The US Senator for Colorado Cory Gardner has called for the Internal Revenue Service, to suspend its review of tax benefits claimed by micro captives until resolution of the current litigation in the US Court of Appeals for the Tenth Circuit
Gerald Gakundi has been promoted to director, supervision of insurance at the Bermuda Monetary Authority
Offshore micro captive insurance products were listed as a potential “abusive tax scheme” in a study by the US Government Accountability Office
Legacy acquirer DARAG has completed a novation agreement with Cayman reinsurer to provide finality for its US liability books, with the transaction value in excess of $40 million
Korean Re Switzerland, Korean Re’s newly established European reinsurance subsidiary, has gone live with Eurobase Synergy2 platform
A.M. Best has downgraded the financial strength rating to A- from A and the long-term issuer credit rating to “a-” from “a” of Delvag Versicherungs-AG, based in Germany
AXA XL has promoted Matthew Latham to chief underwriting officer for global programmes and captives
Washington Insurance Commissioner Mike Kreidler has started a study to determine how many organisations in the state are not paying insurance premium tax as required under state law
