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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COVID-19 Pandemic Forces Cancellation of 2020 Cayman Captive Forum

The 2020 Cayman Captive Forum has been canceled due to uncertainty caused by the COVID-19 pandemic. The forum, which had been scheduled for December 1–3, attracts 1,500 captive owners, directors, officers, reinsurers, ceding insurers, brokers, consultants, and service providers.
June 08, 2020 Read More
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Captive Regulation Largely Business as Usual during Pandemic

Experiences shared by a panel of captive insurance regulators suggest that while some things might have been done differently, captive regulation largely continued in a business-as-usual fashion during the COVID-19 pandemic. The regulators spoke in a webinar sponsored by the International Center for Captive Insurance Education.
June 08, 2020 Read More
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Members Renew Caribbean Risk Pool Coverage Ahead of Hurricane Season

The member governments of the Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) all renewed their parametric insurance coverage for disasters including tropical cyclones, excess rainfall, earthquakes, and fisheries ahead of the 2020 Atlantic hurricane season that started June 1. Members ceded more than $1 billion in risk to CCRIF SPC this year.
June 05, 2020 Read More
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Swiss Re Report Examines Emerging Risks, Some Related to COVID-19

The COVID-19 pandemic has exposed new and changing risks, highlighted societies’ lack of preparation for such a crisis, and made clear that broad risk awareness is essential for proper risk management, according to a new SONAR report from Swiss Re.
June 05, 2020 Read More
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Commercial Insurance Premium Increases Slowed in May: IVANS Index

May insurance premium increases slowed from the prior month, according to the IVANS Index, a monthly premium renewal rate index compiled by IVANS Insurance Services. Year-over-year, all lines except workers compensation saw an increase in average premium renewal rate in May.
June 04, 2020 Read More
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COVID-19 Pandemic Could Complicate Hurricane Season for Insurers

In its annual hurricane season report, Fitch Ratings suggests that the COVID-19 pandemic's continuation into this year's hurricane season is likely to increase the challenge for insurers if a major storm occurs. Most 2020 hurricane season forecasts predict above-average activity this year.
June 04, 2020 Read More
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How Numerate Is Your Board? The Case for Captive Board Numeracy

What is "numeracy," and why is it an important attribute for captive board members to have? This article examines numeracy, innumeracy, and relevant examples—with a specific look at insurance.
June 03, 2020 Read More
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US Property-Casualty Reinsurers' First-Quarter Premiums Up from 2019

A survey of US property-casualty reinsurers showed the group's first-quarter net premiums written were up 20.4 percent from the same period in 2019. The Reinsurance Association of America survey of 17 US property-casualty reinsurers found the group wrote $16.5 billion of net premiums during the first 3 months of 2020.
June 03, 2020 Read More
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Vermont Lawmakers Update State's Captive Insurance Statute

Continuing its history of regularly updating the state's captive insurance company statute, Vermont lawmakers last week gave final approval to legislation that makes several changes to the state's captive law. Governor Phil Scott is expected to sign the measure, S. 255.
June 02, 2020 Read More
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Guernsey Reopening after More Than 2 Months in COVID-19 Lockdown

Guernsey's financial services sector is emerging from its COVID-19 lockdown. The island, a leading domicile for captive insurance, alternative investment funds, and private wealth, went into lockdown on March 24 to help control the spread of the disease. There are currently no known active COVID-19 cases in the island.
June 02, 2020 Read More
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