| July
2010 Captive Insurance Company Reports (CICR) Highlights
The July issue of the Captive
Insurance Company Reports leads with "Security
Analysis Made Easier and Better." After detailing the problems
insolvency of a fronting insurer can have on captives, we then discuss
how and why rating agencies differ. The crux of the article then
presents a tool that we think is a better way to monitor insurer
security---the Market Security Observer offered by Dempsey Partners.
We show what the tool does, especially in its monitoring of the
three main rating services on selected insurers, plus the several
other financial measures they track---all useful tools for captive
owners to easily monitor their insurers and offering fodder for
questions they can ask of their outsourced analysts. A sidebar discussing
the dilemma the various rating agencies have in making ratings changes
written by John Dempsey is well worth the read.
The second article, "Critiquing 'Captive Value Added' ",
is a critique made of a Swiss graduate student's thesis, Simone
Studer, by Hugh Rosenbaum and Chris Lajtha. Their comments make
interesting reading for captive practitioners who debate the theoretical
value of captives.
We conclude with a few more short reports from the recent CICA conference,
including comments on self-procurement taxes, other offshore domiciles,
fair value versus immediate value and rating agencies under attack.
The July edition of the Captive Insurance Company
Reports also includes a supplemental insert that provides Delaware's
official response to our June article, "Delaware: Bombshell
for Captives?" It also provides additional CICR comments, that
clarify our position on the subject.
Kick the tires before you buy!
To see a sample CICR, View
The February 2010 issue in Adobe Acrobat (pdf). The lead
story in this issue is entitled 2010 Prognostications
on Captives. Also found in this issue is a recap of
the highlights of the November 2009 World Captive Forum. This is
an excellent sample issue that we think you will enjoy!
 
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