US convenience store, The Pantry, has formed a pure captive in North Carolina, the state’s first new entrant for 2014.
Texas has licensed its first captive insurer this week following the enacting of captive legislation in June last year.
Hong Kong’s Legislative Council has passed an Inland Revenue Amendment that will provide a 50 percent tax concession on the profits of captive insurers.
Cayman has welcomed three new captive managers in recent months as it looks to further develop its global position.
Vermont has further strengthened its proposition as the US’s leading captive domicile passing the Legacy Insurance Management Act, which will enable to creation of specialist insurance company that will acquire state run-off business.
AIG launches a segregated cell captive, Grand Isle SAC, which will extend alternative risk financing facilities to small and medium-sized companies globally.
David Snowball has been appointed as the new captive director at the Utah Insurance Department. He will replace Ross Elliott, who retires at the end of March.
Nevada is now home to 150 active captives, the largest number in its history, after the state approved 30 new captives in 2013.
Captives making intercompany loans to their parents need to take into account potential liquidity concerns and the impact this may have upon their ability to pay claims.
The Captive Insurance Companies Association 2014 International Conference—which kicks off in Scottsdale, Arizona, on Sunday—will boast more than 560 attendees and a sold out exhibit hall.