Berkshire Hathaway Jake Garn, chief financial examiner of the Utah Insurance Department, announced that the department issued a Certificate of Authority to Berkshire Hathaway Assurance Corp. The company now is authorized to sell insurance in Utah. Berkshire will provide Utah …
Bermuda-based ACE Limited has announced that its board of directors “has approved a re-domestication of the Company to move its place of incorporation from the Cayman Islands to Zurich, Switzerland. ACE’s shareholders will be asked to vote in favor of …
Cayman Islands-based Greenlight Capital Re, Ltd. has reported a net profit of $29.2 million for the fourth quarter of 2007 compared to $17.4 million for the same period in 2006. On a fully diluted per share basis, the company earned …
Standard & Poor’s Ratings has assigned credit ratings to the following variable-rate notes issued today by Queen Street Ltd. under its principal at-risk variable-rate note program: — €70 million ($1101 million) series 1 class A principal at-risk variable rate notes …
Standard & Poor’s Ratings Services has revised its outlook on Cunningham Lindsey Group Inc. (LIN) to stable from negative. S&P also affirmed its ‘B-‘ counterparty credit rating on LIN. The actions coincide with S&P’s revision of its outlook on LIN’s …
Washington’s Office of the Insurance Commissioner has scheduled a March 19, 2008, hearing to consider an investment group’s request to acquire a controlling interest in a Bellevue, Wash.-based property-casualty insurer. The investment group, J.C. Flowers II L.P., Cayman Islands, an …
The Internal Revenue Service (IRS) has dropped plans to change the way that captive insurance companies are taxed. U.S. Senator Patrick Leahy, D-Vt., and U.S. Rep. Peter Welch, D-Vt., said that the IRS informed them it has decided to withdraw …
U.S. Rep. Peter Welch, D-Vt., is asking the U.S. Treasury to block a tax code change seen by some as a threat to Vermont’s captive insurance industry. Welch and three Democratic colleagues from states that also have captives say the …
The Bermuda-based Catlin Group Limited has purchased a collateralized US$150 million annual aggregate reinsurance contract to protect the Group’s portfolio of property treaty reinsurance against accumulated losses from specific perils. The bulletin described the transaction as “unusual, as it provides …
The Internal Revenue Service (IRS) has dropped plans to change the way that captive insurance companies are taxed. U.S. Senator Patrick Leahy, D-Vt., and U.S. Rep. Peter Welch, D-Vt., said that the IRS informed them it has decided to withdraw …
