September 2020 Edition
While some states are still navigating opening their economies, the kids are going back to school, and hopefully, we are getting some normality back in our lives.

Even Captives are not immune to being in the news with COVID-19. Make sure you check out the article below to see how other companies are leveraging their Captives during this critical event.

Also, see how a captive protected a client from a defective product. Has this ever happened to you? If not, be glad, but call me for some information if this could help protect your company.

If you have any questions about the information in these articles, call me directly. If you have questions about implementing a Captive, also, contact me or visit our Captive 101 section on our website.

We appreciate your business!
 
Sincerely,
Larry Papola
Lawrence J. Papola, Jr.
Principal
1-833-US-CAPTIVE
(1-833-872-2784)
Cyber Insurance Premiums Increase in 2019, Though Premium
Growth Slows
Direct written premiums paid to US cyber insurers grew 11 percent year-over-year in 2019 to $2.25 billion, according to A.M. Best. Still, the rate of cyber insurance premium growth slowed for the fourth straight year.

In a new market segment report, Cyber Insurance: Profitability Less Certain as New Risks Emerge, A.M. Best notes that cyber insurance premium growth has slowed dramatically since 2016–2017 when direct premiums written grew more than 30 percent annually as the cyber risk landscape expanded and awareness of the risks increased.

According to the report...
Captive Claim Highlight
Client Profile
Industry: Manufacturing
Specialty: Manufacturing & distribution of wire and cable
Location: California
Claim Information
Description: Our Insured had an existing contract with a supplier to provide product for resale. The product was found to be defective. The Insured had to cover the cost of returning and replacing the defective products. Through their Captive's Actual Net Loss policy, Contractual Liability coverage, they were able to recoup their expenses associated with this event.
Line of Coverage: Contractual Liability
This exposure was elected for coverage by the client under their captive policy. This resulted in a claim payment amount of approximately $140,000.
*Please note that each claim will undergo an independent investigation and thorough review process. Various components specific to the claim at hand will be assessed thoroughly to determine if the loss is covered by the policy.
VCIA: Captives Showed ‘Positive’ Response To COVID-19
Captives saw an overall positive immediate response to the challenges of the COVID-19 pandemic in supporting parent company business operations, according to a panel at the Vermont Captive Insurance Association’s (VCIA) virtual conference.

Speaking at the ‘Captives and unforeseen pandemic events’ panel discussion, Deyna Feng, director of captive programmes at Cummins, explained that captive coverage was a practical demonstration of the advantages of crisis event simulations in parent companies.
September 2020 Calendar
Happy Labor Day!
glove-flag.jpg
SEP 5: Int’l Day of Charity
SEP 7: Labor Day
SEP 8: Int’l Literacy Day
SEP 10: Suicide Prevention Day
SEP 11: Patriot Day
SEP 13: Grandparents Day
SEP 17: Constitution/Citizenship Day
SEP 21: Int’l Day of Peace
SEP 22: Fall Begins
September is Observed as:
Nat'l Preparedness Month
Childhood Cancer Awareness Month
National Suicide Prevention Awareness Month
Alabama To Host In-Person
Captive Conference

The Alabama Captive Insurance Association (ACIA) is set to host its annual conference in person, September 16-18 2020, at the Westin Birmingham, Alabama.

The ACIA conference will focus on promoting student engagement by incorporating student-focused sessions and networking opportunities.

Due to the COVID-19 pandemic, the ACIA stated that they are taking “extra precautionary measures” to ensure safety for all attendees, including providing complimentary masks and hand sanitiser to each attendee.
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