JLT posts update on TRIPRA
The captive insurance industry has become accustomed to Congress waiting until the last second or beyond to extend the federal terrorism insurance backstop.
BDA makes business development hires, including new CEO
The Bermuda Business Development Agency has formed a new business development team to work with industry focus groups to devise and implement strategies for job preservation and growth.
NAIC to enforce corporate governance transparency model
The NAIC has adopted a Corporate Governance Annual Disclosure Model Act and supporting Model Regulation, providing a means for insurance regulators to receive additional information on the corporate governance practices of US insurers on an annual basis.
NAIC implements further XXX/AXXX changes
The executive committee of the National Association of Insurance Commissioners has adopted the XXX/AXXX Reinsurance Framework, furthering an action plan to develop proposed changes to the insurer/captive regulations specific to XXX/AXXX transactions.
AJG escalates expansion efforts
Arthur J. Gallagher & Co. has announced the double acquisition of Cowles & Connell based in Brewster, NY and Meriden, CT; and certain assets of Minvielle & Chastanet Insurance Brokers (MCIB) located in the Eastern Caribbean.
Aon: Big prospects for captive owners to fund cyber risk
Aon Global Risk Consulting, the risk management consulting arm of Aon plc, has launched its 2014 Captive Benchmarking paper highlighting the limited number of captive owners currently writing cyber in their captive.
S&P: Downgrades are fuelled by competition
Increased competition fuelled by third-party capital is causing premiums to decline, threatening reinsurers’ competitive positions.
CCIC praises support to clarify NRRA captive position
The Coalition for Captive Insurance Clarity (CCIC) has praised efforts in the US House of Representatives and Senate to clarify the position of captive insurers are regards the Non-Admitted Reinsurance Reform Act (NRRA).
Guernsey captive established for BT pension scheme
British Telecom (BT) has opted to establish a captive in Guernsey that will provide 25 percent of the company pension scheme exposure to increased life expectancy.
Aon launches formula calculation tool to simplify Solvency II
Aon Global Risk Consulting, the risk management consulting arm of Aon has launched a new Solvency II Pillar I solution, dubbed ASTRA, designed to ease compliance with the legislation.
