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.…

Proactive strategies needed to deal with tough US market conditions, says Brown & Brown

Proactive strategies needed to deal with tough US market conditions, says Brown & Brown

Proactive strategies needed to deal with tough US market conditions, says Brown & Brown

The US property market in 2021 is expected to see substantial rate and deductible increases, reductions in capacity, coverage restrictions and insurers exiting high-risk business segments, according to Brown & Brown’s Market Trends Quarter 1 2021. However, Brown & Brown says in the report that 2021 will create opportunities for insureds to strategically differentiate their risk in this challenging marketplace.…

New Guernsey captive management facility from Davies

New Guernsey captive management facility from Davies

New Guernsey captive management facility from Davies

Davies has launched a new captive management facility in Guernsey, following regulatory approval from the Guernsey Financial Services Commission. According to Davies, the new captive facility, Davies Management Services (Guernsey), will deliver a full captive management capability including feasibility studies, incorporation services, programme structure advice and exit solutions. Davies said the Guernsey operation will broaden its established captive management operations…

Eiopa’s SII proposals ‘make a start’ in tackling its uneconomic aspects

Eiopa’s SII proposals ‘make a start’ in tackling its uneconomic aspects

Eiopa’s SII proposals ‘make a start’ in tackling its uneconomic aspects

AM Best believes that the Solvency II reform proposals put forward by the European Insurance and Occupational Pensions Authority (Eiopa) make a start in dealing with uneconomic aspects of Solvency II. The proposals are part of the European Commission’s review of the system as Solvency II celebrates its fifth anniversary. “While Eiopa’s advice, if implemented, would have the disadvantage of…

Tennessee latest US domicile to report captive growth in 2020

Tennessee latest US domicile to report captive growth in 2020

Tennessee latest US domicile to report captive growth in 2020

Tennessee is the latest US captive domicile to report solid growth in 2020. It saw a 64% increase in captives compared to 2019, with 18 newly licensed captives and 41 new cells. Tennessee now has 720 risk-bearing entities, comprising 212 captives and 508 cells. According to the Tennessee Captive Insurance Association (TCIA), there was increased interest in captives for property…

Strong US insurance industry premium growth predicted for 2021

Strong US insurance industry premium growth predicted for 2021

Strong US insurance industry premium growth predicted for 2021

New projections from the Insurance Information Institute and Milliman foresee strong premium growth for the US insurance industry in 2021, with an underwriting result comparable to last year. Despite myriad challenges, US auto, homeowners and commercial insurers are projected to realise a modest 1.9% growth in net premiums written and to book a combined ratio of 98.9 through year-end 2020,…

India’s foreign-ownership change could see global insurers entering market says Fitch

India’s foreign-ownership change could see global insurers entering market says Fitch

India’s foreign-ownership change could see global insurers entering market says Fitch

India’s proposed relaxing of foreign-ownership caps on insurers, and the listing of the country’s largest state-owned insurer, will help the industry attract foreign capital, strengthen solvency and promote competition, according to Fitch Ratings. The proposals, set out in India’s 2021-2022 Budget, could encourage global insurers to enter the fast-expanding Indian market, said Fitch, while international insurers already holding minority stakes…

Maxis GBN partners with musculoskeletal injury healthtech firm

Maxis GBN partners with musculoskeletal injury healthtech firm

Maxis GBN partners with musculoskeletal injury healthtech firm

California-based healthtech firm SimpleTherapy has partnered with Maxis Global Benefits Network (Maxis GBN) to help multinationals tackle the issue of musculoskeletal conditions, either in the workplace or while working from home. Maxis GBN’s multinational clients will be able to offer their employees access to a range of support, including instant access to evidence-based exercise therapy to address musculoskeletal disorders, including…