Market News

Reinsurers are expected to push for double-digit US casualty rate increases in January 2025 renewals, driven by escalating loss costs and social inflation. Fitch Ratings highlights that reinsurers may also tighten cover limits and reduce commissions, as legal risks and reserve deficiencies impact the market. Tort reform remains a low policy priority. Read More

Alex Gedge of Hylant explores how captive insurance is being used to manage the growing risks of wildfires. Captives provide businesses tailored financial protection, reinsurance options, and a strategic way to mitigate evolving wildfire threats, while accumulating valuable data to improve risk management over time. Read More

Cayman's insurance sector continues its growth with 29 new licenses issued by Q3 2024. The Cayman Islands now hosts 696 insurers, driven by strong interest in captive insurance and reinsurance. The Cayman Islands Monetary Authority expects further expansion in the final quarter, fueled by new applications and a strong business pipeline. Read More

Michael Maglaras & Company has helped its 1,000th family affected by Connecticut's crumbling foundations crisis through the Connecticut Foundation Solutions Indemnity Company (CFSIC). With more than $200 million in funding secured, Mr. Maglaras is seeking additional resources to continue addressing the crisis and exploring broader applications of the captive model. Read More

Marsh has appointed Will Thomas-Ferrand as head of its captive insurance business, effective January 1, 2025. Ellen Charnley, president of Marsh Captive Solutions, will retire at the end of 2024. Read More