Captive Insurance News

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  • New "Cyber-Physical" Risk Modeling for Property Insurers According to RMS, the risk of insurance losses through physical damage to property increases as hackers target control systems linked to the Internet. The firm has responded with a new class of "cyber-physical" risk models that explore a range of cyber-attack scenarios that can lead to physical property damage.
  • Vermont Enhances Branch Captives and Standardizes Annual Filing Date Vermont's latest captive insurance legislation recently signed into law includes regulatory enhancements for branch captives as well as the standardization of the state's annual filing date for annual reports and premium taxes.
  • Pinnacle and Carfax Connect To Deliver Data Analytics to Auto Insurers Pinnacle Actuarial Resources and Carfax Banking & Insurance have launched a data analytics group to deliver actionable, data-driven insights to automobile insurers to help them benchmark their book of business against the broader market and identify adverse selection trends in areas such as annual mileage, ownership history, and damage events.
  • Chansky and McElhiney To Chair and Vice Chair CICA Board Joel Chansky, consulting actuary, Milliman, Inc. has been elected chair of the board of directors of the Captive Insurance Companies Association (CICA). In addition to Mr. Chansky, the board elected Steve McElhiney as vice chair. Mr. McElhiney is president of EWI Re, Inc.
  • Capstone Examines Avrahami in New Captive Management Resource Capstone Associated Services has released a new captive management resource that discusses the captive insurance industry case Avrahami v. Commissioner, 149 T.C. 7 (2017). According to Capstone, the collective conversation has grown—with abundant misunderstandings—since the decision was handed down by the Tax Court in August 2017.
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Captive Insurance Issues and Trends 2018

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  martin ellis-SF

Collateral for Captive Insurers

Martin Ellis, manager of Comerica Bank's Captive Insurance Group, discusses how captive insurers use two main types of collateral. A letter of credit is issued by the bank to the front for a fixed amount. A reinsurance trust is a three-party agreement among the captive, the front, and the bank.
January 08, 2018 Read More
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JLT Re: Global Property Catastrophe Reinsurance Rate Firms Selectively

According to JLT Re, at January 1, the global property catastrophe reinsurance sector experienced upward pricing pressure following 5 consecutive years of falling rates. Pricing varied significantly across regions with pronounced firming restricted to classes and geographies experiencing the highest losses.
January 08, 2018 Read More
  World Captive Forum 2018

This Year's World Captive Forum Filled with Valuable and Diverse Topics

This year's World Captive Forum will cover captive solutions for new and emerging risks. Recognized for its valuable educational content, the conference is geared toward providing cutting-edge information to risk managers, benefits managers, and financial executives whose organizations insure their risks in a captive or are exploring captive formation.
January 05, 2018 Read More
  Inflation Rising-SF

831(b) Premium Adjustment for Micro-captives in 2018

The Internal Revenue Service's first annual inflation adjustment for the Section 831(b) tax election has increased the premium limit for micro-captives to $2.3 million. Effective in 2017, H.R. 34 increased the maximum premium revenue allowable from $1.2 million to $2.2 million, allowing for inflation adjustments in subsequent years.
January 05, 2018 Read More
  Vermont Flag-SF

UVM Health Network To Relocate Captive Insurance Company to Vermont

The University of Vermont (UVM) Health Network has announced it will move its captive insurance company from Bermuda to Vermont. The change is the outcome of a unanimous decision by the Board of Directors of VMC Indemnity Company, Ltd., the health network subsidiary that provides medical malpractice insurance coverage for its medical providers.
January 04, 2018 Read More
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VCIA Board of Directors Welcomes Anne Marie Towle

In a recent communication, the Vermont Captive Insurance Association (VCIA) announced that Anne Marie Towle is set to launch a 3-year service term on its board of directors. Ms. Towle is currently executive vice president and captive consulting practice leader for JLT Insurance Management (USA) LLC.
January 04, 2018 Read More
  Bruce Wright

How the 2017 Tax Law Affects Captive Insurers

Following the passage of the Tax Cuts and Jobs Act by the US Congress, met with Bruce Wright of Eversheds Sutherland to document his take on the primary impacts of the tax law on the captive insurance industry. According to Mr. Wright, a number of the law's provisions may affect captives.
January 03, 2018 Read More
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IAIS Releases Consultation Paper on Systemic Risk

The International Association of Insurance Supervisors (IAIS) has released a consultation paper regarding systemic risk in the insurance industry. The IAIS is seeking input on the paper by market participants by February 15, 2018. We provide a summary of the paper and argue that captive insurers should provide responses.
January 03, 2018 Read More
  Workers Comp 480x377

2017 "Workers' Compensation Benchmarking Study" Releases Best Practices Report Card

The recent 2017 "Workers' Compensation Benchmarking Study" measures industry-wide advancement in claims management over the past 3 years. The study validates how and what higher performers are doing differently than lower-performing peers to reveal a robust profile of the successful claims organization.
January 02, 2018 Read More
  Global Loss 480x377

Swiss Re Sigma Estimates: Third-Highest Recorded Global Insured Losses

Swiss Re's preliminary sigma estimates for insured global losses resulting from natural and man-made disasters in 2017 are around $136 billion, well above the annual average of the previous 10 years and the third highest since sigma records began in 1970.
January 02, 2018 Read More
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