Corporates look to captives amid hard market

A report by Marsh LLC said that more corporates resorted to forming their own captive insurance companies in 2020 to retain more risks amid difficult insurance market conditions, Commercial Risk reported. There was a 53% year-on-year growth in the formation of protected or segregated cell companies, with a number of these cell companies established to offer directors and officers liability coverage amid a shortage of D&O insurance capacity globally.