Captive 'Time Bomb' Quote Riles CICA
The president of a captive association is fighting mad about an article in The Wall Street Journal that included a quote describing captive insurers as "a time bomb waiting to explode."
The Aug. 1 article, "Risky Game: Companies Scrimp On Insurance Costs," quoted Don Watson, then Standard & Poor's managing director for insurance (who has left S&P to take a new position at ACE Ltd.), as saying: "What happens with all this sudden interest in captives is that you're transferring vulnerability onto corporate income statements. Captives are a time bomb waiting to explode."
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