A.M. BestTV coverage of the Captive Insurance Companies Association 2018 International conference
Attendees at the 2017 International Conference of the Captive Insurance Companies Association, held in San Diego, said captives started as disruptive alternatives to traditional insurance and have grown to become ongoing risk management tools.
Steve Kinion, director, Bureau of Captive and Financial Products, Delaware Insurance Department, said he will be leaving the office at the end of June, but was proud of the department's work.
Attorney Skip Myers, who serves as general counsel to the National Risk Retention Association, said the number of active risk retention groups has dropped in recent years as some opt for coverage in the commercial market.
Paul Owens, CEO, global captive practice, Willis Towers Watson said captive organizers are exploring how to reinsure pension risk through captives. That would remove some issues from becoming impediments to mergers and acquisitions, he said.
Steve Bauman, senior vice president, Zurich, said captive insurers are now covering cyber and he expects they will become more varied and creative than standard policy writers in how they fit the coverage to the need.
Fredrik Finnman, global risk insurance management, Assa Abloy, said lockmakers such as Assa Abloy are creating digital products that have risk exposures not always covered by standard offerings.
Steve Matthews, captive coordinator, Montana, said a bill in the state's legislature would allow captive owners to shelve their captive temporarily, returning to operation when conditions change.
David Provost, deputy commissioner, Vermont Captive Insurance Division, said a proposed tax change in Vermont would lower tax credits and extend them from one to two years for new captives.
Dan Towle, incoming president for the Captive Insurance Companies Association, said he was familiar with the scope of the job because of his job as point person for Vermont's captive outreach.
Attendees of the 2017 International Conference of the Captive Insurance Companies Association said market and regulatory pressures will drive more cyberrisk to captives. Those captives will also be required to meet new cyberrisk standards.
