CICA elects new chair, vice-chair and board members

CICA elects new chair, vice-chair and board members

CICA elects new chair, vice-chair and board members

The Captive Insurance Companies Association (CICA) has elected Lance Abbott as chair of the board of directors of the association. Mr Abbott is president, BevCap Management, director of BevCap Captive Group and director/shareholder of BevCap’s sponsored cell captive. The board also elected Robert ‘Skip’ Myers as vice-chair and Renea Louie as secretary/treasurer. Mr Myers is the managing partner of Morris,…

Covid-19 hits global risk management meeting calendar as CICA cancelled

Covid-19 hits global risk management meeting calendar as CICA cancelled

Covid-19 hits global risk management meeting calendar as CICA cancelled

The rise of coronavirus (Covid-19) is having a significant impact on the normal operation of the international commercial and corporate risk and insurance market, not least because it remains so dependent upon physical meetings and networking to support the basic number-crunching and web-based communication that have become the bedrock of modern commerce. Commercial Risk Europe’s own annual Construction Risk Management…

Atlas Insurance Management acquired by Risk Strategies

Atlas Insurance Management acquired by Risk Strategies

Atlas Insurance Management acquired by Risk Strategies

US broker Risk Strategies has acquired captive management firm Atlas Insurance Management, as part of its purchase of Atlas Group Limited. Risk Strategies said the Atlas acquisition brings both onshore and offshore capabilities, with a presence in multiple domiciles as well as licences in ten US jurisdictions, and gives Risk Strategies its first operating presence outside of the US. Terms…

Guernsey Finance appoints new chief executive

Guernsey Finance appoints new chief executive

Guernsey Finance appoints new chief executive

Guernsey Finance has appointed Rupert Pleasant as its new chief executive, replacing Dominic Wheatley who has led the organisation for more than five years. Mr Wheatley is due to leave the role in June. Guernsey Finance, the promotional agency for the island’s finance industry internationally, said Mr Pleasant replaces Mr Wheatley “in further strengthening the security and stability of Guernsey’s…

Hardening market behind Guernsey captive growth

Hardening market behind Guernsey captive growth

Hardening market behind Guernsey captive growth

The hardening market has seen Guernsey attract 11 new captives to the domicile in 2019, its best result since 2016 and more than double the number last year, according to Guernsey Finance. It said the island saw large increase in inquiries in the second half of 2019, following slow demand for new structures in recent years. Dominic Wheatley, chief executive…

Self-Insurance Institute of America defends captives in light of IRS clampdown

Self-Insurance Institute of America defends captives in light of IRS clampdown

Self-Insurance Institute of America defends captives in light of IRS clampdown

The Self-Insurance Institute of America (SIIA) has defended captives in light of the US Internal Revenue Service’s (IRS) ongoing clampdown on ‘micro-captives’. Earlier this month, the IRS said it was to significantly increase enforcement activity and “vigorously pursue” those involved in micro-captives. The IRS issued IR 2020-26 announcing the results of a global settlement initiative offered last year to just…

EU returns Bermuda to white list of fully cooperative tax jurisdictions

EU returns Bermuda to white list of fully cooperative tax jurisdictions

EU returns Bermuda to white list of fully cooperative tax jurisdictions

Bermuda has been removed from the European Union’s (EU) so-called tax ‘grey list’ and returned to the ‘white list’ of fully cooperative tax jurisdictions. Bermuda was placed on the grey list in May last year, having been put on the list of non-cooperative tax jurisdictions earlier in 2019. The EU had some concerns over collective investment funds but the Bermuda…

Singapore government extends tax break for captives

Singapore government extends tax break for captives

Singapore government extends tax break for captives

The Singapore government has extended the tax break granted to captive insurance companies domiciled in the territory for another five years. Singapore is already the biggest captive centre in the Asia-Pacific region, with some S$1.1bn in premiums and more than S$4.5bn in captive assets under management. As part of its latest budget, the Singapore government revealed that the Insurance Business…

Lloyd’s eyes captive platform idea

Lloyd’s eyes captive platform idea

Lloyd’s eyes captive platform idea

Lloyd’s has confirmed that it is looking into the potential for hosting captive insurance companies in the market again. A Lloyd’s spokesperson said: “Lloyd’s has had the ability to host captive syndicates since 1998. Recent changes to the regulatory environment and the Future at Lloyd’s strategy have stimulated a review of this capability.” SmithKline Beecham established the first, and only,…

Cayman to be added to EU tax haven blacklist

Cayman to be added to EU tax haven blacklist

Cayman to be added to EU tax haven blacklist

The Cayman Islands is to be added to the EU list of non-cooperative tax jurisdictions, according to the Financial Times. The newspaper said it is the first UK overseas territory to be “named and shamed” by Brussels for failing to crack down on tax abuse. The Financial Times noted that the move comes less than a month after the UK’s…

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