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Delaware-domiciled United Contractors’ Insurance Company was downgraded by A.M. Best, their financial strength rating falling to C- and issuer credit rating to “cc”, before the rating agency withdrew the ratings at the request of the company’s management. 10 April 2013
Bermuda analysis
A.M. Best announced that Bermuda-domiciled Transmonde Services Insurance Company has been upgraded to a financial strength rating of A (Excellent) from A-. 8 April 2013
Analysis
The Cayman Islands government has announced its adoption of Model 1 of the intergovernmental agreement on FATCA, with similar agreements forthcoming with the UK. 5 April 2013
Executive Appointments
The Self-Insurance Institute of America (SIIA) announced a reorganised government relations team based in Washington, D.C. The team was adjusted to increase the organisation’s political influence, particularly with key Democrats and the media. 4 April 2013
Analysis
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on guidelines related to preparations for Solvency II. 4 April 2013
Accounting & tax analysis
Guernsey has signed a double taxation agreement with Qatar in a move that will cement growing commercial ties between the two domiciles. 4 April 2013
Cayman analysis
AM Best has assigned a financial strength rating of A+ (Superior) and issuer credit rating of “aa-“ to Risk Reinsurance Limited (RRL), a captive insurance company of state-owned enterprise Transpower New Zealand Limited. 2 April 2013
Cayman analysis
On 25 March 2013 the Insurance (Amendment) Law (the “Amendment Law”) was enacted to allow Cayman Islands segregated portfolio insurers (“SPC insurers”) to incorporate their cells for the first time. 28 March 2013
Cayman analysis
This week the Cayman Islands Legislative Assembly passed an amendment to allow the registration of portfolio insurance companies (PICs) within segregated portfolio company insurers (SPCs). 28 March 2013
Analysis
EIOPA has signed an operational Memorandum of Understanding with the World Bank agreeing to collaborate on the development of the global insurance sector. 21 March 2013
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