News
Accounting & tax analysis
The Internal Revenue Service (IRS) has confirmed that the Connecticut Foundation Solutions Indemnity Company (CFSIC) is not required to issue federal tax form 1099s, used to declare miscellaneous income, to homeowners it has assisted in repairing their crumbling foundations. 28 November 2019
article
Much has been written about the growing regulatory overreach of state regulators and tax authorities with regard to their treatment of captive insurance companies over the past couple of years. But tax avoidance and mitigation strategies pale in importance to the many other benefits provided by captive insurers, says the Vermont Captive Insurance Association’s Richard Smith. 28 November 2019
Analysis
The average cost of a medical malpractice claim has increased by 50 percent in the US since 2009, according to Beazley, an insurer of hospital professional liability. 27 November 2019
Analysis
Captive insurance companies in Bermuda, Cayman and Barbados rated by AM Best have outperformed the segment’s counterparts in the commercial casualty sector, the rating agency said. 27 November 2019
article
Captive insurance companies can be great tools for telemedicine providers to self-insure future risks. They may create opportunities for premium savings and will certainly allow coverage to be written that is not available in the commercial insurance marketplace, says Larry Hansard at Gallagher. 27 November 2019
Law & regulation
The insurance commissioner for the State of Washington has issued a cease and desist order to 2A Insurance, a captive insurance company, preventing it from engaging in any insurance-related activities in the state. 26 November 2019
Analysis
AXA XL Risk Consulting has hired Sheri Wilbanks to be global casualty and environmental lines of business manager. 26 November 2019
Analysis
The cyber insurance market will attract $14 billion by 2022, according to research by Valuates, driven by increased take-up in Asia in particular. 26 November 2019
Analysis
Amynta Group, which provides protection products and services across the automotive, consumer and specialty equipment markets, has named Scott Allan as global head of warranty structured solutions and reinsurance. 26 November 2019
article
The tightening of the insurance market has renewed interest in affinity groups or association captives—groups of captives whose members are all part of the same industry, say Inspirien’s Kathy Freyman and Hylant’s Anne Marie Towle. 26 November 2019
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