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.
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.
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 has requested to withdraw the financial strength ratings of its Bermuda captive, SUMIT Insurance Company following a downgrade from AM Best.
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.
The use of captives to insurance against cyber risk has doubled since 2015, according to Aon’s Global Risk Management Survey 2019.
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 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.
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.
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.