Captive Insurance News

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  • Legislation To Create TRIA-Like Federal Pandemic Backstop Introduced A bill that would create a federal pandemic risk backstop has been introduced in Congress. Rep. Carolyn B. Maloney (D-NY), senior member of the House Financial Services Committee, introduced H.R. 7011, the Pandemic Risk Insurance Act of 2020, on Wednesday.
  • US Property-Casualty Market Hardening Continues in First Quarter: CIAB Commercial property-casualty insurance markets continued to harden in the first quarter of the year, with some lines seeing their largest increases since the September 11, 2001, terrorist attacks, according to the Council of Insurance Agents & Brokers (CIAB). Premiums increased by an average of 9.6 percent in the first quarter.
  • FERMA Seeks EU Financial Resilience Framework for Catastrophic Risks The Federation of European Risk Management Associations (FERMA) has called on the European Commission to create a European Union business interruption resilience framework for catastrophic risks. FERMA called on the commission to address the "severe shortage" of business interruption insurance for disruptions that don't involve physical damage.
  • June "CICR" Explores Future of Risk Management Don't miss the June issue of "Captive Insurance Company Reports" ("CICR"), which discusses the emerging volatility, uncertainty, complexity, and ambiguity world and the role captive insurance can play in addressing the changing risk landscape.
  • Paul Owens Joining Strategic Risk Solutions as Board Member, Adviser Paul Owens will join the Board of Directors of Strategic Risk Solutions, Inc. (SRS), serving as an independent director as well as a strategic adviser to SRS. Mr. Owens retired as CEO of Willis Towers Watson's Global Captive Practice earlier this year.
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Bermuda Insurers and Reinsurers Show Resilience to COVID-19

Bermuda insurers and reinsurers are demonstrating "operational resilience" as they meet clients' needs during the COVID-19 pandemic, according to the Association of Bermuda Insurers & Reinsurers. The industry has been quick to adopt remote working protocols and social distancing that support efforts to reduce the spread of the novel coronavirus.
April 16, 2020 Read More
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Fact Sheet Examines Business Interruption Insurance and Pandemics

The Insurance Information Institute (Triple-I) has released a fact sheet on "Understanding Business Interruption Insurance and Pandemics." "Business interruption policies generally require the losses to be caused by direct physical damage to the business's property," Sean Kevelighan, CEO of the Triple-I said in a statement.
April 16, 2020 Read More
  Ian Davis, director of financial services, of Vermont Department of Economic Development

Ian Davis Leaving Vermont Economic Development Post for Private Sector

Ian Davis, one of Vermont's top captive insurance officials, will leave his position next month as director of financial services in the state's Department of Economic Development to take a private sector job in the captive insurance industry. Mr. Davis has been in his current position for 3 years.
April 15, 2020 Read More
  Steven Bauman, head of global programs and captive practice in North America, AXA XL

Captive Insurance Uses and Risk Management Evolve Together

Captive insurance companies have evolved into tools that allow organizations to implement their risk management strategies in a much more comprehensive way, says Steven Bauman, head of global programs and captive practice in North America at AXA XL, in a new Captive Thought Leader Video.
April 15, 2020 Read More
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Webinar To Feature CICA Essay Contest Finalists' Presentations

The finalist teams in the Captive Insurance Companies Association's (CICA) Essay Contest will deliver their presentations in a webinar at noon (eastern) on April 21. The students on the final three teams in the contest, sponsored by Strategic Risk Solutions (SRS), will present plans to help fictional organizations in real-world emerging industries.
April 14, 2020 Read More
  A businessman

Insurance Trade Groups Oppose Draft Bill Requiring Pandemic Coverage

A group of insurance industry trade organizations expressed opposition to a draft bill that would require insurers to offer pandemic business interruption coverages. Such a measure "would threaten the very existence of the business interruption insurance market," the groups said.
April 14, 2020 Read More
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Andy Hulme Joins SRS as Part of Underwriting Expansion

Andy Hulme has joined Strategic Risk Solutions (SRS) as part of the captive management and consulting services provider's expansion of its underwriting capabilities and services. He will be based in the United Kingdom but will provide underwriting support to SRS clients globally.
April 13, 2020 Read More
  Businessman Uses Tablet To Analyze COVID-19 Economic Fallout Data

COVID-19 Economic Fallout Prompts Negative Commercial P&C Outlook

The COVID-19 pandemic's impact on the broad economy will have a significant impact on commercial lines property-casualty (P&C) insurance, leading A.M. Best to move the sector's outlook to negative. A.M. Best expects continued investment market volatility in 2020 and a deep economic contraction in the second quarter.
April 13, 2020 Read More
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Vermont Captive Group To Make August Conference a Virtual Event

The Vermont Captive Insurance Association has decided to hold this year's annual conference in August as a virtual event due to the COVID-19 pandemic. The association said that, having studied various conference format alternatives, it's decided to make this August's conference fully virtual.
April 09, 2020 Read More
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Kentucky Extends Captive Filing Deadlines Due to COVID-19

Due to the COVID-19 pandemic, Kentucky captive insurance companies will get more time to file certain information with the Kentucky Department of Insurance.
April 09, 2020 Read More
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