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831(b) market prepares for extended fight against latest IRS regulations

Luke Harrison
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831(b) market prepares for extended fight against latest IRS regulations
  • Loss ratio for “listed transactions” reduced to 30%
  • Revenue Procedure 2025-13 introduced to streamline revoking 831(b) election
  • IRS perceived by some to be removing 831(b) by stealth
  • Ryan LLC court case lodged against IRS after final regs published

Despite the Internal Revenue Service making some concessions in its long-awaited final version of 831(b) regulations, particularly in relation to loss ratio thresholds, industry commentators believe it continues to target micro captives unfairly, with one legal challenge already filed.

The finalised regulations will appear in the Federal Register on 14 January, with regulations generally taking effect 30-days after publication in the Federal Register.  

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

DoL confirms ERISA exemption for New York-based cancer centre

Luke Harrison
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0
DoL confirms ERISA exemption for New York-based cancer centre

The US Department of Labor (DoL) has issued a notice of Employee Retirement Income Security Act (ERISA) exemption for New York-based Memorial Sloan Kettering Cancer Center (MSKCC), regarding a pension risk transfer to its captive.

The DoL requires that a US-domiciled captive is used to reinsure ERISA-governed benefits, such as life and accidental death and dismemberment.

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Vermont licensed 41 new captives in 2024

Richard Cutcher
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0
Vermont licensed 41 new captives in 2024

Vermont’s Department of Economic Development (DED) has confirmed that the Department of Financial Regulation issued 41 new captive licenses in 2024.

At year-end there are now 683 licensed captives – 654 active and 29 dormant captives.

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

SRS Altitude enters North America with Milan Pavlik hire

Richard Cutcher
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0
SRS Altitude enters North America with Milan Pavlik hire

SRS Altitude, the managing general underwriter (MGU) focused on alternative risk transfer solutions, has confirmed its launch into North America with the appointment of Milan Pavlik, formerly Amazon’s director of captive.

SRS Altitude was launched by independent captive manager Strategic Risk Solutions in November 2023 and is backed by capacity partners Generali Global Corporate & Commercial and Beazley.

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

IRS finalises 831(b) regulations, concedes on loss ratio criticism 

Luke Harrison
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0
IRS finalises 831(b) regulations, concedes on loss ratio criticism 

The Internal Revenue Service (IRS) has finalised the long-awaited update to its 831(b) regulations which sees the loss ratio for micro captives considered as “listed transactions” reduced to 30%, while the loss ratio for “transactions of interest” has been reduced to 60%. 

The finalised regulation will appear in the Federal Register on 14 January, with regulations generally taking effect 30-days after publication in the Federal Register.  

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Solvency II reform pushed to 2027 as text finally published

Richard Cutcher
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Solvency II reform pushed to 2027 as text finally published

Captives domiciled in the European Union may have to wait longer than expected for regulatory relief, after the European Parliament published Directive 2025/2, amending the text of Solvency II which should bring more proportionality for “small and non-complex undertakings”.

The European market had been keen to see the text since Captive Intelligence reported in April the Parliament had rubber stamped the reforms which had been welcomed by the market.

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Jesse Olsen launches Kansas City-based captive advisory firm

Luke Harrison
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0
Jesse Olsen launches Kansas City-based captive advisory firm

Captive advisory firm, GuideFire has been launched by industry veteran Jesse Olsen to provide captive advisory, management, development, formation and feasibility services for captives.

The firm is based in the Kansas City metropolitan area and will initially focus on servicing captives domiciled in the U.S.

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Jeff Simpson appointed managing partner at Womble Bond Dickinson

Luke Harrison
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Jeff Simpson appointed managing partner at Womble Bond Dickinson

Law firm Womble Bond Dickinson has made several changes to its firm, office, and practice group leadership, including the appointment of Jeffery Simpson as managing partner at its Wilmington, Delaware office.

Simpson has been at Womble for five years where he focuses on the formation, regulation, and governance of captive insurance companies.

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

AM Best affirms rating of Saudi Arabian Oil Company captive

Luke Harrison
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0

AM Best has affirmed the financial strength rating of ‘A’ (excellent) and the long-term issuer credit rating of “a+” (excellent) of Bermuda-domiciled Stellar Insurance, a captive owned by the Saudi Arabian Oil Company (SAOC). The outlook for the ratings is stable.

The captive’s portfolio is concentrated by line of business, with most premiums represented by energy onshore and offshore property risks, as well as by geography with 84% of premiums associated with risks located in Saudi Arabia.

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Europe’s 2025 outlook driven by domicile competition, regulatory reform & ESG  

Luke Harrison
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Europe’s 2025 outlook driven by domicile competition, regulatory reform & ESG  
  • Upcoming Solvency II reform to provide regulatory relief for EU captives 
  • Desire to avoid a “war of domiciles” as new entrants continue 
  • Captive utilisation expected to increase for emerging and ESG-related risks 

2024 was another success for the European captive market, which saw captives continue to blossom, with this trend expected to continue into 2025 and beyond.

There was a growing narrative and possibility of countries such as Spain, Germany and the UK implementing a captive regime or at least licencing new captives. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.
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