Cannasure Insurance Services, an insurance MGA and wholesale broker for the cannabis and hemp industries, has hired Summer Jenkins as senior product development manager.
The University of California (UC) will launch its fifth captive, Sequoia IC, within the next 60-90 days, subject to regulatory approval.
“Despite the fact that there are more than 100 insurance carriers that offer cyber coverage, there are only a handful of global insurers offering meaningful capacity for large international corporate customers on a primary basis,” according to Paul Woehrmann, head of captive services at Zurich Insurance Company.
The Medical Protection Society (MPS) is partnering with Everest Insurance and Asta, the Lloyd’s third-party managing agency, to establish a Lloyd’s special purpose arrangement (SPA).
Demand for cyber insurance continued to grow in 2018, but it remains unclear exactly how big the market is due to a lack of data from captives.
The number of companies using captives to manage cyber risk is growing exponentially but most still rely on their brokers to help price this risk instead of conducting their own financial analysis using stochastic modelling.
The use of captives to insurance against cyber risk has doubled since 2015, according to Aon’s Global Risk Management Survey 2019.
Randall & Quilter Investment Holdings (RQIH), a specialist non-life legacy insurance investor, acquired 17 different portfolios or insurance companies and captives in 2018, representing £18.5 million in net reserves, it’s full year results show.
Ratings agency AM Best has affirmed the financial strength rating of A- (Excellent) of Prism Assurance, the Vermont-based single parent captive of commercial metals and glass company Apogee Enterprises.
A managing general agency (MGA) can leverage a captive insurance company to enhance its performance and give it a competitive edge over other MGAs, and ultimately build a better relationship with the reinsurance market.