Nationally recognized as an authority in the captive insurance industry, Mr. Wright counsels companies on a wide range of tax and insurance law issues, including formation of commercial offshore privately and publicly held entities. He also works with clients on the development of structured financial products such as securitizations, swaps, options, and similar products used as alternatives to conventional risk financing mechanisms such as "rent-a-captives" and "cell companies."
Representing domestic and foreign-based clients, Mr. Wright advises property and casualty insurance companies, guides the formation of single-parent/group captive insurers, and counsels risk retention groups. With more than 4 decades of experience, he has helped clients successfully navigate an array of complex federal income tax issues such as debt or equity characterization, engaging in US trade or business issues, continuity of interest, passive foreign investment company status, controlled foreign corporation status, limitations on the use of net operating losses, cancellation of indebtedness income, consequences of debt modification, original issue discount, federal excise tax, and state premium tax on premiums paid to foreign investors.
He is the recipient of the 2016 Captive Insurance Companies Association (CICA) Distinguished Service Award, recognizing his significant contributions to advancing the captive insurance industry, presented at the CICA International Conference.
Mr. Wright has shared his knowledge generously at virtually every captive insurance industry event over the course of several decades. He became involved with captive insurance early in his career, and his enthusiasm and passion for problem solving and helping the captive industry remain evident in his work.
He has been recognized by a number of captive domiciles for his contributions to the captive industry and has been named in the top 10 of the Captive Review "Power 50" since its inception. Mr. Wright has served on the CICA/Vermont Captive Insurance Association Joint Tax Advisory Committee for many years and has advised CICA leadership on breaking tax issues. In addition, he has been a mainstay of the CICA International Conference "Tax Update" session for many years.
Mr. Wright is a graduate of Brooklyn Law School and holds an LL.M. from Georgetown University Law Center. After completing law school in 1971, Mr. Wright worked in the Office of Chief Counsel, Interpretative Division, Internal Revenue Service, until 1975. He received his Chartered Property Casualty Underwriter (CPCU) designation in 1984.
Sutherland Asbill & Brennan, LLP, combined with Eversheds and is now known as Eversheds Sutherland (US) LLP.