Market News
Underwriting Exposures and Cyber-Insurance Evolution Examined by Fitch
A Fitch report finds that cyber-insurance has been a profitable business line for early entrants and is a rapid growth segment, with global premium volume set to increase six- to eightfold within a decade. The report reveals challenges faced by insurers and policyholders and identifies key risks and opportunities. Read More
Charter Communications Moves Entire Captive Operations to Connecticut
Stamford-based Charter Communications, the nation's second-largest cable company, recently expanded its business footprint in Connecticut by basing its entire captive insurance operations in the state. Its captive, Spectrum Communications Indemnity, Inc., is the largest of 15 captives licensed in Connecticut. Read More
A Message from MSI's Puerto Rico Headquarters
Management Services International (MSI), headquartered in Puerto Rico, reports that its team and staff on the island are safe after Hurricane Maria. While the storm has devastated Puerto Rico, leaving MSI's office in San Juan with limited e-mail and phone service, the office remains open for business. Read More
"First" Insurance-Linked Securities Blockchain Transaction Completed
Dom Re IC, an insurance-linked securities (ILS) reinsurance transformer, issued what it believes are the first notes digitized on a private blockchain. The transaction was an asset-backed securitization of a reinsurance contract where Dom Re issued $14.8 million in principal-at-risk, participating notes to six investors. Read More
PCAOB Adopts New Standards on Unqualified Audit Opinion Disclosures
Why should captive insurers care about new accounting opinion disclosure standards for public companies? The reason is that they bring the United States into closer alignment with international accounting standards and are likely to become "best practices," even for nonpublic companies. Read More