Captive Insurance News

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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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  A notecard with the words "free webinar" with the image of a cloud giving off a Wi-Fi signal

MSI Webinar To Focus on How Captives Can Fill COVID-19 Coverage Gaps

An upcoming webinar from Management Services International (MSI) will focus on how captive insurance companies can fill gaps in commercial insurance coverage in the face of claims resulting from the COVID-19 pandemic. The webinar, titled "COVID-19 Claims Saving Small Businesses with MSI Captives," is scheduled for noon (EST) on Wednesday, April 8.
April 02, 2020 Read More
  Utah Rocks Arches

New Utah Law Lets Captives Reinsure Risks from Any Insurer

Legislation recently signed into law by Utah Governor Gary Herbert will expand the business that Utah captive insurance companies are allowed to do. The new measure, HB 37, will allow Utah captives to reinsure risks ceded by any other insurer.
April 02, 2020 Read More
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A Specialty/Captive Insurance Hybrid Can Address Hemp Coverage Issues

Since hemp production became legal, it has been fast-tracked to become a unique commodity, but insurance coverage issues remain. A hybrid solution involving specialty insurance and captive insurance might be the answer.
April 01, 2020 Read More
  Word COVID-19 on Building Blocks Atop Money

Coalition Urges Support of COVID-19 Business Recovery Fund

The Reinsurance Association of America along with a coalition including other insurance industry trade groups and business organizations sent a letter to federal government leaders urging them to support the COVID-19 Business and Employee Continuity and Recovery Fund, a solution to support businesses and employees hurt by the COVID-19 pandemic.
April 01, 2020 Read More
  Happy Businesswoman Celebrates Successful Web Search

Powerful New Search Engine Makes You the Expert

Our site is now mobile friendly and has a powerful, new, state-of-the-art search engine with cool features that can make you the hero for your clients and colleagues.
April 01, 2020 Read More
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Captive Insurers Are Filling COVID-19 Business Interruption Gaps

Many healthcare facilities addressing the COVID-19 pandemic are suffering significant daily loss of revenue. Their property insurance policies frequently contain limitations on business interruption coverage. Property policies written for healthcare institutions frequently contain broad limitations on business interruption coverage caused by the cascading effect of dealing with the coronavirus.
March 31, 2020 Read More
  Capital Source

Ample Capital Should Help North American P&C Sector Weather COVID-19

Impact stress tests reflect that ample capital buffers at North American property-casualty insurers and reinsurers should make any fallout from COVID-19 manageable for those companies, according to S&P Global Ratings. Financial market turmoil and the ensuing recession pose a greater pitfall than underwriting exposure to COVID-19 pandemic risk.
March 31, 2020 Read More
  Words Pandemic COVID-19 Stenciled with American Flag

As Business Losses Mount, Pandemic Backstop Discussions Grow

Many businesses have been ordered shut to try to contain the outbreak, while shelter-in-place orders and social distancing are dramatically reducing business for those that are open. Coverage issues around business interruption losses related to COVID-19 have prompted discussions of creating a federal pandemic backstop.
March 30, 2020 Read More
  The top half of a clock with the word reschedule written on it

Bermuda Captive Conference Rescheduled to September Due to COVID-19

The Bermuda Captive Conference (BCC) has been rescheduled due to the COVID-19 pandemic. The Bermuda Captive Conference committee said it decided to reschedule the June event to new dates of September 9–11 due to the global impact of the COVID-19 outbreak.
March 30, 2020 Read More
  Vermont Flag-SF

Vermont Eases In-State Board Meeting Requirement Due to COVID-19

The Vermont Department of Financial Regulation (DFR) has eased its requirement for in-state captive insurance company board meetings in 2020 due to the COVID-19 outbreak. The DFR said it will allow captive boards unable to hold required annual meetings in Vermont in 2020 to seek a waiver from the department.
March 27, 2020 Read More
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