BP’s Guernsey-based captive, Jupiter has had its financial strength rating affirmed as A (Excellent) and its issuer credit rating at “a” by AM Best as a result of almost $2 billion in technical profit achieved in 2012.
The Hon. Craig Cannonier, the Premier of Bermuda, has said the island’s regulatory regime is committed to remaining flexible and competitive to make certain it remains the jurisdiction of choice for both the captive industry and the international re/insurance industry.
Bermuda welcomed a class 2 multi-owner captive and a long-term class B captive in April despite headwinds associated with the soft commercial market and pressure on offshore domiciles from the global taxman.
The Monetary Authority of Singapore (MAS) has announced its intention to “significantly” strengthen its framework for tax cooperation and ending cross-border tax offences.
Marsh has appointed Neil Irwin to the lead the firm’s business development across the Middle East and North Africa (MENA) region. Irwin will be based in Dubai.
Tim Faries, a partner at Appleby Bermuda, told Captive International that bilateral tax agreements could be the key to attracting Latin American captive owners to the Island.
As two captive insurance bills wind their way through the North Carolina state legislature, an association has formed to help them find their way.
Guernsey has strengthened its international tax credentials with the signing of a double taxation agreement (DTA) with Luxembourg, the eighth full DTA signed by the Island.
Towers Watson has named Michael Murphy managing director of its Risk Consulting and Software business in Europe, the Middle East and Africa (EMEA).
The NAIC will host the 6th annual International Insurance Forum in Washington, D.C. The two day forum will open on May 9th.