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  • Reinsurance Sector Won't Earn Cost of Capital in 2020 Due to COVID-19 The global reinsurance industry will fail to earn its cost of capital in 2020 due to the impact of the COVID-19 pandemic, according to Fitch Ratings. Fitch noted that the COVID-19 crisis comes after 3 years of heightened natural catastrophe losses and increasing US casualty claims.
  • COVID-19 Pandemic Slows Pace of Captive Insurance Law Updates While the COVID-19 pandemic has slowed state legislatures' updates of their captive insurance statutes this spring, some states have moved forward in 2020 and passed captive legislation. In other captive domiciles, state lawmakers did not complete action on captive legislation before adjourning.
  • 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.
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  Silhouette of woman standing and talking to three silhouettes of people with virtual background

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
  The state of Kentucky filled in blue with the Kentucky state seal on it

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
  Karin Landry, Managing Partner at Spring Consulting Group

Thinking through the Process of Forming an Employee Benefits Captive

Karin Landry, managing partner with Spring Consulting Group, says when employers think about funding employee benefits in a captive, they need to think about whether or not the funding of those benefits would be subject to the US Department of Labor. 
April 08, 2020 Read More
  Protective Hands Around People Cutouts Joining Hands

FERMA Seeks Insurer Flexibility with Buyers Dealing with COVID-19

The Federation of European Risk Management Associations (FERMA) has called on brokers and insurers to demonstrate enhanced understanding of the insurance needs of European businesses to help them get through the COVID-19 pandemic and the subsequent recovery. FERMA supports creating national pools to cover future pandemic risks.
April 08, 2020 Read More
  Money graph

Analysis Offers New Estimate of COVID-19 Business Interruption Losses

A new analysis of business interruption losses to small US businesses as a result of the COVID-19 pandemic estimates those losses at $431 billion per month. An earlier estimate of business interruption losses for businesses with 100 or fewer employees pegged the figure at $255 billion.
April 07, 2020 Read More
  Headshot of David Rahr, global leader, multinational client service, at Marsh

Marsh Names New Global Leader of Multinational Client Service

Broker and risk adviser Marsh has announced that David Rahr has been appointed global leader, multinational client service. Effective April 15, Mr. Rahr will oversee Marsh's multinational client service team of 1,200 specialists who provide global insight and strategic risk advice to multinational companies of all sizes across 130 countries.
April 07, 2020 Read More
  Word Resilience on a Road Sign with Brown Grass and Mountains in Background

Reinsurers Exposed to COVID-19 Losses but Appear Resilient to Pandemic

As both the human toll and the business impact of COVID-19 continue to mount, reinsurers look well positioned to ride out the pandemic. The industry entered the crisis well capitalized. It's also likely to benefit from policy exclusions that will limit some pandemic-related losses.
April 06, 2020 Read More
  Magnifiying Glass with COVID19 with Globe as Background

International Insurance Supervisors Group Assessing COVID-19 Impact

The International Association of Insurance Supervisors is taking steps to assess the COVID-19 pandemic's impact on insurers and the organization. The organization noted that IAIS members are pursuing a range of regulatory and supervisory measures to provide operational relief to insurers as they deal with the pandemic.
April 06, 2020 Read More
  "Internal Revenue Service" letters on white stone

Letter Challenges IRS Treatment of Small Captive Insurance Companies

A letter to US Rep. Kevin Brady (R–Texas) takes issue with Internal Revenue Service (IRS) treatment of so-called 831(b) captive insurance companies. The current COVID-19 pandemic underscores the importance of captive insurance programs to midmarket companies, the letter says, but the IRS is targeting and harassing small captives.
April 03, 2020 Read More
  "Record Braking" in red letters in a red rectangle

Cat Bond, ILS Issuance Sets First-Quarter Record

The catastrophe bond and insurance-linked securities (ILS) market saw record first-quarter issuance of more than $5 billion, according to data compiled by Artemis. The first-quarter issuance was up 82 percent from the same period in 2019 and was 19 percent higher than the previous first-quarter record set in 2018.
April 03, 2020 Read More
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