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North Carolina’s captive premium tax holiday legislation delayed

North America03-05-2019

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

North America02-05-2019

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

North America29-04-2019

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 signs into law captive bill for 2019

North America24-04-2019

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

Bermuda, North America17-04-2019

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

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.

Showing 91 to 100 of 1033 results

Captive International