AM Best has assigned a financial strength rating of B++ (Good) to Mid-Pacific Insurance Company (MPIC), a single parent captive insurer of Robert’s Hawaii Holdings (RHH), a company primarily engaged in providing transportation services (tours, transfers, and municipal and school bus services) in Hawaii.
AM Best has affirmed a financial strength rating of A- (Excellent) of Nova Casiopea Re (NCRe), the captive reinsurer of Telefonica, a Spanish multinational broadband and telecommunications provider with operations in Europe, Asia, and North, Central and South America.
Risk Retention Groups (RRGs) remain financially stable and continue to provide specialized coverage to their insureds in the third quarter of 2018, despite the economic and political uncertainty, according to a report by Douglas Powell, a senior financial analyst at Demotech.
A New York lawsuit has accused home care agencies Edison Home Health Care and Preferred Home Care oh New York of using a captive insurance company Healthcap Assurance to cheat their workers out of millions of Wage Parity Act (WPA) dollars, which would be paid in wages or employee benefits.
Arthur J Gallagher has hit back at the Arizona-based lawsuit accusing it and its subsidiary Artex Risk Solutions of selling and managing illegal tax-advantaged captives, the firm said in a statement.
Insurance agency Alera Group has acquired Bailey & Company Benefits Group, and employee benefits firm based in Ohio.
The Washington Office of the Insurance Commissioner is offering captives that have unlawfully insured any risk in the state in the past 15 years a self-reporting period of 18 months to pay significantly reduced fines.
Arthur J Gallagher has entered into an agreement to acquire Captive Insurance Company Design and Operations, a Chicago-based captive consultant formed by Clarity Group in 2002, with a focus on medical and professional liability.
Aon has appointed Anup Seth as global leader, underwriting solutions, of its Captive and Insurance Management team, based in Bermuda.
An Arizona-based lawsuit is seeking damages from a group of defendants including Artex Risk Solutions, Arthur J Gallagher among other captive service providers for conspiring to design, promote, sell, implement and manage illegal tax-advantaged captive insurance strategies using unlawful attempted 831(b) elections.