Captive Insurance News

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  • FERMA Seeks EU Financial Resilience Framework for Catastrophic Risks The Federation of European Risk Management Associations (FERMA) has called on the European Commission to create a European Union business interruption resilience framework for catastrophic risks. FERMA called on the commission to address the "severe shortage" of business interruption insurance for disruptions that don't involve physical damage.
  • June "CICR" Explores Future of Risk Management Don't miss the June issue of "Captive Insurance Company Reports" ("CICR"), which discusses the emerging volatility, uncertainty, complexity, and ambiguity world and the role captive insurance can play in addressing the changing risk landscape.
  • Paul Owens Joining Strategic Risk Solutions as Board Member, Adviser Paul Owens will join the Board of Directors of Strategic Risk Solutions, Inc. (SRS), serving as an independent director as well as a strategic adviser to SRS. Mr. Owens retired as CEO of Willis Towers Watson's Global Captive Practice earlier this year.
  • Future Uncertain for Bill To Allow Risk Retention Group Expansion Four months after a congressional hearing was held on legislation introduced last year that would allow certain risk retention groups (RRGs) to expand coverages offered to their policyholders, the future of the bill remains uncertain. Under that measure, H.R. 4523, RRGs would be allowed to offer property coverages.
  • NOAA Forecast Calls for Active North Atlantic Hurricane Season The National Oceanic and Atmospheric Administration (NOAA) is predicting an above-normal Atlantic hurricane season this year with a range of 13 to 19 named storms of which 6 to 10 could become hurricanes, including 3 to 6 major hurricanes. The Atlantic hurricane season runs from June 1 through November 30.
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Mexico City Captive Insurance Forum Rescheduled for September

A captive insurance educational forum in Mexico that was postponed because of the COVID-19 outbreak has been rescheduled. The forum, to which the state of Vermont and the Vermont Captive Insurance Association planned to send a delegation of captive experts, will now be held September 22.
March 26, 2020 Read More
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MSI's New Podcast Focuses on Captives and P&C Insurance Agents

Raleigh-based Management Services International (MSI) has released its latest podcast episode titled "Captives, Working with P&C Insurance Agents." The new podcast is available immediately from Maximizing Strategic Income (MSI) on Apple Podcasts, or at the MSI Podcast Library.
March 25, 2020 Read More
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North Carolina Captive Group Reschedules Conference Due to COVID-19

The North Carolina Captive Insurance Association has rescheduled its 2020 Annual Conference to August 30 through September 2, 2020, due to the COVID-19 outbreak. The conference venue remains the Washington Duke Inn in Durham, North Carolina. The conference was originally scheduled for May 13–15.
March 24, 2020 Read More
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COVID-19 Forces DC Captive Council To Cancel Annual Conference

The Captive Insurance Council of the District of Columbia, Inc. (CIC-DC), has canceled its annual conference due to the COVID-19 virus. The event was scheduled for May 5–6 in Washington, DC. CIC-DC announced on March 23 that it intends to reschedule the conference later this year.
March 24, 2020 Read More
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COVID-19 and the Need To Think about Leadership and Crisis Management

As we self-quarantine and seek a return to normalcy, real leadership is called for. But what does leadership in a time of crisis look like? A "Wall Street Journal" article got us thinking. It has a lot to do with generative governance.
March 23, 2020 Read More
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COVID-19 Forces Postponement of Texas Captive Group's Conference

The Texas Captive Insurance Association (TxCIA) has postponed its annual conference due to uncertainty created by the COVID-19 pandemic and Centers for Disease Control and Prevention (CDC) guidance regarding large gatherings. The TxCIA said it is currently targeting a September-October time frame for the rescheduled event.
March 23, 2020 Read More
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WRCIC Cancels Annual Gathering Due to COVID-19

The board of the Western Region Captive Insurance Conference (WRCIC) has canceled this year's conference due to COVID-19. The WRCIC board said it has been monitoring and assessing the travel and health issues associated with COVID-19 and decided it was necessary to cancel the event.
March 20, 2020 Read More

Bermuda Extends Captive Reporting Deadline Due to COVID-19

Responding to the business disruptions resulting from COVID-19, the Bermuda Monetary Authority (BMA) is giving captive insurers licensed in the domicile more time to file annual reports. The BMA said it will waive the fee that had applied for captive insurance companies that sought a 1-month delay in filing requirements.
March 20, 2020 Read More
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Quiet Settlement in 831(b) Captive Insurance Tax Case

Wilson v. Comm’r, Docket 26547-13 (Tax Court) was quietly settled at the end of February. The case had been in the Tax Court for some time, and after Avrahami was decided, supplemental briefs were requested by the court. The facts of the case are very similar to Avrahami.
March 19, 2020 Read More
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A.M. Best Developing COVID-19 Stress Test for Rated Insurers

A.M. Best announced that it's developing stress testing that it will conduct on all its rated insurance companies' balance sheets to gauge the impact of the COVID-19 outbreak on risk-adjusted capital levels, investment portfolios, reserve adequacy, and other aspects of risk borne by rated companies.
March 19, 2020 Read More
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