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Should You Consider Writing Cyberrisk Coverage through Your Captive?

Cyberrisk is a hot topic at captive conferences, and a panel of experts at the Connecticut Captive Insurance Association’s annual Symposium on Captive Insurance provided a great overview of this expanding risk. Leon Pintsov, CEO of SignitSure Company, moderated the panel. He stated, “No statistical stability exists for the cyber risk,” making it difficult to underwrite.
September 19, 2014 Read More

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Captives Land on IRS Priority Guidance Plan for 2014–2015

On August 26, 2014, the Internal Revenue Service issued its Priority Guidance Plan (PGP) for 2014–2015. The list reflects 317 projects the IRS designates as priorities for the allocation of resources during the designated period, although generally not all items are completed during the designated period.
September 25, 2014 Read More

Reinsurance Markets, Captives, and Generative Thinking

Over the last month Captive Wire and Captive.com have highlighted a series of headlines suggesting that the fundamentals underlying the global reinsurance market are changing. John Foehl, coeditor of Captive.com and Captive Wire, suggests generative thinking is one means of considering what these changes mean for captives.
September 25, 2014 Read More

Underwriting Note: Another State Invalidates Caps on Some Punitive Damages

Last week a 7-0 Missouri Supreme Court decision invalidated the state cap on some punitive damages. The supreme court restored the judgment of a lower court because the plaintiff had filed a claim as a common law fraud, which existed in Missouri since the first state constitution was written.
September 17, 2014 Read More

Captive Insurer Clarification Act Would Correct Unintended Consequences of NRRA

In July 2014 Senator Patrick Leahy (D-VT) introduced Senate Bill 2796, which would clarify the definition of nonadmitted insurer under the Nonadmitted and Reinsurance Reform Act (NRRA) of 2010. The legislation is cosponsored by Senator Lindsey Graham (R-SC).
September 04, 2014 Read More

Recent News

Does Your Captive Board Spend Most of Its Time Reviewing the Past? Should It?

In the second in the Captive.com series on “Reinsurance Markets, Captives, and Generative Thinking,” author John Foehl suggests that over the past decade governance experts have focused on the “backward looking” roles of boards and not on the responsibility to advance the mission of the organization they serve.
September 29, 2014 Read More

J.P. Morgan Captive Rating Affirmed

The “A” rating of J.P. Morgan’s single-parent captive, Park Assurance Company (Park), has been affirmed by A.M. Best.
September 26, 2014 Read More

New Catastrophic Risk Modeling Degree Program

A new master's degree program at the University of Miami combining the science of the earth and ocean with analytical and statistical skills has been designed by professor Dennis Hansell, according to The Royal Gazette.
September 26, 2014 Read More

Trial Held in RVI Case

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Beginning on September 2, a 3-day trial was held at the U.S. Tax Court in the case of RVI Guaranty Co. Ltd. and Subsidiaries v. Commissioner. The issue in the case is whether residual value insurance, which insures lessors against an unexpected loss in the value of property they lease, qualifies as insurance for federal tax purposes.
September 25, 2014 Read More

New Jersey 2014 Captive Insurance Summit Scheduled for September 30

“Growing Your Captive in the Garden State” is the theme of the 1-day 2014 New Jersey Captive Summit that is being held at the Hyatt Regency in New Brunswick, New Jersey, Tuesday, September 30.
September 24, 2014 Read More

North Carolina Estimates More than 40 Captives by End of 2014

The North Carolina Insurance Department is planning to grow the number of its licensed captives to 40 by the end of the year, according to its recent press release. There are currently 12 North Carolina licensed captives, including five protected cell captives that have multiple cells.
September 24, 2014 Read More

Using a Captive for Funding Retiree Medical Plans

A captive insurance company is an option for funding retiree benefits, Spring Consulting points out.
September 23, 2014 Read More

South Carolina’s 15th Annual Captive Conference Opens

“A climate of stability. A wealth of solutions.” That is the theme of the 2014 South Carolina Captive Insurance Association (SCCIA) Executive Educational Conference being held September 22-24 at the Wild Dunes Resort, Isle of Palms, SC. More than 180 attendees have registered for the Conference.
September 22, 2014 Read More

Connecticut Captive Insurance Association (CCIA) Symposium a Success

The air was filled with optimism at the Connecticut Captive Insurance Association (CCIA) Symposium at what Anne Melissa Dowling, deputy commissioner of the Connecticut Insurance Department, described as the “Thinking Persons’ Domicile.”
September 18, 2014 Read More