US Insurers Fight Foreign Reinsurance Tax Break

Law360, New York (July 14, 2010, 1:58 PM EDT) -- Leaders from two major U.S. insurance holding companies urged a U.S. House of Representatives panel Wednesday to close a tax loophole they said is unfairly allowing foreign-owned insurers to take a hefty tax break for reinsuring their U.S. risk with non-U.S. affiliates.

John Degnan, vice-chairman and chief operating officer of The Chubb Corp., and William R. Berkley, CEO and chairman of W.R. Berkley Corp., told the House Ways and Means subcommittee on select revenue measures that the current loophole is giving foreign insurers a competitive edge...
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