The recent wildfires ravaging Los Angeles have not only caused widespread destruction but are also set to have significant impacts on California's already strained insurance market. Early estimates suggest that insured losses could reach up to $30 billion, potentially making these fires the costliest in U.S. history.
One of the nation’s largest home builders worked with C.I. to procure their builders risk coverage. They were not getting the credit they deserve in the standard market for their claim free loss history, they were able to use their existing captive to retain risk and stop burning money in the commercial insurance market.
One of the key advantages of captive insurance is the ability to achieve pricing stability. As a captive matures and accumulates capital and surplus, it becomes better equipped to retain risk and insulate itself from fluctuations in the commercial insurance market.
2024 was a milestone year for captive insurance growth, with significant expansion across the industry. The number of captives worldwide increased to an estimated 8,000, writing approximately $50 billion in premiums
A large international industrial client approached C.I. to perform a comprehensive Enterprise Risk Assessment to uncover any risks their business may be exposed to. Their primary concern being the exposure to international trade credit risk to protect the insured businesses from losses related to buyers’ non-payment of commercial debts.
C.I.'s Nate Reznicek spoke at Cayman Captive Forum 2024 about the challenges and intricacies of placing property risks in captive insurance arangements.
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.
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