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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  Steven Bauman, head of global programs and captive practice in North America, AXA XL

Captives Can Be an Important Tool for Managing Key Emerging Risks

Captives can play an important role in addressing emerging risks such as cyber risks or with volatility such as that seen with property risks, according to Steven Bauman, head of AXA XL's global programs and captive practice in North America.
June 15, 2020 Read More
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Artex Launches Transportation Industry Rent-a-Captive Solution

Artex is launching a rent-a-captive solution designed for the transportation industry. Artex said Transportation Owners Protection Insurance Cell will offer participants such advantages as underwriting profit, in addition to unbundled claims handling, loss control, and claims advocacy services.
June 15, 2020 Read More
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Luis Delgado Joins SRS To Lead Firm's Latin American Initiative

Luis Delgado has joined Strategic Risk Solutions (SRS) to lead the firm's Latin American initiative as vice president—Latin America. Mr. Delgado, a certfied public accountant and native Colombian, will be based in SRS's Bermuda office but with responsibility for developing and managing business for Latin American-owned captives across the firm.
June 12, 2020 Read More
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Willis Towers Watson Launches Group Captive Middle Market Solution

Willis Towers Watson has launched a group captive solution designed for upper middle-market companies. Homestead Insurance Company Incorporated Cell will reinsure The Hartford, which will issue admitted insurance policies to members selected for the group captive program.
June 12, 2020 Read More
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Milliman Acquires healthIO To Offer Preventive Health Solution

Milliman Inc. has acquired health technology startup healthIO and launched Milliman healthIO, a combination of Milliman's predictive health analytics and healthIO's preventive health technology. Milliman said the product offering aims to make health care preventive, predictive, and participative.
June 11, 2020 Read More
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NAIC's Summer National Meeting To Be Virtual Event Due to COVID-19

The National Association of Insurance Commissioners (NAIC) will hold its Summer National Meeting in a virtual format due to challenges associated with holding large in-person meetings during the COVID-19 pandemic. The meeting, originally set for Minneapolis, will be spread over a 3-week period, beginning the week of July 27.
June 11, 2020 Read More
  CEO Spelled Out in White on Black Blocks Against Woodgrain

Xavier Veyry Named CEO of AXA XL's Asia and Europe Business

AXA XL has appointed Xavier Veyry as CEO of its Asia and Europe business. In the role, Mr. Veyry will join AXA XL's newly configured leadership team, reporting to CEO Scott Gunter. Mr. Veyry is currently country CEO of AXA China and chairman of AXA Tianping in China and AXA General Insurance in Korea.
June 10, 2020 Read More
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Ask the Right Questions To Determine Whether a Captive Is the Answer

As insurance markets continue to harden, many businesses are considering captive insurance companies as an option to address some of their risks. Before taking the step, however, it's important to consider whether a captive is the right fit and, if so, what sort of captive structure is most appropriate.
June 10, 2020 Read More
  Palm trees blowing in a hurricane viewed through glass

Updated Forecast Projects Well-Above-Average Atlantic Hurricane Season

An updated forecast of 2020 Atlantic hurricane activity developed by researchers at Colorado State University predicts 19 named storms, including 9 hurricanes, 4 of them major hurricanes. The Colorado state forecasters said they anticipate "well-above-average activity" this hurricane season.
June 09, 2020 Read More
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Commercial Insurance Prices Increased Significantly in First Quarter

US commercial insurance prices increased significantly in the first quarter of the year, with the aggregate price change reported by insurers exceeding 6 percent for the second consecutive quarter, according to Willis Towers Watson's Commercial Lines Insurance Pricing Survey (CLIPS).
June 09, 2020 Read More
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