Study reveals South Carolina captive industry’s $56.8m annual economic impact

Study reveals South Carolina captive industry’s $56.8m annual economic impact

Study reveals South Carolina captive industry’s $56.8m annual economic impact

A study has revealed that the South Carolina captive insurance industry has an annual economic impact of $56.8m. The study was carried out by the Moore School of Business at the University of South Carolina, on behalf of the South Carolina Captive Insurance Association (SCCIA). The study focused on the economic impact of the captive insurance industry on South Carolina,…

South Carolina’s new code of conduct for captive managers

South Carolina’s new code of conduct for captive managers

South Carolina’s new code of conduct for captive managers

South Carolina has also introduced a new code of conduct for captive managers, which will come into effect on 1 July 2019. Captive director Jay Branum called it “an absolute first among the over three dozen state domiciles in the US captive marketplace”. The captive insurance division of the South Carolina Department Of Insurance (SCDoI) said: “The impetus for the…

Slower cyber insurance growth in US but still opportunity for insurers

Slower cyber insurance growth in US but still opportunity for insurers

Slower cyber insurance growth in US but still opportunity for insurers

Growth in the US cyber insurance market is slowing, according to Fitch Ratings, but US property/casualty insurers continue to view cyber insurance coverage as a significant growth opportunity. The industry’s total direct written cyber premiums grew 8% in 2018 to $2bn, down from 37% growth in 2017. “After several years of brisk growth, US cyber insurance segment revenue moderated in…

Clyde & Co opens Dublin office

Clyde & Co opens Dublin office

Clyde & Co opens Dublin office

Clyde & Co has opened an office in Dublin as a result of Brexit. The law firm said the move is to ensure its Irish law insurance practice can continue to operate seamlessly as the UK leaves the EU. England- and Ireland-qualified Clyde & Co insurance and reinsurance partner Garrett Moore will be based in the Dublin office, supported by…

Beazley appoints global head of property division

Beazley appoints global head of property division

Beazley appoints global head of property division

Richard Montminy has been appointed as global head of Beazley’s property division. The appointment takes effect from 20 May 2019. He will be responsible for developing Beazley’s global property strategy and will lead property teams based across the US, the UK (including at Lloyd’s) and Singapore. He will report to chief underwriting officer Adrian Cox and join Beazley’s executive committee.…

Ryan Specialty Group and Nationwide create new Bermudan reinsurer

Ryan Specialty Group and Nationwide create new Bermudan reinsurer

Ryan Specialty Group and Nationwide create new Bermudan reinsurer

A new strategic partnership has been announced between Ryan Specialty Group (RSG) and US-based Nationwide to seek growth in strategic partnership. The two groups have agreed terms to enter into a strategic partnership, and said it will expand upon an already strong relationship shared by RSG and Nationwide. The strategic partnership includes a joint venture that creates a new reinsurance…

Denmark updates terrorism insurance pool

Denmark updates terrorism insurance pool

Denmark updates terrorism insurance pool

There has been an update to the Danish terrorism insurance pool for non-life insurance, according to insurance premium tax specialists Impendulo. The ‘Act on a terror insurance scheme in the non-life insurance area’ will come into force on 1 July 2019. The reinsurance pool now has a total limit of DKK13.4bn. Impendulo said the scheme provides insurance coverage for property…

Risk management challenges and new technologies

Risk management challenges and new technologies

Risk management challenges and new technologies

Risk managers are facing many risk management challenges, not least in the international programme space where there are increasing regulatory pressures and complex networks to deal with. But ultimately, the biggest challenge is the sheer amount of information available and the complexity of the risk management requirements, from multiple jurisdictions, each with their own unique compliance and regulatory challenges, to…

Mexico’s insurance market benefits from Solvency II-based regulatory framework

Mexico’s insurance market benefits from Solvency II-based regulatory framework

Mexico’s insurance market benefits from Solvency II-based regulatory framework

Mexico’s insurance market continues to offer significant growth opportunities for insurers, and has benefited from the Solvency II framework, according to AM Best. It said that despite inconsistent premium growth, “the introduction of the Solvency II-based regulatory framework in Mexico’s insurance industry three years ago has not been the limiting factor that some market observers had predicted”. It added that…

Stable insurance markets in Colombia and Guatemala, says Best

Stable insurance markets in Colombia and Guatemala, says Best

Stable insurance markets in Colombia and Guatemala, says Best

AM Best is taking a positive view of the Colombian insurance market, giving it a stable market segment outlook. It said insurance companies in Colombia have maintained strong capital positions, and the market as a whole shows room for growth in a favourable economic climate backed by adequate regulation. Best said Colombia’s economic conditions have improved and the insurance market…