Roundstone, a US provider of self-funded group captive health insurance, recently distributed over $5m to US business owners currently enrolled in one of its group medical captives.
The Internal Revenue Service (IRS) had planned to use tape recordings of an undercover agent looking to form an 831(b) captive with Tribeca Strategic Advisors - now part of Artex Risk Solutions - in order to support its argument that a captive in a recent lawsuit lacked economic substance.
The North Carolina Captive Insurance Association has named three new members to its board of directors.
Captive manager Atlas Insurance Management has appointed Spencer Caldwell, former captive financial analyst for the North Carolina Department of Insurance, as an account manager.
Ratings agency AM Best has affirmed the financial strength rating of A- (Excellent) of National Guaranty Insurance Company of Vermont (NGIC), a captive insurance company owned by Waste Management.
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.