News
Actuarial & underwriting
The COVID-19 crisis has exposed how interdependent risk has become in the modern world, and the extent to which a single event can devastate whole economies, let alone individual businesses. The world must respond by becoming much more creative in its approach to risk management, and captives should be at the heart of those efforts, says Michael Zuckerman of Temple University’s Fox School of Business. 9 April 2020
USA analysis
The Vermont Captive Insurance Association’s (VCIA) annual conference in August 2020 will be fully virtual, the VCIA has said. 8 April 2020
Actuarial & underwriting
BDO has launched a new actuarial non-life offering for captive managers in Guernsey. 8 April 2020
Actuarial & underwriting
New and existing captives must provide adverse scenario modelling as part of their feasibility and application process, but most domiciles do not explicitly outline the specific adverse scenarios that should be included. Captives should engage their actuaries early and often, say Enoch Starnes and Michelle Bradley at Sigma. 7 April 2020
Services
Management Services International (MSI) will host a webinar on April 8 at Noon EDT to educate advisors in the insurance industry about how captives can help companies better manage the risk around pandemics. 7 April 2020
Analysis
AM Best has downgraded the Financial Strength Rating of American Transportation Group Insurance Risk Retention Group (ATGI) to C++ (marginal) from B (fair), before withdrawing its rating altogether. 6 April 2020
Actuarial & underwriting
Life science companies originally flocked to captive insurance due to a lack of meaningful product liability insurance capacity. As rates harden and terms and conditions tighten, captives can once again ride to the rescue, say Aon’s Anne Christine Fischer and Simon Huttley. 6 April 2020
Services
COVID-19 is causing severe disruption in the US economy, particularly in the healthcare industry, where treatment centres are struggling to cope. Once the crisis starts to subside, captives could find themselves with a more significant role, says Jason Nordby of M3 Insurance. 3 April 2020
USA analysis
The Connecticut Captive Insurance Association (CCIA) has postponed its 2020 Collaborative captive conference, citing the health and safety of its members amid concerns around COVID-19. 2 April 2020
USA analysis
A wholly owned US subsidiary of Enstar Group has entered into a novation agreement with affiliates of Lyft, and certain underwriting companies of Zurich North America. 2 April 2020
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