Captive Insurance News

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  • William Wood Joins Artex Bermuda as Director, Captive and Commercial William Wood has joined Artex Bermuda as director, captive and commercial, for Artex’s Bermudian operations. In the newly created role, Mr. Wood joins the office's senior management team and is responsible for leading Artex's Bermuda captive insurance and commercial insurance and reinsurance management operations.
  • Forecasters Now Predict "Extremely Active" Atlantic Hurricane Season Two leading forecasters have upgraded their projections for this year's Atlantic hurricane season, with both now expecting an "extremely active" storm season. Both the National Atmospheric and Oceanic Administration and researchers at Colorado State University have increased the number of hurricanes they expect this year.
  • CICA Settles Insurance Claim over 2020 Conference Cancellation The Captive Insurance Companies Association (CICA) has settled its event cancellation insurance claim with Tokio Marine HCC for the cancellation of CICA's 2020 International Conference due to the COVID-19 pandemic. CICA has previously indicated that it purchased event cancellation for the conference.
  • ICCIE To Hold Virtual "Sweet 16" Anniversary Celebration The International Center for Captive Insurance Education (ICCIE) will mark the 16th anniversary of its launch with a virtual "Sweet 16" anniversary celebration. The event will be held online at 7:30 p.m. (EDT) Monday, August 10 and will feature Associate in Captive Insurance certificate presentations and other activities.
  • Joshua Clark Joins Tennessee Department in Captive Development Role Joshua Clark, a veteran insurance executive, has joined the Tennessee Department of Commerce & Insurance as director of business development. In his new role, Mr. Clark will be involved in attracting more captive insurance companies to the state.
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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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Will Captives Benefit from the Hardening Market?

Conventional wisdom holds that hardening insurance and reinsurance markets benefit captive insurers, but that might not be the case this time. Here are three potential issues that could have a negative impact on captives as they look to benefit from rising commercial insurance prices.
June 29, 2020 Read More
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Rising Reinsurance Prices, Tighter Conditions Attracting New Capital

Reinsurance price hikes are drawing additional capital to the market amid the fallout from the COVID-19 pandemic, according to Fitch Ratings. In the current environment, there is potential for double-digit reinsurance price increases to extend into 2021, Fitch said.
June 29, 2020 Read More

Guernsey Insurance Group Signs on to UN Green Initiative

The Guernsey International Insurance Association (GIIA) has signed on to a United Nations (UN) green program as part of its commitment to developing green and sustainable finance. The GIIA is now a supporting institution of the United Nations' Principles for Sustainable Insurance Initiative.
June 26, 2020 Read More
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July "CICR" Explores Captive Insurance Digital Transformation

Don't miss the July issue of "Captive Insurance Company Reports" ("CICR"), which explores the benefits of digital transformation to the captive insurance industry and the timeliness of the need to bring stakeholders together and implement technology-enabled solutions.
June 26, 2020 Read More
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