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  • John English Named CEO of Aon Captive and Insurance Management Effective June 1, 2018, London-based John English will become the CEO of Aon Captive and Insurance Management. Mr. English is currently the chief operating officer of Aon Captive and Insurance Management and managing director of Aon Captive and Insurance Management of Europe, the Middle East, and Africa.
  • New Vermont Law Allows for Affiliated Reinsurance Companies A new law in Vermont offers an onshore affiliated reinsurance alternative to insurance companies affected by the recent imposition of the Base Erosion Anti-Abuse Tax on reinsurance ceded to offshore affiliates. The law provides for a more favorable reinsurance alternative for US companies conducting business in offshore jurisdictions.
  • Fitch: US Property Casualty Insurers Set for Improved Performance Following a rough 2017, US property and casualty (P&C) insurers are positioned for better performance this year in the commercial insurance market sector, according to Fitch Ratings' new report, "U.S. Commercial Lines Market Update (Underwriting Loss Should Reverse in 2018)." Fitch said that commercial lines represent approximately 41 percent of US P&C industry net written premiums.
  • Microsoft Captive Insurer Ordered To Cease and Desist The Washington State Office of the Insurance Commissioner has ordered an Arizona captive owned by Microsoft that provides coverage to the Microsoft group of companies to cease and desist transacting insurance business in the state and soliciting and writing insurance coverage for Washington insureds.
  • Connecticut Agency Captive Bill Sent to Governor for Signature Connecticut's General Assembly recently passed Senate Bill 377, authorizing agency captive insurance companies. Specifically, the bill states that agency captives are owned or controlled by licensed insurance agents or producers to insure risks that are sold, solicited, or negotiated through the captive's owners or controllers.
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For the Fourth Consecutive Year, Captives Make IRS "Dirty Dozen" List

For the fourth consecutive year, "abusive micro-captives" make an appearance on the Internal Revenue Service (IRS) annual "Dirty Dozen" list of tax scams, reflected in IR-2018-62. In the 2018 version, the IRS warns taxpayers about the abuse of micro-captives and includes commentary on the IRS victory in Avrahami v. Commissioner.
April 02, 2018 Read More
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Written Claims Handling Procedures for Captive Insurers

The best practice for a captive insurer is to have claims handling procedures, says Lynn Sheils, senior vice president and general counsel of EWI Reinsurance. The procedures should discuss all stages in the life cycle of a claim, including how notice will be handled, investigation standards, coverage evaluation, reserving approach, and claim closure philosophy.
April 02, 2018 Read More
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"CICR" Analyzes US Tax Reform and the Offshore Impact to Captives

The April issue of "Captive Insurance Company Reports" ("CICR") begins with a discussion from Cayman-based tax practitioner Garrett Santi, senior tax manager at KPMG Cayman, on his views on the new US tax law changes and the impact to offshore captives.
April 02, 2018 Read More
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85 Percent of Insurance CEOs Concerned about Speed of Technological Change

Though insurance CEOs are more concerned about the pace of technological change than are CEOs in any other industry, more than 90 percent of insurance CEOs are confident about their own organization's revenue prospects over the next three years.
March 29, 2018 Read More
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SIIA: Legislative Win for Enterprise Risk Captives

In a legislative victory for the captive insurance industry, Congress passed, and the president signed into law, key tax clarifications for enterprise risk captives proposed by the Self-Insurance Institute of America (SIIA). The Consolidated Appropriations Act of 2018 is the result of ongoing spending and appropriations debates within Congress.
March 29, 2018 Read More
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Marsh Gets into Blockchain

This month, Marsh revealed that it has joined the Enterprise Ethereum Alliance (EEA), the world's largest open source blockchain initiative with more than 400 member companies. The EEA seeks to create open industry standards and frameworks for blockchain applications based on the core Ethereum platform.
March 28, 2018 Read More
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Top Tips for Hiring a Captive Manager

Early on, the board of directors of a new captive insurer is charged with retaining a captive manager. The creation of a successful partnership between the board and this professional service provider is critical. In this article, Editor John Foehl discusses his top tips for conducting the request for proposal process when interviewing and retaining a captive manager.
March 28, 2018 Read More
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UK Amends 1993 Reinsurance (Acts of Terrorism) Act

The UK government has committed to amend the 1993 Reinsurance (Acts of Terrorism) Act to extend Pool Re coverage to include non-damage business interruption losses resulting from acts of terrorism. Pool Re was founded by the UK insurance industry in cooperation with the UK government.
March 27, 2018 Read More
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Reinsurance Transactions for Runoff and Captive Insurance

Steve McElhiney, president and CEO of EWI Reinsurance, says about one-third of global captive insurance companies are dormant, meaning they are being used on a limited basis, or they may be a result of a merger. While these dormant captives may still have ongoing transactions, there is a way to unwind a dormant captive.
March 27, 2018 Read More
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Peter Mullen Will Reunite with Artex

Artex has announced that Peter Mullen will rejoin the company as chief executive officer (CEO)-elect and will begin his position in March 2019 once he has fulfilled his contractual obligations to Aon Captive & Insurance Management, where he has been CEO for the past 7 years.
March 26, 2018 Read More
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