News
Analysis
Aside from more complicated tax returns, Guernsey’s new economic substance requirements which apply to insurance companies - and by extension captives - are not seen as particularly burdensome. 11 April 2019
Analysis
Captive manager Strategic Risk Solutions (SRS) has appointed Richard Daley, the current president of competing firm JLT Insurance Management (Bermuda), as managing director in SRS' Bermuda office, effective August 1. 11 April 2019
Accounting & tax analysis
Just like Reserve Mechanical and Avrahami before it, the US Tax Court has ruled in favour of the IRS in the case of Syzygy Insurance v Commissioner, ultimately determining the captive did not constitute insurance in the commonly accepted sense and its 831(b) election was invalid. 11 April 2019
Analysis
The Managing General Agent’s Association (MGAA) has been exploring opportunities to develop the managing general agents (MGAs) sector in Guernsey, following talks between managing director Peter Staddon and MGAA found David Coupe, and the Guernsey International Insurance Association (GIIA). 9 April 2019
Analysis
BevCap Management, a captive insurance management company based in Texas, has appointed Curtis Hoppe as claims and risk management executive. 8 April 2019
Analysis
Guernsey has satisfied the much-debated OECD BEPS substance requirements for captives operating there. Industry veteran and retired principal of Towers Watson, Hugh Rosenbaum, shares his views. 8 April 2019
Analysis
Ratings agency AM Best has affirmed the financial strength rating of A (Excellent) of Blue Whale Re, the captive insurer for pharmaceutical company Pfizer. 5 April 2019
Analysis
Energi, a provider of alternative and captive insurance solutions in the US and Canada, has appointed former Oklahoma insurance commissioner John Doak and former North Carolina commissioner Wayne Goodwin to its board of directors. 4 April 2019
Analysis
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
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