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Carr, Riggs & Ingram expands presence in Mississippi
Accountancy and advisory firm Carr, Riggs and Ingram (CRI) has expanded its presence in Mississippi via a merger with WM. F. Horne and Company.
Pinnacle names new consulting actuary
Pinnacle Actuarial Resources has promoted Nicholas Gurgone to consulting actuary.
Captives used to dodge primary rate hikes by accessing reinsurers direct
Many large companies are looking to better leverage their captives to avoid “unbudgeted” rate hikes on their traditional insurance programmes, John English, CEO, captive and insurance management, Aon, told Captive International.
Companies use analytics to dodge hardening rates by leveraging captives
A hardening market has prompted many companies to explore ways of leveraging their captive to help dodge or at least offset some of the rate increases, according to Jason Flaxbeard, executive managing director, captive management and consulting, Beecher Carlson.
Captive premium growth for cyber risk up 263%
Captive premium growth for cyber risk has accelerated by 263 percent in the past year, according to Aon.
IRS intended to use undercover tapes in Artex microcaptive case
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.
IRS launches captive campaign to ensure compliance with arm's length prices
The Internal Revenue Service (IRS) has launched a compliance campaign to ensure US multinational companies are paying their captive service providers no more than arm's length prices.
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.
Macy’s Vermont captive facing $23.8m in penalties in Maryland tax dispute
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
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.
