In 2018, 22 percent of captives managed by Marsh were writing some form of third party coverage, with a value of $18.7 billion in premium.
The Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) is due to expire on December 31, 2020, but further extensions are uncertain, raising the potential for property/casualty insurers - and by extension captives - to face rating downgrades due to over-reliance on the programme, according to AM Best.
The use of captives to insurance against cyber risk has doubled since 2015, according to Aon’s Global Risk Management Survey 2019.
Bermuda-based insurance and ILS manager Horseshoe Group has appointed Fred LeMoine as its new head of insurance management.
Captive insurance companies continue to be the most popular alternative risk transfer solution in use, according to Marsh's 2019 Excellent in Risk Management Report, published in collaboration with RIMS, the risk management society.
The Managing General Agent’s Association (MGAA) has been exploring opportunities to develop the managing general agents (MGAs) sector in Guernsey, following talks between managing director Peter Staddon and MGAA found David Coupe, and the Guernsey International Insurance Association (GIIA).
Carey Olsen partner Christopher Anderson, with the support of the Guernsey Financial Services Commission, has created a new hybrid ILS vehicle - a protected or incorporated cell company that is both a licensed insurance company and a regulated investment fund.
Lockton has formed a new reinsurance business and hired three senior executives from Guy Carpenter and Marsh, including the former leader of Marsh Captive Solutions, Nick Durant.
Insurance broker Marsh has appointed Robert Bauer to lead its US sharing economy and mobility practice.
Ride-sharing company Lyft has outlined details of its wholly-owned captive insurance subsidiary in an SEC filing.