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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UK Risk and Insurance Group Backs Lloyd's Pandemic Coverage Proposal

Airmic, the UK association for risk and insurance professionals, has voiced support for a framework Lloyd's of London released last week for covering business interruption caused by the COVID-19 pandemic and losses from future pandemics and systemic catastrophes.
July 07, 2020 Read More
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Pandemic Will Delay US Commercial Insurers' Premium Hike Benefits

Any benefits US commercial insurers realize from sharp premium increases will likely be delayed by the impact of the COVID-19 pandemic and related economic fallout on underwriting results, according to Fitch Ratings. Uncertain underwriting performance resulting from the pandemic will likely extend into 2021.
July 07, 2020 Read More
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Sufficient Capacity, Higher Premiums Mark Recent Reinsurance Renewals

Insurers were able to secure sufficient reinsurance capacity at June 1 and July 1 renewals as reinsurers benefited from replenished capital and prudent risk and cost management, according to Willis Re. Reinsurers' capital returned to a point that was just 5 percent below the level at the end of 2019.
July 06, 2020 Read More
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Fronting: An Essential Element of Many Captive Insurance Programs

Fronting arrangements are a necessary element of many captive insurance programs, but, though the mechanism is fairly commonplace, there are distinctions—including collateral requirements—among fronting insurers. There are a number of characteristics that distinguish one fronting insurer from another.
July 06, 2020 Read More
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North Carolina Captive Conference Canceled Due to COVID-19 Pandemic

Citing the impact of the COVID-19 pandemic, the North Carolina Captive Insurance Association (NCCIA) has canceled its upcoming annual conference. The conference, originally scheduled for May, was earlier rescheduled to August 30–September 2, 2020, at the Washington Duke Inn in Durham, North Carolina.
July 02, 2020 Read More
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Lloyd's Offers Framework for Covering Pandemics, Systemic Catastrophes

Lloyd's of London has proposed potential solutions for business interruptions resulting from government-ordered shutdowns due to pandemics or other crises, including open-source frameworks for addressing systemic catastrophic events. The solutions and frameworks include two frameworks that would require government/(re)insurance industry partnerships.
July 02, 2020 Read More
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Regulators Expect COVID-19 To Prompt Pandemic Coverages in Captives

Captive insurance companies may serve as valuable tools for many organizations addressing pandemic-related risks in the wake of COVID-19, but regulators will closely scrutinize captives' pandemic coverage plans. Policy language, triggering events, coverage details, and reinsurance will be key considerations.
July 01, 2020 Read More
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2020 Bermuda Captive Conference To Be Virtual Event Due to COVID-19

The 2020 Bermuda Captive Conference will be held as a virtual event due to continued uncertainty surrounding the COVID-19 pandemic. The online event, which had earlier been rescheduled from June to September as an in-person event, will take place September 9–11.
July 01, 2020 Read More
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New FERMA Survey Shows Hard Market Increasing Interest in Captives

A survey of European risk managers shows a growing number of companies looking to captive insurance as an alternative to a hardening insurance market. The European Risk Manager Report 2020, conducted by the Federation of European Risk Management Associations (FERMA), found 43 percent of respondents indicating they are considering using captives.
June 30, 2020 Read More
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COVID-19 Pandemic Could Contribute to Record Catastrophe Losses

Guy Carpenter said the COVID-19 pandemic looks to rank among the insurance and reinsurance sector's most expensive events, contributing to total 2020 catastrophe losses ranging from $100 billion up to $160 billion. The pandemic also could be one of the slowest developing catastrophes insurers and reinsurers have experienced.
June 30, 2020 Read More
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