News
Accounting & tax analysis
The Vermont Captive Insurance Association (VCIA) has written to Steve Mnuchin, the US Secretary of the Treasury, and Paul Rettig, the Commissioner for Internal Revenue, calling on the Internal Revenue Service (IRS) to suspend its audit activities of micro captives. 30 April 2020
Bermuda analysis
Randall & Quilter Investment Holdings has raised $100 million of new equity, which will be used primarily to invest in the growth of R&Q’s programme management and legacy businesses. 29 April 2020
Executive Appointments
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) will provide up to $150,000 in scholarships to Caribbean nationals for the academic year 2020/21. 28 April 2020
Accounting & tax analysis
The captive industry has been cowed by the IRS for years, with the tax collector securing a string of legal victories that left businesses wondering whether having a captive was worth the effort. However, the COVID-19 pandemic has shattered the logic on which those cases were won, and will lead to a resurgence among 831(b)s, predicts Matthew Queen. 28 April 2020
Executive Appointments
Re/insurance broker Aon, which is in the process of merging with Willis Towers Watson, has imposed a 20 percent salary cut on almost three quarter of its staff in an attempt to help business navigate through the COVID-19 induced economic crisis. 28 April 2020
Actuarial & underwriting
Willis Towers Watson has launched a new type of cyber insurance cover designed specifically for shipowners called CyNav. 28 April 2020
USA analysis
Commercial insurers could cease writing business interruption coverage altogether if legislators force them to pay out on COVID-19 claims that were clearly excluded from policies, according to John Dohn, national sales manager at Management Services International (MSI). 28 April 2020
Actuarial & underwriting
The concept and understanding of captive insurance in Latin America and the Caribbean has been evolving over the past few years, and the adoption of captives among organisations in the region has progressed considerably, say Marsh’s Maria Escobar and Alejandro Santos. 27 April 2020
Actuarial & underwriting
Marsh JLT Specialty has made two hires and two promotions to fill new roles in its renewable energy team. 27 April 2020
Accounting & tax analysis
The Internal Revenue Service has extended the due date to respond to its letters of inquiry to certain micro-captive insurance participants. 27 April 2020
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