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Law & regulation
Energy giant, BP’s Vermont-based Saturn captive has had its A- rating affirmed by AM Best; in a move that reflects its strong capitalisation, “low risk retention and excellent group reinsurance support.” 16 April 2013
Accounting & tax analysis
Guernsey’s tax standards have been endorsed by the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes. 15 April 2013
Cayman analysis
A scholarship fund run by IMAC, which has sent 24 Caymanian students to complete post-secondary education since 1994, received a donation of $20,000 from Cayman-domiciled captive Churchill Casualty. 12 April 2013
Analysis
QualCare Captive Insurance Company, a captive of QualCare Inc, has been approved as the first sponsored cell captive in the state of New Jersey. 11 April 2013
Law & regulation
Delaware-domiciled United Contractors’ Insurance Company was downgraded by A.M. Best, their financial strength rating falling to C- and issuer credit rating to “cc”, before the rating agency withdrew the ratings at the request of the company’s management. 10 April 2013
Analysis
Marsh has appointed of Matt McCabe, a former congressional advisor on cyber security, to the Network Security and Privacy Practice as a senior vice president. 9 April 2013
Bermuda analysis
A.M. Best announced that Bermuda-domiciled Transmonde Services Insurance Company has been upgraded to a financial strength rating of A (Excellent) from A-. 8 April 2013
Analysis
The Cayman Islands government has announced its adoption of Model 1 of the intergovernmental agreement on FATCA, with similar agreements forthcoming with the UK. 5 April 2013
Executive Appointments
Aon has announced that Michael O’Conner will take over the role of chief operating officer for the firm’s risk management solutions business, including Aon Risk Solutions and Aon Benfield, effective immediately. 4 April 2013
Accounting & tax analysis
Guernsey has signed a double taxation agreement with Qatar in a move that will cement growing commercial ties between the two domiciles. 4 April 2013
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