The energy sector has seen an increased use of captive insurance over the last 5 years, as it continues to be a key part of companies' risk management strategies, according to an Aon report.
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.
Former Zurich Asia captives head Sean Welsch has formed a new captive management company in Singapore.
European captive ratings have been stable through the past year, with most ratings affirmed and stable outlooks maintained, according to an AM Best report.
Willis Towers Watson has introduced a digital tool to help organisations analyse the financial feasibility and future profitability of their captive insurance strategies.
Ratings agency AM Best has affirmed the 'Excellent' financial strength ratings of Vermont-based Saturn Insurance (A) and Guernsey-based Jupiter Insurance (A-), both captive insurance subsidiaries of oil and gas company BP.
Formation levels of captives are now almost unaffected by whether rates in the wider re/insurance markets are hard or soft, a panel of experts agreed at the annual Bermuda Captive Conference, which is taking place at the Fairmont Southampton Hotel on Bermuda this week.
Three quarters of employee benefits professional believe the enhance use of data and the application of innovative technologies to improve the employee experience are the primary growth opportunities for the employee benefits sector globally over the next two years.
Inter Insurance Agency has partnered with New York Independent Automobile Dealers Association (NYIADA) to form a new risk retention group (RRG), the first to be domiciled in Oklahoma.
Allianz Global Corporate & Specialty (AGCS) has successfully implemented blockchain technology for the existing captive insurance programme of one of its clients.