Market News

Michael Maglaras, principal of Michael Maglaras & Company, has announced that the captive formed to respond to the crumbling foundations property insurance crisis in Connecticut has successfully secured $36 million more in capitalization from the State of Connecticut. Connecticut Foundation Solutions Indemnity Company, Inc. (CFSIC), was formed in 2018. Read More

Social and economic inflation drove US personal and commercial auto liability claims payouts $96 billion to $105 billion higher between 2013 and 2022, according to a new study from the Insurance Information Institute (Triple-I). The Triple-I study found that commercial insurers saw losses grow faster than the overall economy. Read More

While year-over-year average premium renewal rate changes varied among commercial insurance lines in this year's third quarter, all rates were up month-over-month in September, according to the "IVANS Index," a regular premium renewal rate index compiled by the Ivans insurance exchange service. Read More

The US property-casualty insurance industry experienced an increase in credit rating downgrades during the first half of 2023, reflecting a difficult period for the personal lines segment, according to A.M. Best. The rating agency reported that the number of property-casualty downgrades outpaced upgrades during this year's first 6 months. Read More

While the commercial cyber-insurance market is stabilizing and perhaps even softening, there's still a place for captive insurance in organizations' cyber-insurance programs, a new white paper from Milliman contends. Employing captives in cyber-insurance programs offers several potential advantages, according to the Milliman white paper. Read More