News

Find News

Filter articles

Applied Filters

Showing 71 to 80 of 1008 results

US Tax Court rules in favour of IRS in 831(b) Syzygy case

North America11-04-2019Owen Faulkner

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.

Pharmaceutical company Pfizer captive gets Excellent rating

North America05-04-2019

Ratings agency AM Best has affirmed the financial strength rating of A (Excellent) of Blue Whale Re, the captive insurer for pharmaceutical company Pfizer.

Microsoft captive fails to recoup $175m in suit relating to Xbox One launch issues

North America04-04-2019

Cypress Insurance Company, the captive insurer of Microsoft Corporation, has been unsuccessful in its attempts to recoup $175m in losses relating to a fire at the SK Hynix manufacturing complex in Wuxi, China. The fire suspended the production of memory chips, which Microsoft had alleged impacted the 2013 launch of its video gaming console, the Xbox One.

Macy’s Vermont captive facing $23.8m in penalties in Maryland tax dispute

North America29-03-2019

Leadville Insurance Company, the Vermont-based captive insurance subsidiary of US department store chain Macy’s, may be liable for $23.8 million in unpaid corporate income taxes to the state of Maryland, a recent court opinion has shown.

IRS adds microcaptives to Dirty Dozen list

United States22-03-2019Insurance

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.

Michigan State University sets up captive following sex scandal

North America07-03-2019

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 seeks captive insurance redomestications through new bill

North America05-03-2019

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 gives Nuclear Electric Insurance Excellent rating

North America04-03-2019

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.

AIG sharing economy head joins Marsh to lead expanded practice

North America04-03-2019

Insurance broker Marsh has appointed Robert Bauer to lead its US sharing economy and mobility practice.

Ride-sharing giant Lyft details Hawaii captive in IPO

Hawaii04-03-2019

Ride-sharing company Lyft has outlined details of its wholly-owned captive insurance subsidiary in an SEC filing.

Showing 71 to 80 of 1008 results

Captive International