Specialist Risk Group acquires trade credit specialist

Specialist Risk Group acquires trade credit specialist

Specialist Risk Group acquires trade credit specialist

Insurance intermediary Specialist Risk Group (SRG), has acquired Bristol-based trade credit specialist, The Channel Partnership. The senior team and staff of The Channel Partnership will join SRG’s retail business, Specialist Risk Insurance Solutions (SRIS). Tom Rolfe, director at The Channel Partnership, will report to Lee Anderson, managing director of SRIS. Mr Anderson said: “The Channel Partnership makes an excellent addition…

Hard market conditions in fourth quarter highlighted by US broker survey

Hard market conditions in fourth quarter highlighted by US broker survey

Hard market conditions in fourth quarter highlighted by US broker survey

All lines of commercial insurance continued to be impacted by hard market conditions and Covid-19 in the fourth quarter of 2020, with rates increasing, albeit at a slower rate than in previous quarters, according to The Council of Insurance Agents & Brokers’ (CIAB) Q4 Commercial P/C Market Survey. The fourth quarter of 2020 was the 13th consecutive quarter of increased…

Stable results and capacity for US excess and surplus lines industry in 2021

Stable results and capacity for US excess and surplus lines industry in 2021

Stable results and capacity for US excess and surplus lines industry in 2021

The US excess and surplus lines industry’s ongoing ability to successfully navigate the Covid-19 pandemic has led AM Best to revise its market segment outlook to stable from negative. According to Best: “Despite the ongoing widespread impact of Covid-19 on the US economy, and uncertainty as to how long the pandemic will last, the excess and surplus lines segment’s continued…

London still losing ground to New York as world’s leading financial centre

London still losing ground to New York as world’s leading financial centre

London still losing ground to New York as world’s leading financial centre

A new report from Duff & Phelps suggests that London continues to lose ground to New York as the world’s leading financial centre, although the UK retains the world’s favourite regulatory regime. Duff & Phelps’ latest Global Regulatory Outlook report surveyed 250 senior financial sector professionals from around the world. It reports that 31% of senior financial professionals perceive London…

Vermont licenses 1,200th captive

Vermont licenses 1,200th captive

Vermont licenses 1,200th captive

Vermont continues to grow as a captive domicile and has licensed its 1,200th captive insurance company. Assurance Company was granted a licence as a pure captive insurance company on 1 January. It was formed by the Lancaster County Solid Waste Management Authority (LCSWMA). “As Vermont reaches another significant milestone for our captive insurance industry, we look forward to continuing to…

Guernsey expects significant rise in new captives from fast-track pilot

Guernsey expects significant rise in new captives from fast-track pilot

Guernsey expects significant rise in new captives from fast-track pilot

Last year, Guernsey licensed seven new captives, but the domicile expects to see a significant rise in 2021, according to Guernsey Finance, the joint industry and government initiative to promote Guernsey’s financial services sector. Guernsey added three captives, four captive cells, and two special purpose vehicles in 2020. This year has already seen a new captive company, protected cell company…

China sees steady premium growth in 2020

China sees steady premium growth in 2020

China sees steady premium growth in 2020

The China Banking and Insurance Regulatory Commission (CBIRC) has highlighted steady premium income growth in 2020 for China’s insurance sector, according to the Xinhua News Agency. It said China’s insurance sector helped support social and economic development in 2020. The CBIRC said premium income for China’s insurance sector totalled CNY4.5trn (c.$699bn) in 2020, up 6.1% year on year. In 2020,…

Isle of Man ramps up captive offering with digital marketing campaign

Isle of Man ramps up captive offering with digital marketing campaign

Isle of Man ramps up captive offering with digital marketing campaign

In a sure sign that the captive insurance sector is seeing considerable interest as the hard market bites, the Isle of Man has launched a digital marketing campaign to promote its captive insurance offering. The Isle of Man is home to well over 100 captive insurance companies, but the domicile has seen limited growth in captive formations in recent years.…