Captive Insurance News

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  • William Wood Joins Artex Bermuda as Director, Captive and Commercial William Wood has joined Artex Bermuda as director, captive and commercial, for Artex’s Bermudian operations. In the newly created role, Mr. Wood joins the office's senior management team and is responsible for leading Artex's Bermuda captive insurance and commercial insurance and reinsurance management operations.
  • Forecasters Now Predict "Extremely Active" Atlantic Hurricane Season Two leading forecasters have upgraded their projections for this year's Atlantic hurricane season, with both now expecting an "extremely active" storm season. Both the National Atmospheric and Oceanic Administration and researchers at Colorado State University have increased the number of hurricanes they expect this year.
  • CICA Settles Insurance Claim over 2020 Conference Cancellation The Captive Insurance Companies Association (CICA) has settled its event cancellation insurance claim with Tokio Marine HCC for the cancellation of CICA's 2020 International Conference due to the COVID-19 pandemic. CICA has previously indicated that it purchased event cancellation for the conference.
  • ICCIE To Hold Virtual "Sweet 16" Anniversary Celebration The International Center for Captive Insurance Education (ICCIE) will mark the 16th anniversary of its launch with a virtual "Sweet 16" anniversary celebration. The event will be held online at 7:30 p.m. (EDT) Monday, August 10 and will feature Associate in Captive Insurance certificate presentations and other activities.
  • Joshua Clark Joins Tennessee Department in Captive Development Role Joshua Clark, a veteran insurance executive, has joined the Tennessee Department of Commerce & Insurance as director of business development. In his new role, Mr. Clark will be involved in attracting more captive insurance companies to the state.
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Commercial Insurance Premium Increases Slowed in May: IVANS Index

May insurance premium increases slowed from the prior month, according to the IVANS Index, a monthly premium renewal rate index compiled by IVANS Insurance Services. Year-over-year, all lines except workers compensation saw an increase in average premium renewal rate in May.
June 04, 2020 Read More
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COVID-19 Pandemic Could Complicate Hurricane Season for Insurers

In its annual hurricane season report, Fitch Ratings suggests that the COVID-19 pandemic's continuation into this year's hurricane season is likely to increase the challenge for insurers if a major storm occurs. Most 2020 hurricane season forecasts predict above-average activity this year.
June 04, 2020 Read More
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How Numerate Is Your Board? The Case for Captive Board Numeracy

What is "numeracy," and why is it an important attribute for captive board members to have? This article examines numeracy, innumeracy, and relevant examples—with a specific look at insurance.
June 03, 2020 Read More
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US Property-Casualty Reinsurers' First-Quarter Premiums Up from 2019

A survey of US property-casualty reinsurers showed the group's first-quarter net premiums written were up 20.4 percent from the same period in 2019. The Reinsurance Association of America survey of 17 US property-casualty reinsurers found the group wrote $16.5 billion of net premiums during the first 3 months of 2020.
June 03, 2020 Read More
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Vermont Lawmakers Update State's Captive Insurance Statute

Continuing its history of regularly updating the state's captive insurance company statute, Vermont lawmakers last week gave final approval to legislation that makes several changes to the state's captive law. Governor Phil Scott is expected to sign the measure, S. 255.
June 02, 2020 Read More
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Guernsey Reopening after More Than 2 Months in COVID-19 Lockdown

Guernsey's financial services sector is emerging from its COVID-19 lockdown. The island, a leading domicile for captive insurance, alternative investment funds, and private wealth, went into lockdown on March 24 to help control the spread of the disease. There are currently no known active COVID-19 cases in the island.
June 02, 2020 Read More
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Reinsurance Sector Won't Earn Cost of Capital in 2020 Due to COVID-19

The global reinsurance industry will fail to earn its cost of capital in 2020 due to the impact of the COVID-19 pandemic, according to Fitch Ratings. Fitch noted that the COVID-19 crisis comes after 3 years of heightened natural catastrophe losses and increasing US casualty claims.
June 01, 2020 Read More
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COVID-19 Pandemic Slows Pace of Captive Insurance Law Updates

While the COVID-19 pandemic has slowed state legislatures' updates of their captive insurance statutes this spring, some states have moved forward in 2020 and passed captive legislation. In other captive domiciles, state lawmakers did not complete action on captive legislation before adjourning.
June 01, 2020 Read More
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Legislation To Create TRIA-Like Federal Pandemic Backstop Introduced

A bill that would create a federal pandemic risk backstop has been introduced in Congress. Rep. Carolyn B. Maloney (D-NY), senior member of the House Financial Services Committee, introduced H.R. 7011, the Pandemic Risk Insurance Act of 2020, on Wednesday.
May 29, 2020 Read More
  2020 Upward Trend Shown with Red Marker on Line Drawn Graph

US Property-Casualty Market Hardening Continues in First Quarter: CIAB

Commercial property-casualty insurance markets continued to harden in the first quarter of the year, with some lines seeing their largest increases since the September 11, 2001, terrorist attacks, according to the Council of Insurance Agents & Brokers (CIAB). Premiums increased by an average of 9.6 percent in the first quarter.
May 29, 2020 Read More
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