Market News
Major European Reinsurers' Ratings Likely Unaffected by UK BI Ruling
The ratings of the four major European reinsurers will likely not be affected by a recent UK Supreme Court ruling on the validity of COVID-19 pandemic-related business interruption (BI) claims against UK primary insurers, according to Fitch Ratings. The January 15 ruling went largely against primary insurers. Read More
Italian Regulator Open to Captive Insurance Company Formations
ANRA, Italy's risk management association, has held advanced discussions with the local insurance supervisor, IVASS, about authorizing and regulating captive insurance companies in the country. Italian corporations have traditionally utilized established captive jurisdictions, such as Ireland, Luxembourg, and Malta inside the European Union, as well as Switzerland. Read More
Insurers Have Paid $7.7 Billion in Louisiana on 2020 Hurricane Claims
Insurers have paid $7.7 billion on claims in Louisiana resulting from 2020's Hurricanes Laura, Delta, and Zeta, according to a statement from Insurance Commissioner Jim Donelon. The data is the first measure of damage from the 3 hurricanes that struck Louisiana during 2020's record North Atlantic hurricane season. Read More
Nevada's 23 New Captives in 2020 Driven by Cell Captive Formations
Nevada licensed 23 captive insurance companies—nearly all of them cell captives—in 2020. According to the Nevada Division of Insurance, of the 23 new captives, 22 were protected cells and 1 was a risk retention group. Read More
VCIA Legislative Day Kicks Off Vermont Domicile's 40th Anniversary
The state's legislative support for the captive insurance industry was cited as one of the pillars of Vermont's captive insurance success during the Vermont Captive Insurance Association's (VCIA) annual Legislative Day Wednesday. The annual Legislative Day was held as a virtual event this year due to the COVID-19 pandemic. Read More