The US Internal Revenue Service (IRS) has added microcaptives to its Dirty Dozen list of common scams that it claims that US taxpayers may encounter.
Peter Mullen has rejoined alternative risk management company Artex as chief executive officer, with David McManus taking up the new role of chairman.
Lockton has formed a new reinsurance business and hired three senior executives from Guy Carpenter and Marsh, including the former leader of Marsh Captive Solutions, Nick Durant.
Michigan State University (MSU) had set up a captive insurance company following its former primary insurer, United Educators, introducing “onerous” new terms after allegedly failing to provide general liability insurance coverage for lawsuits and claims arising from the Larry Nassar sex abuse scandal.
North Carolina has introduced a new bill aimed at attracting redomestications of captive insurance companies back to the state through a "premium tax holiday".
AM Best has given US-based Nuclear Electric Insurance Limited (NEIL) a financial strength rating of A based on the insurer’s strong balance sheet, marginal operating performance, favorable business profile and enterprise risk management.
Ride-sharing company Lyft has outlined details of its wholly-owned captive insurance subsidiary in an SEC filing.
Rising geopolitical and geo-economic tensions are leading to increased uncertainty and risk for multinationals with direct foreign investments, which in turn provides opportunity for political and trade credit insurance, and by extension captive insurance.
Intercona Re, the captive reinsurer of transnational food and drink company Nestlé has requested to no longer participate in AM Best's rating process, and the ratings agency has subsequently withdrawn the company's ratings.
The energy sector has seen an increased use of captive insurance over the last 5 years, as it continues to be a key part of companies' risk management strategies, according to an Aon report.