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Wednesday, September 26, 2007

Senate Holds Hearing Today on Offshore Tax Issues: Reinsurance and Hedge Funds

The Senate Finance Committee holds a hearing today on Offshore Tax Issues: Reinsurance and Hedge Funds.  Here are the witnesses scheduled to testify:

  • Byron L. Dorgan (U.S. Senator (D-ND)
  • William R. Berkley (Chairman, President, CEO and COO, W.R. Berkley Corp, Greenwich, CT)
  • Donald Kramer (Chairman and CEO, Ariel Reinsurance Ltd, Hamilton, Bermuda)
  • Suzanne Ross McDowell (Partner, Steptoe & Johnson, Washington, D.C.)
  • Daniel J. Shapiro (Partner, Shulte, Roth & Zabel, London England)
  • Jane G. Gravelle (Senior Specialist in Economic Policy, Government and Finance Division, Congressional Research Service)
  • Lynne Munson (Adjunct Fellow, Center for College Affordability and Productivity, Washington, D.C.)

In connection with the hearing, the Joint Committee on Taxation has released Present Law and Analysis Relating to Selected International Tax Issues (JCX-85-07)

http://taxprof.typepad.com/taxprof_blog/2007/09/senate-holds--1.html

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Comments

The appearance of Bill Berkley was no surprise. His company has by far the largest capitalization of the U.S. specialty insurers and thus has the most to lose from competition with Bermuda-based reinsurers. IBNR Weekly, a trade publication of Dowling & Partners, devoted over seven highly condensed pages in its Nov. 20, 2006 issue to the Bermuda reinsurer “problem,” and Berkley’s testimony shows that this problem has now finally taken a political turn.

Posted by: Martin B. Tittle | Sep 29, 2007 2:47:15 PM