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A.M. BestTV: Captive Insurance Pros: Hard Markets Repeat Themselves, But With a Twist


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FOR IMMEDIATE RELEASE

OLDWICK - DECEMBER 01, 2017 02:52 PM (EST)
In this A.M.BestTV episode from the Cayman Captive Forum 2017, held in Georgetown, Grand Cayman, attendees said the catastrophes of 2017 could spur some price hardening, but that the impact will be felt selectively. Click on http://www.ambest.com/v.asp?v=imac31117 to view the entire program.

Not all attendees expect the market to harden in 2018.

“I have come to believe that the insurance industry has transformed itself to a certain degree,” said Rich Smith, president, Vermont Captive Insurance Association. “However, I think with the data and expertise that is in the industry now, I question as to whether or not there will be a hardening market. I will be surprised if it does occur.”

Nevertheless, Michael Meehan, consultant, Miliman, said he believes, “a hardening of the market will occur with property rates and there will be significant rate increases.”

Michael Corbett, director, Captive Insurance at State of Tennessee, said he thinks no matter what conditions the market is experiencing, a captive can still be successful; however, if a company waits to form a captive when the market hardens, “it will be too late, and the company will have missed the opportunity.”

For full video coverage of the Cayman Captive Forum, including exclusive executive interviews, visit http://www.ambest.tv/imac17 .

Other people that appear in this episode:


  • Anne Marie Towle, executive vice president, JLT;

  • Ruwan Jayasekera, head, insurance division, Cayman Islands Monetary Authority;

  • Robert Gagliardi, head, captive management, American International Group, Inc.; and

  • Phil Giles, vice president, sales & marketing, QBE North America.

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  • Companies Strategize on Sites for Post-Brexit Outposts, Says A.M. Best’s Senior Director: Catherine Thomas, senior director, analytics, A.M. Best, said companies operating from London are considering regulatory environments and customer access in deciding where to site offices to serve European Union clients: http://www.ambest.com/v.asp?v=brexit1117 .

A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html . View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source.