Continued captive growth in Vermont in 2018

Continued captive growth in Vermont in 2018

Continued captive growth in Vermont in 2018

Vermont has continued to see captive growth, licensing 25 new captive insurance companies in 2018, according to its Department of Financial Regulation. The new licences were made up of 12 pure captives, four risk retention groups, three sponsored captives, two industrial insured captives, two special purpose financial insurers, one branch captive and one affiliated reinsurance company (ARC). The department said…

New year insurance premium tax changes in EU countries

New year insurance premium tax changes in EU countries

New year insurance premium tax changes in EU countries

The new year has seen a number of tax changes affecting the insurance sector in EU countries, according to insurance premium tax specialists Impendulo. From 1 January 2019, there are a couple of changes to insurance taxes in France. Firstly, insurance guaranteeing the payment of life insurance premiums in case of death (payment protection insurance) is now no longer exempt…

US commercial insurance rates increase in fourth quarter

US commercial insurance rates increase in fourth quarter

US commercial insurance rates increase in fourth quarter

Commercial insurance rates in the US rose by 2% in the fourth quarter of 2018, according to MarketScout’s Market Barometer. It notes that the US commercial insurance composite rate averaged an increase of 2% in the fourth quarter of 2018, matching the composite rate for the entire year of 2018 (up 2%). MarketScout says the biggest rate increases were seen…

Myanmar’s insurance market opens to foreign insurers

Myanmar’s insurance market opens to foreign insurers

Myanmar’s insurance market opens to foreign insurers

Myanmar has opened up its insurance market to foreign insurers, according to the Myanmar Times. The paper quoted an announcement by the country’s Ministry of Planning and Finance that officially permits companies wishing “to operate the business of insurance, underwriting agency or insurance broking with foreign investment” to open for business in the country. According to the announcement, the ministry…

Leading US property-casualty insurance associations merge

Leading US property-casualty insurance associations merge

Leading US property-casualty insurance associations merge

The American Insurance Association (AIA) and the US Property Casualty Insurers Association (PCI) have merged with effect from 1 January 2019. The combined trade association will be known as the American Property Casualty Insurance Association (APCI) and will represent nearly 60% of the US property-casualty insurance market. The APCI said the new organisation “will be well positioned to tackle an…

New insurers and reinsurer formed in North Korea

New insurers and reinsurer formed in North Korea

New insurers and reinsurer formed in North Korea

North Korea has established a number of insurance and reinsurance companies in the past few years, according to the Korea Times, which experts in the publication describe as a “gradual yet firm move toward an open market economy”. The re/insurance companies recently appeared on Naenara, North Korea’s state-run web portal, promoting their services. The web portal revealed that Future Re…

DAC Beachcroft opens French office

DAC Beachcroft opens French office

DAC Beachcroft opens French office

International law firm DAC Beachcroft has opened its first office in France. The new office will be based in Paris, and will be led by partners Vladimir Rostan d’Ancezune and Christophe Wucher North. The Parisian team will focus on both the global and domestic insurance and industrial risks sector. DAC Beachcroft said Mr d’Ancezune and Mr North have extensive experience…

Arch completes UK commercial lines acquisition

Arch completes UK commercial lines acquisition

Arch completes UK commercial lines acquisition

Arch Insurance Europe has completed the acquisition of the UK commercial lines business owned by The Ardonagh Group and part of its Geo Underwriting operating segment. The acquired business will become the newly formed Arch UK regional division. Arch said the move forms part of its strategy to grow its regional UK presence and the division will have a meaningful…

IAG increases its 2019 catastrophe cover

IAG increases its 2019 catastrophe cover

IAG increases its 2019 catastrophe cover

Australian insurance group IAG has finalised its catastrophe reinsurance programme for the 2019 calendar year, with a programme that provides increased gross reinsurance protection of up to AUD9bn, compared with AUD8bn in 2018. Consistent with last year, the programme has been placed to the extent of 67.5% to reflect the cumulative whole-of-account quota share position of 32.5%. This comprises the…

Generali increases stakes in Indian joint ventures

Generali increases stakes in Indian joint ventures

Generali increases stakes in Indian joint ventures

Generali Group has increased its stake in its Future Generali insurance joint ventures in India from 25.5% to 49%. The transaction, which was announced last summer, has now been closed. Generali’s presence in India is currently in the form of two joint ventures called Future Generali India Life Insurance Company Limited and Future Generali India Insurance Company Limited (Non-Life insurance).…