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New PFIC regs released, relevant to ILS & hedge fund reinsurance strategies

The U.S. Internal Revenue Service and Department of the Treasury has published a new set of proposed regulations relating to passive foreign investment companies (PFICs), which are relevant to many in insurance and reinsurance, but have particular relevance to certain ILS and hedge fund reinsurer strategies it seems.The updates to read the full article →

U.S. tax reforms could see some ILS structures CFC or PFIC classified: Mayer Brown

Reforms under the new Tax Cuts and Jobs Act (TCJA), adopted in the U.S. in December 2017, means that some insurance-linked securities (ILS) structures could be classified as a controlled foreign corporation (CFC) and others could be classified as a passive foreign investment company (PFIC), according to Mayer Brown's Global read the full article →

Winston & Strawn hires ILS experienced lawyer Angus Duncan

Angus Duncan, an insurance-linked securities (ILS) experienced lawyer, has joined the London office of Winston & Strawn LLP as a partner, bringing experience in catastrophe bonds, reinsurance sidecars and other ILS structures to the firm.Duncan was previously a partner at Cadwalader in the law firms Capital Markets Group, where he read the full article →

Michael Halsband elected Partner at Drinker Biddle

Law firm Drinker Biddle & Reath LLP has elected insurance-linked securities (ILS) and capital market / reinsurance convergence focused executive Michael Halsband to a partner position at the firm.Halsband joined Drinker Biddle in 2015, taking a position in the firm’s Insurance Transactional and Regulatory Team.Halsband had worked in the legal read the full article →

Dentons hires legal partner with ILS & cat bond experience

Global law firm Dentons has appointed new hire John J. Sarchio as a partner in the Insurance Regulatory practice. Sarchio has experience in insurance and reinsurance transactional law, including catastrophe bonds, sidecars and other ILS arrangements.Sarchio will advise Dentons clients on reinsurance transactions, including insurance-linked securities (ILS), as well as read the full article →

Drinker Biddle hires ex-Allstate cat bond experienced lawyer Kallas

A prominent insurance and reinsurance focused lawyer has been added to the Drinker Biddle & Reath LLP Insurance Regulatory and Transactional Team, with the hire of Jay A. Kallas, previously with insurer Allstate where he worked on the companies catastrophe bond issues.Drinker Biddle said that Kallas focuses his legal practice read the full article →

ILS & reinsurance lawyer Michael Skrbic joins Harneys in Bermuda

Harneys, a legal and fiduciary services firm with offices in twelve countries, has added an insurance-linked securities (ILS) and reinsurance experienced lawyer to its Bermuda team, hiring Michael Skribic to its ranks.Skribic has over 25 years of experience in reinsurance and banking law, having worked on ILS structures and transactions read the full article →

Winston & Strawn hires ILS experienced lawyer Andruschak

Experienced financial services attorney and former Mayer Brown partner, Keith Andruschak, has joined the Winston & Strawn Corporate Practice as a partner in New York, an appointment that will enhance the firm’s insurance-linked securities (ILS) and reinsurance capabilities.Andruschak brings more than 20 years of insurance industry advisory and complex transactional read the full article →

Michael Halsband joins lawfirm Drinker Biddle & Reath

Insurance-linked securities (ILS) and capital market / reinsurance convergence focused senior executive Michael Halsband is joining law firm Drinker Biddle & Reath as part of the firm's Insurance Transactional and Regulatory Team."As an insurance-focused deal lawyer, Michael broadens the capabilities of our internationally recognized Insurance Transactional and Regulatory team. He read the full article →

ABIR responds to proposed IRS hedge fund reinsurer tax rules (PFIC)

The Association of Bermuda Insurers and Reinsurers (ABIR) has submitted comments in response to the U.S. Treasury Internal Revenue Service's proposed rules targeting the perceived tax issue associated with hedge fund reinsurance strategies.The proposed rules, originally published by the IRS in April, ultimately seeks to address “passive income” issues in read the full article →