemic Reduce US P&C Insurers' 2020 Profitability
Heightened catastrophe activity, the COVID-19 pandemic, and lower investment income took a toll on US property-casualty (P&C) insurers' profitability in 2020, according to Fitch Ratings. For a group of 50 North American (re)insurers, generally accepted accounting principles return on equity declined to 4.6 percent in 2020 from 7.5 percent in 2019. Read More
A.M. Best Endorses United Nations' Sustainable Insurance Principles
A.M. Best has become a signatory to the United Nations Environment Program FI Principles for Sustainable Insurance, the first credit rating agency to do so. Best said it believes the insurance industry plays an important role in supporting sustainable economic and social development. Read More
Montana Eases Exam Requirements for Most Captive Insurance Companies
Legislation recently approved by Montana lawmakers and signed into law by Governor Greg Gianforte eliminates mandatory examinations every 5 years by the state insurance commissioner or an examiner appointed by the commissioner for most captive insurance companies. Instead, examinations would be conducted as often as the insurance commissioner "considers advisable." Read More
Lance Abbott Elected Chairman of CICA's Board of Directors
Lance Abbott, CEO of BevCap Management, LLC, has been elected chairman of the board of directors of the Captive Insurance Companies Association (CICA). Mr. Abbott also serves as director of BevCap Captive Group and as a director/shareholder of HatterasRe, BevCap’s sponsored cell captive. Read More
February Was Coldest Since 2014 but Still Among the Warmest Ever
February 2021 was Earth's coldest February since 2014, according to the US National Oceanic and Atmospheric Administration, though the Northern Hemisphere experienced its eighth-warmest winter (December through February) in 142 years. Though it was the coldest February in 7 years, it was the 16th-warmest February on record. Read More