Business Insurance recently reported that total insured losses for recent storms and earthquakes will likely surpass $100 Billion and could be as high as $165 Billion. The good news is that insurers and re-insurers “can absorb storm and quake losses.” However, third quarter losses will put a significant dent in capital reserves, leading More
Bloomberg recently reported that Equifax Inc.’s insurance against cyber breaches is likely insufficient to cover the credit-reporting company’s costs tied to one of the biggest hacks in history. This hack is particularly ironic as Equifax – the guardian of information used to cast financial judgment on consumers – has itself been unable to guard that information. For that reason alone, the class action suit or suits are likely to be monumental.
According to Bloomberg, Equifax holds cyber-insurance policies that will More
By Sean King, JD, CPA, MAcc
This is the third and final part of our series on the United States Tax Court’s recent Avrahami decision.
Recently the United States Tax court issued the long-awaited opinion in the Avrahami captive insurance case. And after more than 30 years of losing most every captive insurance case of consequence, the IRS finally got a win.
In Part 1 of this series we discussed the court’s decision that the Avrahami captive insurance arrangement failed More