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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Registration Opens for 2020 Virtual Bermuda Captive Conference

Registration is open for this year's Virtual Bermuda Captive Conference to be held September 9–11. Amidst continued uncertainty around the global COVID-19 pandemic, the Bermuda Captive Conference committee decided earlier this year to hold the conference as a virtual event.
July 21, 2020 Read More
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Lloyd's Leaving US Admitted Market To Focus on Reinsurance, E&S

Lloyd's of London will relinquish its admitted market licenses in the United States as part of a plan to strengthen its focus on the US reinsurance and excess and surplus (E&S) markets. Lloyd's will give up its admitted licenses in Illinois, Kentucky, and the US Virgin Islands.
July 21, 2020 Read More
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Vermont Captive Group Readies for August Virtual VCIA Conference

As Vermont Captive Insurance Association (VCIA) leadership wrestled this spring with how to move forward with its annual conference, thoughts turned to presenting something that addresses pandemic realities while providing something as close as possible to the usual conference experience. The virtual event will be held August 11–13.
July 20, 2020 Read More
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Micro-Captives Missing from this Year's IRS "Dirty Dozen" List

Micro-captives are not included in this year's Internal Revenue Service (IRS) "Dirty Dozen" list of "tax scams," though an IRS statement suggests the agency will continue monitoring the small captive insurance companies. It is the first time in 5 years that the IRS did not include micro-captives on its annual list.
July 20, 2020 Read More
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Department of Labor ExPro Benefits Captive Review Option Still Frozen

While the US Department of Labor (DOL) has not yet reinstated a regulatory procedure that enabled employers to obtain a speedy DOL review of their plans to use their captive insurance companies to fund employee benefits, they can, for regular review, use guidance that the DOL released last year.
July 17, 2020 Read More
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Insurers Group To Promote Pandemic Backstop Alternative to Congress

The American Property Casualty Insurance Association is planning virtual meetings with members of the US House Financial Services Committee to promote the Business Continuity Protection Program (BCPP), a proposed pandemic business interruption backstop. The BCPP is designed to help businesses meet the financial challenges from future pandemics.
July 17, 2020 Read More
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New Capital Entering Insurance Market May Fuel Start-Up Class of 2020

Market dislocation resulting from the economic impact of the COVID-19 pandemic is creating opportunities for insurers in some lines of business and attracting capital to the industry, according to a new report from A.M. Best. The new capital is raising the possibility of an insurance industry start-up "Class of 2020."
July 16, 2020 Read More
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Dominic Wheatley Takes Consultant Role at Cutts-Watson Consulting

Dominic Wheatley, who spent 5 years as CEO of Guernsey Finance, has joined the Cutts-Watson Consulting Limited firm as a consultant, effective immediately. Mr. Wheatley had announced in December that he would leave his position with Guernsey Finance at the end of June.
July 16, 2020 Read More
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Reflections on the 2020 "FERMA European Risk Manager Report"

This article takes a look at some of the key findings and themes of the Federation of European Risk Management Associations (FERMA) 2020 "European Risk Manager Report." The analysis includes a look at survey findings concerning the use of captive insurance companies by European organizations.
July 15, 2020 Read More
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Insurance Premium Increases Continue Across Major Lines during Q2

Average insurance premium renewal rates increased across major commercial insurance lines in the second quarter of 2020, compared to the same period in 2019, according to the IVANS Index, a regular premium renewal rate index compiled by IVANS. The average workers compensation premium renewal rates remained negative, however.
July 15, 2020 Read More
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