US tax reform impact ‘mixed bag’ for captives, says Best

US tax reform impact ‘mixed bag’ for captives, says Best

US tax reform impact ‘mixed bag’ for captives, says Best

The impact of tax reform in the US is a mixed bag for captive insurance companies, although only in some cases, according to AM Best. On the one hand, it is a positive for offshore captives that have made the Section 953(d) election under the US Internal Revenue Code, which allows them to be taxed as a US corporation. However,…

Regulation and talent acquisition are challenges for captive organisations

Regulation and talent acquisition are challenges for captive organisations

Regulation and talent acquisition are challenges for captive organisations

Captive organisations are under pressure to keep up with current risks and increasing regulation, according to captive managers speaking to AM BestTV at the Bermuda Captive Conference. Attendees said that finding professionals able to work in different environments and manage the mounting layers of regulation was also a challenge. “I think there are a number of factors that combine to…

BVI prepares legal challenge to public register of beneficial ownership imposition

BVI prepares legal challenge to public register of beneficial ownership imposition

BVI prepares legal challenge to public register of beneficial ownership imposition

The British Virgin Islands (BVI) is preparing a legal challenge to an amendment to the Sanctions and Anti-Money Laundering Bill, recently passed by the House of Commons, which will force British Overseas Territories – including the Cayman Islands, the British Virgin Islands, Gibraltar and Bermuda – to publicly reveal the owners of companies based in the territories. International law firm…

Credibility and predictability are everything in global programmes

Credibility and predictability are everything in global programmes

Credibility and predictability are everything in global programmes

Helene Westerlind, a Swedish citizen, joined Zurich as liability claims adjuster in 2003 before becoming a liability underwriter. Between 2008 and 2016 she held various leadership roles within Zurich Global Corporate, both in operations and underwriting services. In September 2016, Ms Westerlind was offered a new role as global head of international programmes within Zurich’s new commercial insurance business operation.…

Captives increasingly writing cyber liability, employee benefits and terrorism, says Marsh Report

Captives increasingly writing cyber liability, employee benefits and terrorism, says Marsh Report

Captives increasingly writing cyber liability, employee benefits and terrorism, says Marsh Report

Captive insurance vehicles are rapidly growing in popularity as risk managers seek alternative ways to finance emerging risks their organisations now face, according to Marsh. The broker’s 2018 Captive Landscape Report: 50 Years of Risk Financing Innovation, highlights considerable growth in the last five years in captives writing cyber liability, employee benefits and terrorism coverage. It also points out that…

RFIB’s holding company to rebrand and set up captive manager

RFIB’s holding company to rebrand and set up captive manager

RFIB’s holding company to rebrand and set up captive manager

CCP TopCo, the holding company of Lloyd’s broker RFIB, is renaming the business as the Risk Transfer Group (RTG) and is planning to establish a UK captive management business. RTG is launching a new strategy to double its revenue from the current £50m to £100m by 2021. The company said the revenue growth will be achieved through RFIB Group becoming…

Vermont’s new law offers onshore reinsurance alternative

Vermont’s new law offers onshore reinsurance alternative

Vermont’s new law offers onshore reinsurance alternative

Vermont has brought in new legislation designed to strengthen its financial services industry. According to Vermont’s Department of Economic Development, the new law offers an onshore-affiliated reinsurance alternative to insurance companies affected by the recent imposition of the Base Erosion Anti-Abuse Tax (BEAT) on reinsurance ceded to offshore affiliates. Vermont said it is the first state to provide this type…

Washington Insurance Commissioner issues cease-and-desist order on Microsoft captive

Washington Insurance Commissioner issues cease-and-desist order on Microsoft captive

Washington Insurance Commissioner issues cease-and-desist order on Microsoft captive

The Washington Insurance Commissioner has slapped a cease-and-desist order on a captive insurance company owned by Microsoft, for placing unauthorised insurance in the state, failing to hold the required surplus line broker licence, and not paying a 2% tax on premiums earned. The captive is called Cypress Insurance Company. It is domiciled in Arizona where it was admitted as a…

British Overseas Territories required to establish public registers of beneficial ownership

British Overseas Territories required to establish public registers of beneficial ownership

British Overseas Territories required to establish public registers of beneficial ownership

An amendment to the Sanctions and Anti-Money Laundering Bill has been passed by the House of Commons, which will force British overseas territories – including the Cayman Islands, the British Virgin Islands (BVI), Gibraltar and Bermuda – to publicly reveal the owners of companies based in the territories. The amendment requires the British Overseas Territories to establish public registers of…

Aon appoints John English as new CEO of Aon Captive & Insurance Management

Aon appoints John English as new CEO of Aon Captive & Insurance Management

Aon appoints John English as new CEO of Aon Captive & Insurance Management

John English is to become chief executive officer, Aon Captive & Insurance Management, with effect from 1 June 2018. He is currently chief operating officer of Aon Captive & Insurance Management, and managing director of Aon Captive & Insurance Management EMEA, and has been with Aon for ten years. He will continue to be based in London and will report…

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