Essent Group subsidiary Essent Guaranty has obtained $424.4 million of fully collateralised excess of loss reinsurance coverage on mortgage insurance policies written by Essent in 2017 from Radnor Re 2018-1, a newly formed Bermuda special purpose insurer.
AM Best has assigned a financial strength rating of B++ (Good) and a long-term issuer credit rating of “bbb” to Sura Re (Bermuda). The outlook assigned to these ratings is stable.
Board diversity, female leadership, cyber risk, blockchain and climate change will be among the hot topics shaping the 2018 agenda of the 14th Bermuda Captive Conference, slated for June 11–13 at Fairmont Southampton.
Representatives from major client corporations self-insuring via Bermuda captives including General Motors, Caterpillar, Microsoft, Coca-Cola, and True Value Hardware Stores will speak at the 2018 Bermuda Captive Conference.
Michigan-domiciled captive insurance companies exceeded $2 billion in written premiums for the first time in 2017 and three new captives were licensed in the state.
The state of Oregon licensed ten new captives in 2017 – although six closed in the same period.
Ratings agency AM Best has affirmed the Financial Strength Rating of A (Excellent) of Energas Insurance, the sole captive insurer of Petroliam Nasional Berhad, Malaysia’s national oil and gas company. The outlook of the ratings is stable.
Joel Chansky, a principal and consulting actuary in the Boston office of Milliman, has been elected chair of the board of directors of the Captive Insurance Companies Association (CICA).
The US Tax Cuts and Jobs Act 2017 represents the first major overhaul to federal taxes since 1986, and there are provisions that both US and international captives must be wary of. But changes are not expected to impact the numbers of captives formed.
The rapidly growing medical marijuana industry in certain US states needs insurance and captives could provide a solution to companies in this space – if, that is, the small problem of marijuana being illegal at a federal level can be overcome.