Press Release - AUGUST 12, 2019
AM BestTV at VCIA: As Insurance Market Hardens, Captive Sector Poised for Growth
FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 12, 2019
In the episode, insurance industry executives discussed how changing market conditions could fuel new captive business.
“With the hardening of the market, expectations are that captives will expand their programs and look at other areas that they can help policyholders. The second expectation is that new formations may actually increase compared with previous years,” said Fred Eslami, associate director, AM Best.
“I see a real hardening of the market, especially around property risk,” said Ellen Charnley, president, Marsh Captive Solutions. “Not a week goes by where we do not get a call from a broker, a client or perspective captive owner looking to potentially use a captive to help them take on a bigger deductible, perhaps reinsure a layer or take out a quota share, which would really help them to control their property costs.”
Tony Weller, chief executive officer, Citadel Risk, highlighted the commercial automobile industry, especially trucking.
“Here in the United States, the real hardening in the market is in commercial auto,” said Weller. “A large fleet that has a renewal, but has not had many accidents and their loss runs are good, yet still has their premiums doubling per unit, will look to captives for options..”
Other people that appear in this episode:
AM BestTV is covering the VCIA’s annual conference. Exclusive interviews from the event are available at http://www.ambest.tv/vcia19 .
Other VCIA-related coverage includes:
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