OLDWICK, N.J.–(BUSINESS WIRE)–In this AMBestTV episode, attendees at the Bermuda Captive
Conference in Southampton, Bermuda, said captive sponsors continue to
find new ways to place their risk into insurance captives, including
more third-party risk. Click on http://www.ambest.com/v.asp?v=bcc2619
to view the entire program.
Industry leaders spoke about how the captive industry has progressed,
and what opportunities could become available.
“If we are looking at businesses that are really digital-focused, which
obviously is a growing area, those types of businesses are experiencing
much higher risk in the areas of data protection and cyber,” said Becky
Vernon, senior counsel, ASW Law. “Traditional insurance companies are
really challenged in pricing those types of risk, primarily because they
do not actually own the data that would enable them to price
effectively. The data is actually owned by the company that operates the
digital business. So potentially, those companies are now going to be
looking to insure those types of risk through a captive.”
Reflecting on his 20 years in the captive market, Dan Towle, president,
Captive Insurance Companies Association, said, “One of the most exciting
things about the captive industry is that it does not stand still. With
new risks coming out all the time, who would have thought we would have
things like terrorism or cyber risks. Captives have always fill that
unique need and are often ahead of the traditional marketplace.”
Susan Molineux, senior financial analyst, AM Best, said, “The
captive market was born out of innovation. Captives first were formed as
an innovative way to transfer risk. Captives are certainly here to stay
they are just going to be used differently.”
Other people in this episode:
-
Scott Reynolds, president and chief executive officer, Member
Insurance; - Anup Seth, partner, managing director, Aon; and
- Ellen Charnley, president, Marsh Captive Solutions.
For full video coverage of the Bermuda captive conference, including
exclusive executive interviews, visit http://www.ambest.tv/bcc19.
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At the Bermuda Captive Conference: ‘Captives Don’t Fly Under the
Radar Anymore’: Attendees at the Bermuda Captive Conference said
regulatory challenges and new risks change rapidly, with captive
insurers becoming organizations with higher profiles that are more
closely scrutinized by global regulators: http://www.ambest.com/v.asp?v=bcc1619. -
New Court Venues, Litigation Funding and #MeToo Impacting D&O
Market, Say AM Best Analysts: Sridhar Manyem, director of industry
research and analytics, and Sam Hanig, senior industry analyst, both
of AM Best, said insurers that offer directors and officers (D&O)
coverage face a widening array of developing issues, including
cyber-related exposures: http://www.ambest.com/v.asp?v=dand0619. -
U.S. Inland Marine Sector Shows Exceptional Stability, Says AM Best
Associate Director: David Blades, associate director, AM Best,
said the ongoing profitability of the inland marine insurance sector
attracts competition, but competitors face the challenge of becoming
knowledgeable of the sector’s specialized risks: http://www.ambest.com/v.asp?v=inlandmarine619. -
China, Other Expanding Markets Drive Growth for Life Re Sector,
Says AM Best Senior Financial Analyst: Michael Adams, senior
financial analyst, AM Best, said business from Chinese insurers,
fueled by an expanding middle class, is helping insurers find growth
outside of the United States and Europe, where life markets are
relatively mature: http://www.ambest.com/v.asp?v=lifere419.
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unique focus on the insurance industry. Visit www.ambest.com
for more information.
Copyright © 2019 by A.M. Best Company, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.
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