Captive Insurance Issues and Trends 2017
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RIMS, the risk management society™, has named the recipients of the 2017 RIMS Annual Conference & Exhibition Awards & Honors. Read to find out who won RIMS Risk Manager of the Year, the RIMS Rising Star Award, the Harry and Dorothy Goodell Award, and many others.
The Bermuda Captive Conference, which was shifted from its regular calendar slot in June to September 10–13, 2017, due to the America's Cup, made an impressive marketing splash at the 2017 RIMS Annual Conference and Exhibition, garnering new registrations and raising awareness among many of the estimated 10,000 delegates attending the major risk industry event.
RIMS, the risk management society™, and American International Group, Inc. (AIG), announced Glen Frederick and P. Richard Hackenburg as the two newest inductees into the 2017 Risk Management Hall of Fame.
On March 27, CIC Services, LLC, and Ryan, LLC, filed suit against the IRS in US District Court for the Eastern District of Tennessee, seeking injunctive relief by setting aside IRS Notice 2016–66, as modified by IRS Notice 2017–06. On April 21, the court issued an order on CIC’s and Ryan’s motion for preliminary injunction, denying their request to immediately halt the IRS from enforcing its rule.
An American university has chosen Bermuda as the domicile for the first known student-run captive insurance company. This small captive insurer was launched by students enrolled in the Davey Risk Management and Insurance Program at Butler University's Lacy School of Business.
The recently released AIG Global M&A Claims Study 2017 shows the frequency of mergers and acquisitions (M&A) representations and warranties insurance claims is rising. The study found that 23 percent of deals written over $1 billion end in a claim, as large deals prove risky and the average payout on the most severe category of claims tops $20 million.
A.M. Best has affirmed credit ratings of National Grid Insurance Company (Isle of Man) Limited, a captive of National Grid plc. With a Financial Strength Rating of A (Excellent) and the Long-Term Insurer Rating of “a,” the outlook of these ratings remains stable for this Isle of Man captive.
Randall & Quilter (R&Q) is pleased with their 2016 financial performance and is optimistic about the future. R&Q states full-year profits ahead of Board expectations and significantly higher than the prior year.
The May issue of "Captive Insurance Company Reports (CICR)" begins with an article by Bruce Wright and his colleagues on a recent position taken by the Internal Revenue Service (IRS) with respect to loss reserves in high-deductible policies.
Interested in forming a captive? This how-to article explores the 5 key steps every risk manager should undertake in creating a captive. While providing the basic elements, links within the article allow you to delve deeper into most of these steps.