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  • Using Artificial Intelligence To Create Insights into Insurance Risk XL Catlin's internal innovation team, Accelerate, will team up with Cytora, a UK-based insurtech start-up, to use artificial intelligence and open source data to create new insights into risk by leveraging Cytora's expertise in sourcing, analyzing, and combining data from multiple sources.
  • Cayman Island Insurance Company Formations Clipping Along in 2017 To date for 2017, the Cayman Islands Monetary Authority has issued 23 new insurance company licenses. This count includes 20 Class B licenses and 3 Class C licenses. The 2016 year ended with a grand total of 39 new insurer licenses, following 22 in 2015 and 23 in 2014.
  • The US 2017 Billion-Dollar Weather and Climate Disasters Count Hits 15 Since June 2017, six weather and climate events impacted the United States with costs exceeding $1 billion. The events included Western wildfires, Northern Plains drought, severe weather in the Midwest, and Hurricanes Harvey, Irma, and Maria. This brings the year-to-date total to 15 separate billion-dollar weather and climate disasters.
  • Tennessee Delivers 3 Modernized Rules for Captive Insurers The Tennessee Department of Commerce & Insurance is ushering in new, more modern rules to guide the Volunteer State's burgeoning captive insurance industry. The new rules relate to dormancy, audits, and financial exams.
  • Swiss Re sigma Study: Deep Changes, New Risks, and New Opportunities The Swiss Re sigma study "Commercial insurance: innovating to expand the scope of insurability" reveals that product development and innovation around data and data analytics have expanded the scope of insurance solutions to a wider range of threats and perils and made risk transfer more efficient.
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PCI Praises Bipartisan Duffy-Heck FIO Reform Bill

The Property Casualty Insurers Association of America (PCI) says the recently introduced bipartisan Duffy-Heck Federal Insurance Office (FIO) Reform Act refocuses the office on international matters, "where it can play an appropriate role in coordinating with the states to develop consensus on US international insurance policy."
October 03, 2017 Read More
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KBRA Embarks on European Expansion with New Dublin Office

Following exponential US growth over the past few years, Kroll Bond Rating Agency (KBRA) has expanded into Europe with the opening of a Dublin office. KBRA is a full-service credit rating agency that was established in 2010 to restore trust in credit ratings after the financial crisis.
October 03, 2017 Read More
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5 Questions To Ask When Considering a Captive Insurance Company

Under the right circumstances, a captive can provide myriad benefits and, increasingly, mid-to-large firms are looking to form or join a captive insurance company. Find out how captive insurance companies operate, the different types of captives, and five key questions to ask when considering whether to form a captive.
October 02, 2017 Read More
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AIG's SIFI Designation Rescinded by the FSOC

David A. Sampson, president and CEO of the Property Casualty Insurers Association of America, recently responded to the Financial Stability Oversight Council (FSOC) decision to de-designate American International Group, Inc. (AIG), as a nonbank systemically important financial institution (SIFI).
October 02, 2017 Read More
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CICA Mentorship Program Set To Develop Future Captive Leaders

The Captive Insurance Companies Association (CICA) recently announced the launch of its new Mentorship Program. The CICA Mentorship Program will provide opportunities for professionals from all levels of experience to build their career skills and be a part of an energetic movement to develop future captive industry professionals.
September 29, 2017 Read More
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Fitch: Hurricane Maria Will Be a Capital Event for Some Re/Insurers

Following the devastation caused by Hurricane Maria, catastrophe losses for the global insurance and reinsurance sectors will exceed $100 billion and could reach close to $190 billion, according to Fitch Ratings. Losses on this scale could weaken capital at some re/insurers and increase the risk of rating downgrades.
September 29, 2017 Read More
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United States, European Union Sign Bilateral Re/Insurance Agreement

The United States and European Union recently signed the bilateral US-EU agreement on prudential insurance and reinsurance measures. The agreement conveys benefits to US and EU insurers and reinsurers operating across the Atlantic by offering them enhanced regulatory certainty while maintaining robust consumer protections.
September 28, 2017 Read More
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A Message from MSI's Puerto Rico Headquarters

Management Services International (MSI), headquartered in Puerto Rico, reports that its team and staff on the island are safe after Hurricane Maria. While the storm has devastated Puerto Rico, leaving MSI's office in San Juan with limited e-mail and phone service, the office remains open for business.
September 28, 2017 Read More
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A Checklist for 831(b) Captives in Light of the Avrahami Tax Case

This 5-part checklist lays out a set of fundamental policies and practices 831(b) captives should follow. While the Avrahami 831(b) captive tax case may have been unique, owners need to be following essential protocols. In doing so, they are much less likely to find themselves the subject of an IRS audit.
September 27, 2017 Read More
  Industry Leader Review Panel

Bermuda Update: How Is Globalization Affecting Insurance?

At this year's Bermuda Captive Conference, panelists Todd Cunningham of Zurich North America, Steve Horton of Iron-Starr Excess Agency, and Giles Harlow of Aon Bermuda spoke on a variety of issues, including providing their insights on the topic of globalization.
September 27, 2017 Read More
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