We are living in a technology-driven world. Before 2012, nobody ever heard of Ransomware, and now the big scare is Cryptoviral Extortion. Cryptoviral Extortion is where hackers break into your server and encrypt all of your data until you pay a ransom. 

Take a look at the article below and then ask yourself, your insurance representative, and your IT team if you are prepared if an attack hits your company. Having a contingency plan in place will help get you back open for business sooner rather than later. 

On a positive note, our captive friends in Tennessee are doing great and leading the way in reforms thanks to their active legislature. In 2014 they had Premium Volume of $429.2 Million. At the end of 2018, they jumped up to $1.2 Billion in volume. The experts say their success can be attributed to sweeping improvements by their state legislatures

Be careful and keep an eye out as kids are going back to school this month. And as always i f you have any questions about implementing a Captive, call me directly or visit our Captive 101 section on our website.

Larry Papola
Lawrence J. Papola, Jr.
The Tennessee Captive
Insurance Domicile
Tennessee, which is one of the oldest domestic captive domiciles, has, in recent years, become one of the fastest growing.

Over the last 4 years, the number of active captives in Tennessee has doubled, jumping from 68 in 2014 to 136 at the end of 2018.

Captive premium volume has increased even more, nearly tripling since 2014, hitting $1.2 billion in 2018.

August 2019 Calendar
AUG 4:  National Sister Day
AUG 7: Purple Heart Day
AUG 8: Int’l Cat Day
AUG 13:  Int’l Left-handers Day
AUG 15:  Assumption of Mary
AUG 19:  Nat’l Aviation & World Humanitarian Day
AUG 26: National Dog Day
SEP 2: Labor Day
Cyber Insurance May Give "False Sense of Security" to Some Executives
Chief financial officers (CFOs) said that they expected their insurers to cover a wide range of cyber-attack-related losses despite some being nearly impossible to insure.

According to a recent FM Global survey, 7 in 10 senior financial executives at the world's largest companies believe their insurer would cover most or all of the losses their company would incur in a cyber attack. However, in fact, many of the losses they foresee are rarely covered by insurance.

2019 NCCIA Annual Conference
Come to Charlotte, North Carolina, August 21–23 for the North Carolina Captive Insurance Association (NCCIA) Annual Conference. This year, the 3-day event offers ample opportunities for networking, continuing education, and meeting with regulators.

485 Underhill Blvd.
Suite 101
Syosset, NY 11791

Office: 1-833-US-CAPTIVE
Fax: 888-929-6565