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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Insurer Ratings Review Shows Industry's Resilience Entering Pandemic

Fitch Ratings says a review of the COVID-19 pandemic's impact on global insurance sector ratings found that the rate of negative outcomes highlights the industry's resilience going into the pandemic. The rating agency defined "negative outcomes" as the combination of negative outlooks, negative watches, and downgrades.
June 22, 2020 Read More
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Hardening Traditional Market Drives Pace of New Captive Formations

With insurance premiums rising sharply for a wide range of coverages in the traditional market, captive insurance managers and regulators see captive formations increasing dramatically over the remainder of the year, with those increases continuing in 2021.
June 22, 2020 Read More
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SIIA Seeks Treasury Department Review of IRS 831(b) Captive Activities

In a letter to US Treasury Secretary Steven Mnuchin and Russel Vought, acting director of the Office of Management and Budget, the Self-Insurance Institute of America (SIIA) has asked the Treasury Department to review activities of the Internal Revenue Service (IRS) related to 831(b) captive insurance companies.
June 19, 2020 Read More
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Including COVID-19 in Workers Compensation Could Hit Insurers' Ratings

Expanding state workers compensation laws to cover COVID-19 would increase loss estimates and pose a potential earnings hit to insurers writing workers comp, according to A.M. Best. A number of states have begun the process of enacting legislation or issued executive orders on workers compensation coverage for essential employees.
June 19, 2020 Read More
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Vermont Governor Signs Legislation Updating State's Captive Law

Vermont Governor Phil Scott has signed legislation updating Vermont's captive insurance law. Changes made by the measure were intended to increase efficiency while adding flexibility to the state's regulatory policies and procedures. Vermont regularly updates its captive insurance statutes.
June 18, 2020 Read More
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Eversheds Sutherland Rolls Out Konexo Legal Services Provider in US

Eversheds Sutherland has rolled out its alternative legal services provider subsidiary Konexo in the United States. The firm launched Konexo in June 2019. Carmen L. Brun, who previously practiced in Eversheds Sutherland's Securities Enforcement and Litigation practice, is leading the US expansion.
June 18, 2020 Read More
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"The Song Remains the Same" (The Peril of Ignoring Investment Risk)

Individuals and companies are often too quick to forget about investment risk, or assume the risk probability of the event is too small to happen. Real-life examples also illustrate that there will always be investors reaching for yield, especially in low-interest-rate environments, and when they should beware.
June 17, 2020 Read More
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Industry Mourns Passing of Janet Grace, Connecticut Captive Regulator

Janet Grace, the top captive insurance regulator for the Connecticut Insurance Department, died last week after a long illness. Ms. Grace, who oversaw Connecticut's captive insurance unit since 2016, died after a 6-year battle with metastatic breast cancer. She was well known and highly respected in the captive field.
June 17, 2020 Read More
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Vermont Captive Group Shares 2020 Virtual VCIA Conference Details

The Vermont Captive Insurance Association (VCIA) has shared details about its 2020 annual conference, a virtual gathering this year due to the COVID-19 pandemic. The 2020 VCIA Virtual Annual Conference will be held August 11–13, with a virtual setting the association says will be similar to a live event.
June 16, 2020 Read More
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IVANS Report Shows COVID-19's Impact on Insurance Transactions

A special COVID-19 index report from IVANS found that due to the impact of the pandemic March and April personal and commercial lines insurance transactions were down significantly. New commercial lines policy transaction volume was down 38.9 percent at the end of May relative to the beginning of March.
June 16, 2020 Read More
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