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Increasing number of firms using captives to finance emerging risks: Marsh
5th June 2018
Leading insurance broker and risk management solutions firm, Marsh & McLennan, has released a report that reveals captive insurance vehicles’ growing popularity among risk managers seeking alternative ways to finance emerging risks. 1,100 captives managed by Marsh Captive Solutions globally were examined by Marsh’s 2018 Captive Landscape Report. The study found a ... Read the full article
Solvency II disclosures show EU captives generally strong: A.M. Best
28th June 2017
According to rating agency A.M. Best, the Solvency II disclosures published by European captive insurance companies show that the captives in the region are generally healthy and strong. A.M. Best analysed the Solvency and Financial Condition Reports (SFCR) published by its rated European captives and has also met with captive managers ... Read the full article
Vermont legislation rehaul allows reinsurers to expand with agency captives
7th June 2017
Vermont Governor Phil Scott signed new legislation to add agency captives, reinsurers controlled by brokers or insurer agencies, to the types of captives allowed in Vermont - one of the world's largest captive domiciles. An agency captive is set up to receive a share of premiums written and pays its share of ... Read the full article
Some bright spots, but P&C insurers face challenges and uncertainties: WTW
27th November 2023
Insurance broker WTW predicts that catastrophe-exposed property business will see price increases of between +10% to +25% in 2024 and warns that while commercial lines price increases have started to stabilise, it's a challenging and uncertain environment for P&C insurers heading into next year. The inflationary landscape continues to impact commercial ... Read the full article
AM Best maintains positive outlook on Delegated Underwriting Authority Enterprise segment
27th November 2023
Ratings agency AM Best has confirmed that it is maintaining its market segment outlook for the delegated underwriting authority enterprise (DUAE) segment at positive. The agency has citied the segment's sustained growth and performance on a global basis, as well as its ongoing ability to address underserved and emerging risks, as ... Read the full article
Insurers navigate pricing pressures, capacity constraints, and underwriting shifts: Aon
21st November 2023
In the third quarter of 2023, the global insurance market witnessed a dynamic landscape, as outlined in the latest insights provided by Aon. Several key factors shaped the market during this period, influencing pricing, capacity, underwriting practices, limits, deductibles, and coverages across various insurance products. Adverse claims trends exerted upward pressure on ... Read the full article
RYSKEX unveils RYSKEX Consulting for parametric risk transfer solutions
20th November 2023
RYSKEX Inc. has launched a new business unit called RYSKEX Consulting, which focuses on parametric risk transfer solutions. According to the announcement, the new unit's risk transfer solutions are designed for efficacy and adaptability. They are also not just confined to the company's platform, which helps to ensure broader applicability and impact. The ... Read the full article
Cayman Islands’ insurance industry continues to thrive in Q3’23: CIMA
15th November 2023
The Cayman Islands Monetary Authority (CIMA) has released the latest licensing statistics for the insurance sector, indicating a robust performance in the captive insurance industry. In the third quarter of 2023, CIMA granted eight new insurance company licenses, maintaining the momentum observed in the preceding quarters. Year-to-date figures for 2023 reveal a ... Read the full article
SRS launches MGU Altitude, its latest ART venture
10th November 2023
Strategic Risk Solutions (SRS), an independent provider of re/insurance and captive management services, has announced the launch of Altitude, a Managing General Underwriter (MGU) aimed to expand its Alternative Risk Transfer (ART) offering. Headquartered in Zurich, SRS Altitude, will operate as an independent entity under the SRS umbrella, offering a comprehensive ... Read the full article
Captive insurer numbers to increase in Europe as jurisdictions look to lure firms: AM Best
9th November 2023
There has been a considerable rise in the number of captives domiciled in Europe, as existing domiciles remain popular and other jurisdictions are put in place to attract fresher companies. However, while European jurisdictions do not report captive numbers in a consistent manner, a recent analysis from AM Best suggests that ... Read the full article
Ryan Specialty to acquire MGU AccuRisk Holdings
1st November 2023
Chicago-domiciled medical stop loss managing general underwriter (MGU), AccuRisk Holdings LLC, has signed a definitive agreement to be acquired by Ryan Specialty, an international specialty insurance firm. AccuRisk, founded in 2017, generated approximately $25 million of revenue for the 12 months ended July 31st, 2023. Terms of the transaction, which is expected ... Read the full article
CNA Financial sees net income of $258mn in Q3 2023
30th October 2023
Chicago-based insurer CNA Financial Corporation has reported a net income of $258 million for this third quarter of 2023, which compares to the net loss of $42 million reported in the same period last year. Core income for the quarter was $289 million, versus $43 million in the prior year quarter, ... Read the full article
Bay Harbor Re appoints Nick Zielinski as new Chief Actuary
20th October 2023
Cayman Islands-domiciled Bay Harbor Re has appointed Nick Zielinski as its new Chief Actuary. According to the firm, Zielinski holds a comprehensive background in both commercial and personal lines insurance and reinsurance, with broad experience in program business, captives, and catastrophe reinsurance. His most recent role saw him oversee Accident Fund's Actuarial ... Read the full article
Munich Re partners with International SOS to enhance pandemic coverage
19th October 2023
Global reinsurance giant Munich Re has partnered with International SOS, a leading health and security firm, to develop an integrated epidemic and pandemic risk management policy solution. Through this new partnership between the two organizations, International SOS will now provide health advisory services to Munich Re’s pandemic policyholders. Moreover, the pandemic insurance ... Read the full article
Augment Risk launches Global Parametric Specialty division
16th October 2023
Reinsurance broker Augment Risk has announced the launch of its Global Parametric Specialty division, led by newly appointed Kurt Cripps. The new unit will be focused on "client-tailored parametric reinsurance products designed to provide a surgical approach to managing CAT exposures." Augment Risk said its parametric placements are designed to enhance the ... Read the full article