Market News

Cyber-espionage is the most common type of attack seen in manufacturing, the public sector, and now education, warns the Verizon "2017 Data Breach Investigations Report." Much of this is due to the proliferation of proprietary research, prototypes, and confidential personal data, which are hot-ticket items for cyber-criminals. In addition, organized criminal groups escalated their use of ransomware to extort money from victims. Read More

Senate Bill 173 to the state of Georgia Captive Insurance Company Act was sent to the governor to sign. The bill incorporated revisions to certain provisions and definitions that clarify the Captive Insurance Company Act, impose minimum requirements for articles of incorporation, allow captives to be formed as limited liability companies rather than stock companies, place restrictions on agency captives, and provide for certain powers and requirements by the commissioner of insurance. Read More

A.M. Best has affirmed positive financial and credit ratings of Blue Whale Re Ltd. This is the Vermont-domiciled single-parent captive of pharmaceutical giant Pfizer. The company received a positive Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of "a+." Read More

The National Risk Retention Association filed an amicus curiae brief in support of Restoration RRG in its recent court appeal, challenging the Wisconsin Department of Safety and Professional Services for discrimination against risk retention groups. Read More

The International Association of Insurance Supervisors (IAIS) has launched a new consultation package and is seeking public feedback via one more upcoming public background session. The consultation focuses on revised Insurance Core Principles (ICPs), ComFrame-specific material, and a new draft "Application Paper on Group Corporate Governance." Read More