Increasing use of existing captives to tackle hard market, Marsh survey finds

Increasing use of existing captives to tackle hard market, Marsh survey finds

Increasing use of existing captives to tackle hard market, Marsh survey finds

The majority of captive owners plan to increase their use of captives in response to changing insurance market conditions, according to a survey of 1,240 Marsh-managed captives. More than half (59%) expected to expand their captive use by adding more lines of coverage, increasing retentions in the captive, or forming an additional captive, while 38% said they had no plans…

Strategic Risk Solutions acquires Bermuda management company

Strategic Risk Solutions acquires Bermuda management company

Strategic Risk Solutions acquires Bermuda management company

Dyna Management Services, a leading independently owned insurance management company headquartered in Bermuda, is to be acquired by Strategic Risk Solutions (SRS). Under the agreement, all staff of Dyna will remain with the firm, including Terence Power, the current CEO, president and founder of Dyna, who will also join the board of SRS International. “Finding the right home for our…

Marsh analysis confirms steep rise in captive usage as hardening accelerates

Marsh analysis confirms steep rise in captive usage as hardening accelerates

Marsh analysis confirms steep rise in captive usage as hardening accelerates

Broker Marsh has confirmed the fast-rising demand for captives among risk managers, as they seek to manage costs within the rapidly hardening international insurance market and find alternative options for difficult risks such as supply chain and contingent business interruption. The broker has published its 2020 Captive Landscape Report and reports that it has established a record 76 new captives…

Companies increasingly turning to captives for D&O protection as market hardens

Companies increasingly turning to captives for D&O protection as market hardens

Companies increasingly turning to captives for D&O protection as market hardens

The hard directors and officers (D&O) insurance market is leading a growing number of companies to place the risk in captives for the first time. The D&O market has seen prices increase rapidly in the past two years, with little sign that the hardening is about to stabilise. In addition to price increases, many D&O insurers have cut limits and…

New insurance regulator for Bermuda Monetary Authority

New insurance regulator for Bermuda Monetary Authority

New insurance regulator for Bermuda Monetary Authority

The Bermuda Monetary Authority (BMA) has appointed Gerald Gakundi to the position of director, supervision (insurance). Mr Gakundi has more than 15 years’ experience in the insurance industry. He joined the Authority in 2010 as assistant director, supervision (insurance), and was subsequently promoted to deputy director. According to the BMA, he has extensive knowledge of Bermuda’s insurance regulatory environment. It…

New managing director for SRS Europe

New managing director for SRS Europe

New managing director for SRS Europe

Strategic Risk Solutions (SRS) has appointed Melissa Hancock as managing director of Strategic Risk Solutions (SRS Europe) from 1 October 2020, with a view to relocating to the company’s Malta office. She is currently a director of operations and compliance for SRS East, and has overseen the firm’s operations in the mid-Atlantic. According to SRS, in the new role she…

Pandemic forces rethink of captive role in renewals

Pandemic forces rethink of captive role in renewals

Pandemic forces rethink of captive role in renewals

There is growing interest in captives in the hard market but the coronavirus pandemic has put a “pause” on 2021 renewal plans, according to one captive manager. Vincent Barrett, Aon’s regional managing director for EMEA and a member of the broker’s captive and insurance management risk committee, told Commercial Risk Europe the Covid-19 pandemic has “collided” with the hardening insurance market,…

New captive practice for US broker McGriff

New captive practice for US broker McGriff

New captive practice for US broker McGriff

US insurance broker McGriff has formed a new group captive practice, McGriff Captive Solutions. The captive practice will be headed up by Steve Aldrich who also serves as McGriff’s industry practice group leader. According to McGriff, the new practice “will serve as an advisory resource for companies seeking a more cost-efficient way to finance risk while offering members ownership of…

Alternative solutions for captives in a changing marketplace

Alternative solutions for captives in a changing marketplace

Alternative solutions for captives in a changing marketplace

The impact of a changing insurance market, exacerbated by the global Covid-19 pandemic, means that insurance and reinsurance buyers are increasingly exploring alternative solutions. Rob Turner, chief underwriting officer and global head of structured risk solutions at AXA XL, explains how these solutions can work for captive owners. There are several strategies and options available to captive owners when considering…

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