The federal Internal Revenue Service listed microcaptive insurance programs on its 2024 “Dirty Dozen” list of 12 tax scams, saying the programs can prove to be bogus tax avoidance strategies.
Tag: captive insurance
Marsh Creates Group Captive for Clients Seeking More Control and Stability in their Cyber Insurance Programs
Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan, today announced the creation of Edgware Re Ltd., a group captive insurance company for organizations seeking more control and stability in their cyber insurance programs.
A Conversation with eMaxx CEO Brian McCarthy
This report highlights key takeaways from a recent Risk & Insurance interview with eMaxx CEO Brian McCarthy and also focuses on eMaxx’s upcoming 2023 Reimagining Possibility Risk Management Summit.
Captive Growth Continues as Captives Outperform Commercial Market
Captive insurance companies rated by A.M. Best posted strong results for 2022, once again outperforming commercial insurers, as captive use continues to grow and broaden in response to the hard market, panelists on an A.M. Best briefing said Friday.
Connecticut Gov. Lamont Signs ‘Groundbreaking’ Captive Insurance Bill
Connecticut Governor Ned Lamont, has signed into law Public Act 23-15, An Act Concerning Captive Insurance Companies, a groundbreaking piece of legislation aimed at bolstering the captive insurance industry in the state, the state said in a news release.
The Captive Insurance Series: Exploring the Hard Market
As the insurance industry navigates this most challenging period, characterized by rising costs and claims and fierce competition, carriers have responded by ceasing to offer specific products, adding significant exclusions, or broadening existing ones in their policies. As a result, customers face higher premiums, larger retentions, and deductibles, and decreased liability limits. Amid these challenges, captive insurance has emerged as a compelling alternative to conventional insurance, providing a range of benefits to policyholders.
Corporations Fight Back Against D&O Premium Increases
Some of the most significant increases have occurred for policies that protect a company’s directors and top executives. Some major corporations have retaliated.
The Captive Market: Exploring the Options
Captive insurance is offered by a corporation that owns the risk it insures. It protects against perils that traditional insurers find too small or too risky to handle. The captive insurance industry is growing globally. In 2017, about $1 trillion worth of captive insurance contracts were outstanding worldwide. By 2025, the global captive market is… Continue reading The Captive Market: Exploring the Options
eMaxx Expands Platform for Insurance Companies to Enter Variable Cost Captive Market
eMaxx, an InsurTech commercial managing general agent specializing in alternative risk, announced today the expansion of its turnkey platform for insurance companies to enter the variable cost captive market. eMaxx provides a platform that includes technology, product development, marketing, sales support, administration and can assume quota share excess of loss (XOL) reinsurance. Insurance companies provide… Continue reading eMaxx Expands Platform for Insurance Companies to Enter Variable Cost Captive Market
IRS Expands Enforcement on Micro Captives as October Filing Deadline Looms
The Internal Revenue Service (IRS) has expanded its enforcement focus on ‘abusive’ micro captives insurance schemes, urging taxpayers to consult an independent tax advisor before the 15 October filing deadline. The IRS said taxpayers should not assume it will able to settle any transactions with the IRS or chief counsel on terms more favourable than… Continue reading IRS Expands Enforcement on Micro Captives as October Filing Deadline Looms