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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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Alabama Adds 14 New Captive Insurance Companies in 2019

Continuing impressive growth, the Alabama Department of Insurance licensed 14 captive insurance companies in 2019, the second straight year the state hit that licensing mark. With 73 captive insurance companies at the end of 2019, Alabama is one of the larger captive insurance domiciles in the southeastern United States.
March 18, 2020 Read More
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COVID-19's Possible Impacts on Captive Insurers Are Varied

Captive insurance companies will no doubt feel the impacts of the novel coronavirus pandemic and the COVID-19 disease it causes, both in the near term and possibly in the future as captive owners look to close holes the outbreak is revealing in insurance programs.
March 18, 2020 Read More
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COVID-19 Forces Cancellation of Annual RIMS Conference

The Risk and Insurance Management Society (RIMS) has canceled its 2020 Annual Conference & Exhibition due to COVID-19. The event was scheduled for May 3–6 in Denver. RIMS noted that it's the first time in the organization's 70-year history that it has been forced to cancel its annual conference.
March 17, 2020 Read More
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SRS Closing Offices, Moving Meetings Online Due to COVID-19

In yet another impact of the COVID-19 outbreak on the captive insurance industry, captive manager Strategic Risk Solutions (SRS) disclosed Monday that it will close all offices, except for essential staff. The Boston-based captive manager will move all meetings from in person to online and will suspend all business-related travel.
March 17, 2020 Read More
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ILS Market Has Been Tested by Losses but Continues To Grow

New issuance of catastrophe bonds and other insurance-linked securities (ILS) may vary from year to year, but over time the volume of reinsurance capital represented by the outstanding securities in the marketplace has steadily grown. In responding to losses, ILS have demonstrated viability as an alternative method of ceding risk.
March 16, 2020 Read More
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SIIA Latest Industry Group To Cancel Event over COVID-19

Another industry gathering has been canceled due to COVID-19 with the Self-Insurance Institute of America, Inc. (SIIA), announcing it had canceled this week's Self-Insured Health Plan Executive Forum. SIIA said fast-moving developments around the spread of COVID-19 forced the association's board to cancel the gathering.
March 16, 2020 Read More
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Lance Abbott Elected Chair of CICA's Board

Lance Abbott, president of BevCap Management, LLC, has been elected chair of the board of directors of the Captive Insurance Companies Association (CICA). CICA's board also elected Robert "Skip" Myers as vice chair and Renea Louie as secretary/treasurer.
March 13, 2020 Read More
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COVID-19 Prompts NAIC To Adopt Virtual Format for Spring Meeting

The National Association of Insurance Commissioners (NAIC) has canceled its in-person spring national meeting and instead will hold the meeting in a virtual-only format due to COVID-19. The NAIC said a revised schedule with dates, times, and call-in numbers will be available next week at the organization’s website,
March 13, 2020 Read More
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Premiums Across Most Lines Continue Their Upward Trend in February

Year over year, nearly all lines of insurance business experienced an increase in average premium renewal rate in February, according to the February results of the "IVANS Index." The lone exception to the premium increase trend, according to IVANS, was workers compensation, which continued its negative trend.
March 12, 2020 Read More
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Vermont Postpones Mexico City Captive Insurance Forum over COVID-19

COVID-19 continues to interfere with captive insurance company scheduled events, the latest being a Vermont-led captive insurance forum in Mexico. Conference organizers hope to reschedule the postponed Mexico City event once the COVID-19 public health emergency ends.
March 12, 2020 Read More
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