News
Law & regulation
The US state of Michigan has changed some of the reporting requirements that relate to captives in the state. One of the changes means that captives can now report using international financial reporting standards. 21 December 2018
article
AM Best has assigned a financial strength rating of B++ (Good) to Mid-Pacific Insurance Company (MPIC), a single parent captive insurer of Robert’s Hawaii Holdings (RHH), a company primarily engaged in providing transportation services (tours, transfers, and municipal and school bus services) in Hawaii. 21 December 2018
article
AM Best has affirmed a financial strength rating of A- (Excellent) of Nova Casiopea Re (NCRe), the captive reinsurer of Telefonica, a Spanish multinational broadband and telecommunications provider with operations in Europe, Asia, and North, Central and South America. 21 December 2018
Accounting & tax analysis
Captive managers and promoters including Gallagher and Artex have come under fire for allegedly conspiring to sell and manage illegal tax shelter captive insurance strategies. Matthew Queen, general counsel & chief compliance officer at Venture Captive Management, provides some insight into the lawsuit. 17 December 2018
article
Risk Retention Groups (RRGs) remain financially stable and continue to provide specialized coverage to their insureds in the third quarter of 2018, despite the economic and political uncertainty, according to a report by Douglas Powell, a senior financial analyst at Demotech. 17 December 2018
Analysis
Delaware has introduced a ‘speed to market’ approach to setting up captives with the introduction of its conditional licensing programme. Captive International spoke with Steve Kinion about this new legislation and other developments. 13 December 2018
Actuarial & underwriting
Melvin Findlay, a specialist with AXA XL’s Captives and Global Programs team based in London, shares his perspective on the opportunities the captive insurance industry offers to young people. 13 December 2018
Actuarial & underwriting
From high profile court cases to new regulations and M&A, 2018 has been an eventful year for the captive insurance industry—and 2019 could bring further changes. Nate Reznicek, director of operations at CIC Services, shares his views. 13 December 2018
Analysis
A New York lawsuit has accused home care agencies Edison Home Health Care and Preferred Home Care oh New York of using a captive insurance company Healthcap Assurance to cheat their workers out of millions of Wage Parity Act (WPA) dollars, which would be paid in wages or employee benefits. 13 December 2018
Accounting & tax analysis
Arthur J Gallagher has hit back at the Arizona-based lawsuit accusing it and its subsidiary Artex Risk Solutions of selling and managing illegal tax-advantaged captives, the firm said in a statement. 13 December 2018
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