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UPS Case Not Affecting Captives

Tax-news.com

20 August 1999


Experts say the US court tax ruling against United Postal Services has not adversely affected the captive insurance sector. Bermuda is home to the world's largest captive market and local US tax and insurance authorities say no ripples from court judge Robert Ruwe's severe ruling would be felt there. The Bermuda-based Overseas Partners Ltd.which was structured by UPS in the 1980s to reinsure packages valued over $100 says it intends to continue business as usual. The Insurance Advisory Committee say the circumstances surrounding the UPS case were very individual and could not be applied to the Bermuda market generally. This type of case was rare in the 1980s and is even less common now. US tax expert, KPMG senior manager Patrick Hackenberg, agreed that the case would have little impact in Bermuda. The judge had determined that the captive was set up for reasons other than business and economic ones; but everyone is aware these days that economic and business objectives need to be seen to come first.

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