Captive Insurance News

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  • Brian Collins Joins Strategic Risk Solutions in New Luxembourg Branch Strategic Risk Solutions (SRS) has announced the opening of its Luxembourg captive management branch with Brian Collins joining the firm as managing director, Luxembourg, to lead captive management business in the domicile. Mr. Collins joins SRS from Stadhold Insurances (Luxembourg), a subsidiary of Randstad.
  • Guy Carpenter Adds 3 New Members to Its Executive Committee Guy Carpenter has appointed three new members—Neil Mayer, Lara Mowery, and John Crichton—to its executive committee. Mr. Mayer has been appointed chief operating officer; Ms. Mowery has been appointed global head of distribution; and Mr. Crichton, Guy Carpenter's chief information officer, also joins executive committee.
  • Elliott Goss To Join Legacy Acquirer DARAG as Group Head of Claims Malta-based legacy acquirer DARAG Group has named Elliott Goss group head of claims. Mr. Goss, who will be based in London, will join DARAG on August 17. Mr. Goss brings over 17 years of insurance and reinsurance claims experience to DARAG, specializing in long-tail classes such as international casualty.
  • With COVID-19 and a Hardening Market, Captives Respond to Challenges As with previous commercial insurance market disruptions, captive insurance companies are responding to the current hardening traditional market, according to A.M. Best. Current conditions will likely result in more new captive insurance companies or parents of existing captives adding coverage lines.
  • US P&C Insurers Saw Record Surplus Drop in the First Quarter The US property and casualty (P&C) insurance industry experienced its largest-ever quarterly decline in surplus during the first quarter of this year when surplus fell $75.9 billion, according to Insurance Services Office, Inc., a Verisk business, and the American Property Casualty Insurance Association. Since then, the COVID-19 pandemic has continued to affect many insurers.
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First Half's $68 Billion in Natural Disaster Losses Below Average

Natural disasters caused approximately $68 billion in losses during the first half of 2020, slightly below the inflation-adjusted 30-year average of $74 billion, according to Munich Re. Insured losses, at $27 billion, were above the average of $20 billion due to the large proportion of North American weather disaster losses.
July 28, 2020 Read More
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Liability Management Firm Gets PCC License in Malta

Liability management company Gossmann & Cie. has been licensed to operate a protected cell company (PCC) in Malta. The PCC is fully operational and able to create customized cell-based solutions as well as manage the relevant insurance portfolios transferred to Gossmann & Cie., the company said.
July 28, 2020 Read More
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Why Your Captive Insurance Company Board Needs To Be Actuarially Sound

In today's environment, it's imperative that a captive insurance company board, or at least a number of board members, be actuarially sound. Take a look at what captive board members should know about actuarial analysis and why as well as actuarial terms board members should understand.
July 27, 2020 Read More
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Coalition of Captive Industry Groups Files Amicus Brief in CIC Case

A coalition of 23 captive industry associations has filed an amicus brief before the US Supreme Court in the case of CIC Servs., LLC v. Internal Revenue Service, et al. Earlier this year, the high court agreed to hear CIC's appeal of a lower court ruling favoring the IRS.
July 27, 2020 Read More
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Jonathan Reiss Joining Strategic Risk Solutions as Managing Director

Jonathan Reiss is joining captive management and consulting firm Strategic Risk Solutions (SRS) as managing director and as a member of the board. Mr. Reiss, who is currently president of strategic partnerships at Hamilton Insurance Group, Ltd., in Bermuda, is expected to join SRS during this year's fourth quarter.
July 24, 2020 Read More
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For US Property and Casualty Insurers, COVID-19's Impact Remains Uncertain

The COVID-19 pandemic's impact on insurers' financial statements will likely be more pronounced in the second quarter than it was in first-quarter results, according to S&P Global Ratings. The infection rate and deaths related to COVID-19 grew significantly in the second quarter, and business shutdowns were also more pronounced.
July 24, 2020 Read More
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Cyber Insurance Premiums Increase in 2019, Though Premium Growth Slows

Direct written premiums paid to US cyber insurers grew 11 percent year-over-year in 2019 to $2.25 billion, according to A.M. Best. Still, the rate of cyber insurance premium growth slowed for the fourth straight year.
July 23, 2020 Read More
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Risk Modeler AIR Worldwide Updates US Hurricane, Inland Flood Model

Catastrophe risk modeling firm AIR Worldwide (AIR) has updated its hurricane and inland flood models for the United States. The updates will help insurers and reinsurers enhance their risk management and provide a comprehensive view of flood risk across the US, AIR said.
July 23, 2020 Read More
  Steven Bauman, head of global programs and captive practice in North America, AXA XL

Using Captive Insurance as Part of a Global Risk Management Strategy

There is a long history of organizations using captive insurance companies to enhance their global risk management strategies. From a risk management and regulatory perspective, proper coordination of a global insurance program is vital for the overall organization. Steven Bauman of AXA XL explains in this new Captive Thought Leader video.
July 22, 2020 Read More
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Insurers' Surplus Rebounds in Second Quarter, but Challenges Remain

After declining in the first quarter of the year due to the COVID-19 pandemic, property-casualty insurers' surplus is expected to rebound in the second quarter, according to Kroll Bond Rating Agency (KBRA). KBRA believes the industry can withstand a repeat of the first quarter's market decline and COVID-19 claims.
July 22, 2020 Read More
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