NEWS
Canadian tax benefits for Bermuda domiciled
insurance entities,
with new tax treaty.
As written in the June 8, 2011 publication Property Casualty 360°
“An agreement between Canada and Bermuda on the exchange of tax information will take effect July 1, according to Paula A. Cox, Bermuda premier and minister of finance.”
“Dividends of foreign affiliates resident in Bermuda that are paid to their Canadian parent companies out of the active business income earned in Bermuda will be exempt from Canadian taxation, according to the Ministry of Finance.”
SAVE THE DATE!
Doral Resort & Spa, Miami, Florida
01/30/2012 - 02/01/2012
The World Captive Forum is a three-day annual meeting that attracts risk managers, captive managers, captive owners, regulators and service providers to exchange ideas, network and learn from expert speakers.
Roundtable 5 – Cell Discussion & How-to
Moderator: Greg Lang, Universal Risk Intermediaries, INC. and Ron Renaud, Payday, Inc.
Instead of the usual show-and-tell, this roundtable will concentrate on explaining what’s behind typical structures; including views on 831(b) and serial LLC structures, fronters’ and reinsurers’ views of cells, and their use in employee benefits.
The Dodd-Frank's Nonadmitted and Reinsurance Reform Act (NRRA) which went into effect on July 21st of this year was intended to simplify a confusing and inconsistent system for regulating surplus lines insurance. Some definitions in the act however have raised questions about its potential impact on captives. At UniRisk we have received many questions from our clients and prospects about this issue.
White papers published by some of the leading captive associations have concluded that captives should not be impacted. While these conclusions are not absolute, all agree that NRRA's provisions regarding state taxation of nonadmitted insurance do not apply to captive insurance. We at UniRisk agree with this conclusion. However, we remain vigilant to the potential unintended consequences. Will an attempt to simplify regulation in one aspect of our business open the door to future captive regulation (read taxation)?
I tell my clients, no one can be certain about the future. If we plan for it however, we can better deal with life’s Unintended Consequences. Please feel free to give me a call to discuss a go forward strategy or to address any of your clients’ concerns.
Greg Lang
President
609-933-6612
G
Greg Lang Named President of Universal Risk Intermediaries
NEW YORK, NY (February 7, 2011) – Greg Lang has been named president of Universal Risk Intermediaries, Inc. (UniRisk), an insurance and financial firm that designs, organizes, and implements alternative risk transfer solutions. UniRisk works closely with major insurance carriers to develop profitable partnerships for their clients who are companies, groups, and associations that seek alternatives to the standard insurance marketplace.
Lang brings over 25 years of industry experience to his new position as president, most of which was spent in the alternative market. Prior positions include a broker/consultant for a multinational broker; risk manager in a Fortune 10 company; president of an Insurer owned managing general agency (MGA); and underwriter of Fortune 1000 and program MGA accounts. Most recently he was head of business development for a multinational reinsurer focused on primary MGA business, reinsurance of group captives and public entity business. In addition, he has worked for some of the biggest names in the industry including AIG, AT&T, Munich Re and Sedgwick. During this time he has accumulated an impressive list of industry contacts in all phases of the business.
According to UniRisk CEO, Steven C. Nordstrom, Lang will be expanding the breadth and depth of the UniRisk services and products. “Aside from our continued work in the Alternative Risk arena—with our Bermuda affiliates—we will be looking at providing back office services and management expertise to program managers, as well as arranging financing, for those that have such needs,” said Nordstrom.
About UniRisk
Universal Risk was launched in 1994, as part of Universal Holdings in Bermuda. The firm conducts its Bermuda operations, with its affiliated insurance/reinsurance company Capital Security Ltd, through R & Q Quest Management Service Limited (Quest). Quest has been operating in Bermuda since 1979 and is one of the leading independent captive and rent-a-captive services companies in Bermuda.
UniRisk currently offers services including rent-a-captive programs, deductible reimbursement policies, collateral alternative (LOC) plans, captive formation and management, international reinsurance placement, pure fronting arrangements, broking to Bermuda insurers, funding arrangements, programs for all classes of insurance, direct policies and certificates, new product lines and consulting, and accounting, financial and banking.
For more information, contact 239-431-6029 or visit www.unirisk.com.