From: Captive International
The captives industry has seen almost unprecedented growth in the past two years, largely driven by the hard market in wider commercial lines – and 2022 could again represent a bumper year for the sector.
That was the view of Nancy Gray, Regional Managing Director, Americas, Aon, speaking on a panel discussion called ‘Hot Topics in Captive Insurance’, which took place at the Captive Insurance Companies Association’s (CICA) annual conference, taking place in Tucson this week (March 6-8).
The panel of experienced industry veterans comprised: Joel Chansky, Consulting Actuary, Milliman; Nancy Gray, Regional Managing Director, Americas, Aon; Dave Provost, Deputy Commissioner, Captive Insurance, Vermont Department of Financial Regulation; and Paul Shimomoto, Partner, Goodsill Anderson Quinn & Stifel, who also moderated the session.
Gray said that many companies had become complacent having experienced soft market conditions for so long. This meant that the hard market came as a surprise for many. She said 2020 was a big year for new formations, and 2021 even bigger. But this also only tells part of the story of just how robust the industry has been.