Bank governor says Labuan must upgrade tax regime and spread wealth to ensure survival

Bank governor says Labuan must upgrade tax regime and spread wealth to ensure survival

Bank governor says Labuan must upgrade tax regime and spread wealth to ensure survival

Labuan International Business and Finance Centre (IBFC) needs to ensure that the local community benefits from its economic activity, become a more diversified and sustainable economy, and enhance tax incentives so that they are on a par with international best practices. These are the three major challenges facing the IBFC, according to Muhammad bin Ibrahim, governor of Bank Negara Malaysia,…

AGCS in groundbreaking captive blockchain trial

AGCS in groundbreaking captive blockchain trial

AGCS in groundbreaking captive blockchain trial

Blockchain technology for a global captive insurance programme, including cash transfer between countries, has been successfully trialled by Allianz Global Corporate & Specialty (AGCS). Blockchain technology creates a much faster, transparent, secure and efficient means of distributing information, conducting business processing and recording transactions across multiple parties. The AGCS prototype automatically connects all parties involved in the captive insurance programme…

Eberhard Faller wins European Risk Manager of the Year

Eberhard Faller wins European Risk Manager of the Year

Eberhard Faller wins European Risk Manager of the Year

Eberhard Faller, senior vice-president of central insurances at BASF, was named European Risk Manager of the Year at a gala dinner in London last night. He took the leading prize on an evening when winners of the other Excellence in Risk Management categories were announced, along with those from the Excellence in Customer Services and Individual Achievement shortlists. Mr Faller,…

Ferma campaign to defend captives forges ahead

Ferma campaign to defend captives forges ahead

Ferma campaign to defend captives forges ahead

The organisation for Economic Co-operation and Development’s (OECD) project to tackle base erosion and profit shifting (BEPS) is a major concern to many risk and insurance managers with captives, but Ferma’s campaign to dispel misperceptions about captive insurance companies is making progress. The OECD’s aim of stamping out the worst excesses of corporate tax avoidance is laudable, but it was…

Ferma building bridges at home and abroad to deliver for members

Ferma building bridges at home and abroad to deliver for members

Ferma building bridges at home and abroad to deliver for members

Ferma is working with european, regional and global risk management associations, as well as the wider risk transfer community, to deliver on its strategic mission to increase leadership in risk management and enhance the profession’s influence. Ferma has been focusing on its new strategic vision during the past year. According to Typhaine Beaupérin, the federation’s CEO, this vision came about…

Captives and global programmes

Captives and global programmes

Captives and global programmes

In today’s global marketplace where companies are operating from Azerbaijan to Zambia, having a centralised way to keep a handle on the myriad risks they face can deliver real benefits. For risk managers, a captive insurance company is a useful tool to coordinate an international insurance programme and to derive some tangible cost savings, while gaining a global picture of…

Cayman set for another successful captive licensing year

Cayman set for another successful captive licensing year

Cayman set for another successful captive licensing year

The Cayman Islands insurance industry has set a brisk pace for new formations so far in 2017, according to the Insurance Managers Association of Cayman (IMAC), with 23 new licenses issued. Statistics from the Cayman Islands Monetary Authority (CIMA) show that the third quarter saw seven new Class B formations, including two third-party insurers. For the whole of 2017 to…

Marsh appoints president of Marsh Captive Solutions

Marsh appoints president of Marsh Captive Solutions

Marsh appoints president of Marsh Captive Solutions

Ellen Charnley has been appointed as president of Marsh Captive Solutions, which manages more than 1,200 captives in 44 domiciles worldwide. She has more than 20 years of captive industry experience, and most recently served as the global sales leader of Marsh Captive Solutions and other consulting businesses within Marsh. Prior to that, she was responsible for Marsh’s West Zone…

Online betting operator Lottoland forms Gibraltar captive

Online betting operator Lottoland forms Gibraltar captive

Online betting operator Lottoland forms Gibraltar captive

Online lotto betting operator Lottoland has formed a captive insurer in Gibraltar to underwrite all the bookmaking risks of Lottoland. The captive, Fortuna Insurance PCC Limited, has been granted an insurance licence by the Financial Services Commission (FSC) in Gibraltar in accordance with EU insurance legislation. Lottoland said it is the first and only company in the gaming sector to…

Hard-hitting Avrahami ruling by US tax court, but captive was ‘destined to fail’

Hard-hitting Avrahami ruling by US tax court, but captive was ‘destined to fail’

Hard-hitting Avrahami ruling by US tax court, but captive was ‘destined to fail’

The recent ruling of the US Tax Court in the Avrahami case, involving a US 831(b) captive, is unlikely to have much effect on the wider captive sector as there were very specific circumstances, though clearly it does not help when the industry is working so hard to challenge the perception of captives as tax avoiding vehicles. The case was…

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