Market News

Bermuda Monetary Authority recently released its 2017 captive/special purpose insurer (SPI) statistics. This article reviews the report, and selected highlights are included. Other captive domiciles would do well to follow Bermuda's lead and create greater transparency in the captive industry. Read More

A Reinsurance Association of America (RAA) survey of reinsurers' statutory underwriting results reveals that the combined ratio for a group of 18 US property and casualty reinsurers was 111.9 percent during the 9 months ended September 30, 2017, deteriorating from the 94.9-percent combined ratio reported for the same period in 2016. Read More

Since 1997, Bermuda reinsurers have paid out $208.7 billion to US policyholders and cedents for large catastrophes, related property insurance, and general liability losses, according to the Bermuda Monetary Authority. More recently, records estimate Bermuda reinsurers will pick up 30 percent of the 2017 hurricane season losses from Harvey, Irma, and Maria. Read More

Chinese reinsurer Brilliant Reinsurance Limited has formed as Guernsey's first Chinese insurance company, providing further proof of the growing connection between Guernsey's insurance industry and China's business sector. Alternative Risk Management, an independent insurance manager, will manage Brilliant Reinsurance's retroceded business from the Lloyd's of London re/insurance market. Read More

For captive insurers struggling to determine whether it makes sense to secure a financial rating, there is now a new option. Kroll Bond Rating Agency (KBRA) recently released its new Global Captive Insurer Rating Methodology. Carol Pierce shares her thoughts on the new methodology. Read More