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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
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
Executive Appointments
The Self-Insurance Institute of America (SIIA) announced a reorganised government relations team based in Washington, D.C. The team was adjusted to increase the organisation’s political influence, particularly with key Democrats and the media. 4 April 2013
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