A recent report by AM Best has found that in spite of US captive insurers having faced significant losses in 2012, the captive industry continues to outperform the US commercial casualty market.
R&Q has acquired MPPA Insurance, a Class 2 Bermudian captive already in run-off, for $3.4 million in its first Bermuda transaction.
Chevron’s two captives Heddington, based in Bermuda and Iron Horse Insurance Company, based in Vermont, have received rating affirmations from AM Best as they continue to prove their value to the energy giant.
A.M. Best has revised the outlook of Delaware-domiciled captive Nuclear Electric Insurance Ltd.’s issuer credit rating outlook to negative from stable whilst simultaneously affirming its “a+” rating.
A survey conducted by Marsh and RIMS has revealed that although senior executives and risk management professionals opinions on the role that risk management should play in strategic planning are “more aligned than ever” there is yet to be full strategic integration.
Bermuda is the world’s largest domicile by number of active captives, reporting a total of 856 at the end of 2012.
According to a market study conducted by the Captive Insurance Companies Association, the greatest challenge in owning a captive, as reported by the survey participants, is retention/growth/expanded utilisation.
The Bermuda Monetary Authority (BMA) confirmed this week that it would not apply Solvency II to the Island’s captive sector.
We spoke with USA Risk a time ago about the implications of the US’s Dodd-Frank Act for the captive sector in the US.
Willis Global Captive Practice has launched WillisCaptus, an online underwriting and data management system it says is targeted specifically at captives, healthcare providers and risk retention groups.