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Cypress Insurance Company, the captive insurer of Microsoft Corporation, has been unsuccessful in its attempts to recoup $175m in losses relating to a fire at the SK Hynix manufacturing complex in Wuxi, China. The fire suspended the production of memory chips, which Microsoft had alleged impacted the 2013 launch of its video gaming console, the Xbox One. 4 April 2019
Analysis
Marsh & McLennan Companies (MMC) has completed its $5.6 billion acquisition of Jardine Lloyd Thompson. 1 April 2019
Analysis
The Central Bank of Ireland has granted regulatory to approval to Randall & Quilter Investment Holdings' planned acquisition of Western Captive Insurance Company (WCIC), the Irish-domiciled captive of construction and engineering company Coffey Group. 1 April 2019
Analysis
Carey Olsen partner Christopher Anderson, with the support of the Guernsey Financial Services Commission, has created a new hybrid ILS vehicle - a protected or incorporated cell company that is both a licensed insurance company and a regulated investment fund. 1 April 2019
Accounting & tax analysis
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. 29 March 2019
Accounting & tax analysis
Bermuda’s insurers—and, by extension, captive insurers—have until July 1 to satisfy the government’s new economic substance requirements, which have a considerably broad scope. Janine Carey, associate at Appleby, has the details. 29 March 2019
Analysis
Bermuda premier David Burt and minister of finance Curtis Dickinson is leading a team to Europe for discussions aimed at laying the groundwork for removing the island from the EU's list of non-cooperative tax jurisdictions, also known as the blacklist. 27 March 2019
Analysis
AM Best has affirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of “a” of Energas Insurance. The outlook of these ratings is stable. 25 March 2019
article
Blockchain technology, specifically smart contracts, could have profound implications for the way traditional cat bond structures work, explains Simon Kolkmann of BlockART Institute. 25 March 2019
Accounting & tax analysis
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. 22 March 2019
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