Captive boards need to be confident that their responsibilities are being properly fulfilled by way of controlled delegation to their insurance managers, says Peter Child of Strategic Risk Solutions.
One of the most efficient ways of reviewing the impact of a captive’s losses is through an actuarial exhibit referred to as a ‘reconciliation of required reserves’, say Enoch Starnes and L. Michelle Bradley of Sigma Actuarial Consulting Group.
It’s part of a seismic shift in the industry brought on by a customer base looking to take greater control of their own destinies, says Jeremy Colombik of MSI.
In recent years, captives have gone from being just one of several options in companies’ risk management arsenals to being viewed as strategically important tools whose value is seen across organisations, says Mike Serricchio of Marsh’s Captive Solutions Group
Bermuda must remain innovative, nimble and wary of too much regulation to stay ahead of the game, according to a panel of experts in the captive insurance sector at a roundtable sponsored by Appleby.
‘Silent’ evidence is information we don’t have access to due to the type of data being collected or our own inability to recognise that it exists, and it needs to be taken into account when considering risk placement for a captive, says Enoch Starnes of SIGMA Actuarial Consulting Group.
Today, most underwriting decisions are made by committees, split equally between the lawyers and the actuaries rather than the underwriters, without bringing better results, says Greg Lang of the Reinsurance and Insurance Network.
Given the Democrats’ control of the house, senate, and executive it seems unlikely we will see a rate increase in 2022, says Jack Meskunas of Oppenheimer.
Economic disruption wrought by COVID-19 continues to impact decision-makers across industries. The insurance sector was no exception to the hardening marketplace, particularly for actors within the healthcare sector. Boards of directors require a creative and flexible approach to weather this storm, write Dara Keogh, Alan Shek and Preshan Moodliar of Grant Thornton.
Lloyds Bank International’s new account opening service has been well received by the industry and captive managers in Guernsey.