C.I.'s Nate Reznicek spoke at Cayman Captive Forum 2024 about the challenges and intricacies of placing property risks in captive insurance arangements.
RESOURCES
The Cayman Captive Forum 2024, held in the Cayman Islands, showcased the jurisdiction's prominence in the global captive insurance industry. The forum opened with remarks from Kieran Mehigan, managing director of Marsh and chairman of the Insurance Managers Association of Cayman (IMAC). He emphasized the conference's growth and international appeal, noting that it was fully sold out.
With the recent multiple CAT events experienced in Florida, Parametric coverage can be a way to provide peace of mind for the financial health of your captive insurance company.
The global market for captive insurance has reached a record-breaking milestone, surpassing $200 billion in premiums last year. This significant growth is largely attributed to companies seeking alternatives as traditional insurers become more restrictive or prohibitively expensive, particularly in sectors affected by climate change.
The cyber reinsurance market is evolving significantly in 2024, characterized by growth, increased stability, and adaptation to emerging risks. Here are the key developments:
Captive insurance companies have become increasingly popular among businesses seeking greater control over their risk management and insurance programs. As these captives mature and accumulate surplus funds, organizations are exploring innovative ways to leverage this capital to enhance their overall risk management strategies and financial performance.
Working with their property and casualty insurance broker, C.I. underwrote the policies according to the unique facts and circumstances surrounding the insured’s portfolio and operations. Utilizing C.I.’s turn-key structure, they were able to bind coverage prior to their captive being formed, allowing for them to comfortably make the insurance decision first, and the captive formation process after.
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