Ocorian reports significant growth in captives use

Ocorian has reported a significant increase in the number of captives it supports with its Bermuda offices. The firm's insurance specialists now support over 137 Bermuda-registered captive insurance companies, as well as 93 commercial and special purpose insurers.

Growth in the captives market in general is being fuelled by a hard insurance market and rising premiums.

Sherman Taylor, head of capital markets, Bermuda, Ocorian said: “A well-run captive can be an effective risk management tool, reducing group insurance costs for the captive owner.

“However, the commercial rationale for incorporating and establishing a captive extends beyond profit considerations, and the current insurance hard market cycle has created new industry buzz about captives.

“The ability to influence pricing is a key benefit of owning a captive. Large rate increases were evident in the latest round of insurance renewals, and it is unlikely that rates will come down in the near future as insurance and reinsurance companies are still dealing with the impact of major loss events spanning the past four years. It is highly anticipated that pandemic losses will exacerbate the situation and drive even more interest in captives.”

    Share Story:

YOU MIGHT ALSO LIKE


Cyber risk in the transportation industry
The connected nature of the transport and logistics industries makes them an attractive target for hackers, with potentially disruptive and costly consequences. Between June 2020 and June 2021, the transportation industry saw an 186% increase in weekly ransomware attacks. At the same time, regulations and cyber security standards are lacking – creating weak postures across the board. This podcast explores the key risks. Published April 2022.

Political risk: A fresh perspective
CIR’s editor, Deborah Ritchie speaks with head of PCS at Verisk, Tom Johansmeyer about the confluence of political, nat cat and pandemic risks in a world that is becoming an increasingly risky place in which to do business. Published February 2022.