The EU’s blacklisting of Bermuda earlier this year came as a surprise, said Scott Reynolds, president and CEO Member Insurance.
People need to be given space in order to come up with “more, better ideas”, which can be said for the captive insurance industry, according to the keynote speaker on day two of the Bermuda Captive Conference.
The first captive to manage risk associated with crypto currencies has been formed on Bermuda. The vehicle has been formed by a large financial institution to take on the risk of digital assets that it stores on behalf of third parties being stolen.
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.
A hardening market has prompted many companies to explore ways of leveraging their captive to help dodge or at least offset some of the rate increases, according to Jason Flaxbeard, executive managing director, captive management and consulting, Beecher Carlson.
Bermuda expects more captive formations from Canadian companies in the coming years, as several years of building relationships in that market come to fruition. That is according to Jereme Ramsay, business development manager (risk solutions) at the Bermuda Business Development Agency (BDA).
This week Vermont passed legislation that creates a regulatory sandbox for the development of a new generation of innovative insurance products, services and technologies.
Captive insurance manager Strategic Risk Solutions Europe has appointed David Lewis as managing director.
Captive premium growth for cyber risk has accelerated by 263 percent in the past year, according to Aon.
The captive industry needs to work together to come up with ways to attract younger people into the industry.