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Number of captives accessing TRIPRA increased 10% in 2018
The number of captives managed by Marsh actively underwriting one or more insurance programmes that access the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) increased 10 percent to 182 in 2018.
First crumbling foundation repaired with help of Connecticut captive
The first Connecticut home with a crumbling foundation due to pyrrhotite has been repaired, thanks to funding from a captive insurance company set up by the Connecticut General Assembly in 2017.
Captives could face rating downgrades amid TRIPRA uncertainty
The Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) is due to expire on December 31, 2020, but further extensions are uncertain, raising the potential for property/casualty insurers - and by extension captives - to face rating downgrades due to over-reliance on the programme, according to AM Best.
Stanford Health Care captive ratings withdrawn following downgrade
Stanford Health Care has requested to withdraw the financial strength ratings of its Bermuda captive, SUMIT Insurance Company following a downgrade from AM Best.
North Carolina’s captive premium tax holiday legislation delayed
North Carolina’s proposed legislation amendment that would temporarily exempt captive insurers redomesticating to the state from premium taxes - also known as the ‘premium tax holiday’ - has been delayed.
Number of parent companies using captives cyber risk doubles: Aon
The use of captives to insurance against cyber risk has doubled since 2015, according to Aon’s Global Risk Management Survey 2019.
Captives remain top alternative risk transfer vehicle: Marsh and RIMS report
Captive insurance companies continue to be the most popular alternative risk transfer solution in use, according to Marsh's 2019 Excellent in Risk Management Report, published in collaboration with RIMS, the risk management society.
Vermont Governor signs into law captive bill for 2019
Vermont Governor Phil Scott has signed into law a bill to tidy up and modernise parts of its captive insurance law as it enters its 2019 legislative session.
BNY Mellon captives get Excellent ratings
Ratings agency AM Best has affirmed the financial strength rating of A (Excellent) for Bermuda-based BNY Trade Insurance and New York-based Hamilton Insurance Corp, the single-parent captives of The Bank of New York Mellon Corporation.
US Tax Court rules in favour of IRS in 831(b) Syzygy case
Just like Reserve Mechanical and Avrahami before it, the US Tax Court has ruled in favour of the IRS in the case of Syzygy Insurance v Commissioner, ultimately determining the captive did not constitute insurance in the commonly accepted sense and its 831(b) election was invalid.
