ATTORNEY BIOGRAPHY P. Bruce Wright Partner New York P: +1.212.389.5054 E: brucewright@eversheds-sutherland.com Education LL.M., Georgetown University Law Center J.D., cum laude, Brooklyn Law School B.S., City University of New York at Brooklyn College CPCU Bar Admissions District of Columbia New York Background Nationally recognized as an authority in the captive insurance industry, Bruce Wright counsels companies on a wide range of tax and insurance law issues, including formation of commercial offshore privately and publicly held entities. He also works with clients on the development of structured financial products such as securitizations, swaps, options and similar products used as alternatives to conventional risk financing mechanisms such as rent-a-captives and cell companies. Representing domestic and foreign-based clients, Bruce advises property and casualty insurance companies, guides the formation of single parent/group captive insurers and counsels risk retention groups. With more than four decades of experience, he has helped clients successfully navigate an array of complex federal income tax issues such as debt or equity characterization, engaging in U.S. trade or business issues, continuity of interest, passive foreign investment company status, controlled foreign corporation status, limitations on the use of net operating losses, cancellation of indebtedness income, consequences of debt modification, original issue discount, federal excise tax and state premium tax on premiums paid to foreign investors. Experience Represented a Bermuda reinsurance company in its structuring and formation, the private offering of its securities, and the establishment of its business. Advised Verizon on the insurance aspects of its $7.5 billion transfer in pension obligations to Prudential. Counseled clients with captive insurance structures for employee benefits. Awards Honored as one of the inaugural inductees to the Captive Review "Hall of Fame" (2016) Recipient, Distinguished Service Award, Captive Insurance Companies Association (2016) Ranked No. 2 in the latest edition of Captive Review magazine s Power 50, which recognizes the 50 most important figures in the international captive insurance community (2014-2015) Recipient, Industry Service Award, Vermont Captive Insurance Association (2015)
PAGE 2 Ranked No. 4 in Captive Review magazine s Power 50, which recognizes the 50 most important figures in the international captive insurance community (2013-2014) Ranked No. 8 in Captive Review magazine s Power 50, which recognizes the 50 most important figures in the international captive insurance community (2012-2013) Recipient, U.S. Captive Outstanding Contribution Award, U.S. Captive Services Awards, Captive Review (2012) Ranked No. 9 in Captive Review magazine s Power 50, which recognizes the 50 most important figures in the international captive insurance community (2011-2012) Recognized as a distinguished benefactor by the Nevada Captive Insurance Association (2011) Professional Activities Chair, Captive Insurance Committee, ABA Business Law Section Former Vice-Chair, Captive Insurance Committee, ABA Business Law Section Articles New NJ Direct Placement Tax Decision (August 2018) Tax Court Issues in Small Insurance Company Case (August 2018) 953(d) Elections: A Real Problem or Is the IRS Making Them a Problem? (June 2018) (CICR) Captive Insurers and the Base Erosion Anti-Abuse Tax (January 26, 2018) IRS Rules on Revocation of Section 953(d) Election (December 2017) Serving RRG Members Property Coverage Needs Through Deductible Reimbursement Policies (November 2017) Risk Retention Reporter A Tax Court Opinion in Avrahami Finally (October 2017) State Tax Developments: Captives (September 2017) Court Concludes Tax Elections Invalid in Avrahami and Feedback Decision (August 21, 2017)
PAGE 3 IRS Addresses Insurance Characterization (August 2017) Federal Court s Inherent Authority Revisited (June 2017) New York Adopts Cybersecurity Requirements (April 2017) What Is a Reciprocal Insurance Company, and How Is It Taxed? (March 1, 2017) Direct Procurement Taxes: A Primer for Captives (February 22, 2017) Group Captives, Cell Captives, and Risk Pooling Arrangements Guide (February 1, 2017) Taxation of Single-Parent Captives: A Basic Guide (January 12, 2017) When are Premiums Paid to a Captive Insurance Company Deductible for Federal Income Tax Purposes? (January 4, 2017) Section 831(b) Captives as Transactions of Interest (January 2017) Mortgage Insurance Captives Perhaps a New Life? (January 2017) Final and Temporary Section 385 Regulations (December 2016) Ceding Commission Held Amortizable in Reinsurance Transaction (December 2016) Disclosure of 831(b) Transactions of Interest Required by IRS in Notice 2016-66 (November 3, 2016) New York State Rules on Premium Deduction (September 2016) New Proposed Section 385 Regulations (August 1, 2016) Nonprofit Insurance Program Ruled Not Exempt (July 2016)
PAGE 4 New York Court Rules on Premium Deduction (June 2016) IRS: Status of Coverages (May 2016) A Look at the IRS Position in Avrahami (March 2016) IRS Revokes Cascading Excise Tax Ruling (February 2016) Congress Amends Section 831(b) (February 2016) Residual Value Insurance Qualifies as Insurance for Tax Purposes (December 2015) The IRS s Analysis in CCA 201533011 (November 2015) IRS on PFIC Regulations for Hedge Fund Reinsurers (November 2015) Domicile Considerations (October 2015) Senator Wyden Introduces PFIC Legislation (September 2015) Commerce Department Survey Response Deadline Passes Quietly (August 2015) Captive Insurance Company Report Validus Result Affirmed on Narrower Grounds (July 2015) Deadline Imminent for Response to Commerce Department Survey (June 26, 2015) FATCA Key Points to Remember for Captives (June 2015) Validus Court Holds FET Not Applicable to Foreign Reinsurance (May 27, 2015) Treasury and IRS Issue New Proposed PFIC Regulations Aimed at Hedge Fund Reinsurers (May 6, 2015)
PAGE 5 The Insured Roll Up Where Are We? (May 2015) 831(b) Companies (April 6, 2015) Bloomberg Law Tax Management Memorandum IRS Says Currency Fluctuation Cover is Not Insurance for Tax Purposes (April 6, 2015) Healthmark Case Changes Brother-Sister Captive Tax Treatment (April 6, 2015) IRS Dirty Dozen Abusive Tax Structures Single Out Micro-Captives (February 6, 2015) Captive Wire The Tax Court Decides Two New Captive Cases (February 2015) Tax Court Pending and Newly Issued Captive Cases (December 2014) New IRS Rule on Captives' Reinsurance of VEBA Benefits (August 2014) Finally: A Rent-a-Center Decision (March 2014) CAPTIVE INSURANCE COMPANY REPORTS Taxes (March 2014) Money Market Funds, Withholding Tax, and Tax Extenders (January 2014) IRS: Positive FATCA News for Captives (December 2013) Bruce Wright Updates an Offshore Tax Case (July 2013) Guide to FATCA for Foreign Captives (March 2013) Taxation: Risk Distribution and the Meaning of Harper (March 2012) Tailor-made Captives (2011) Captive Review, Latin America Report Captives: Creeping State Tax Reach (October 2010)
PAGE 6 Update: FET Applies on a Cascading Basis (March 2010) Proposed U.S. Federal Tax Legislation - Impact on Cayman Islands Captives (January 5, 2010) Cayman Financial Review Scrutinizing TAM on Partnerships and the True Insured (August 2008) IRS Guidance: FET Applies on a Cascading Basis (May 2008) IRS Weighs in on Cell Captives (April 2008) Considerations in Forming a Risk Retention Group (Spring 2008) AHRMNY News Effects of Proposed IRS Regulation on Tax Benefits of Captives (January 2008) Risk Financing Perspectives The Rules of Insuring Employee Benefits in Captives (August 2002) Risk Management Purchasing Insurance from Unlicensed Insurers (August 1998) Risk Management Despite IRS Attempts, Captive Wall Remains Intact (September 1991) Risk Management Enforceability of the Regulatory and Insured v. Insured (April 1991) Exclusion in D&O Policies, Bank Risk FIRREA Enforcement Provisions (September 1990) Bank Risk The Risk Retention Act Bane or Blessing? (1989) Department of Commerce Report, Society of CPCU Risk Financing A Guide to Insurance Cash Flow (1987) International Risk Management Institute, Inc. Essentials of Risk Financing (1986) Insurance Institute of America Presentations Texas Captive Summit 2018 (October 22, 2018) Captive Review
PAGE 7 Hawaii Captive Insurance Council Annual Conference (October 15-18, 2018) Hawaii Captive Insurance Council New York Captive Summit (September 20, 2018) Captive Review Annual Federal & State Tax Update (August 20-22, 2018) NC Captive Insurance Association (NCCIA) Annual Federal and State Tax Update (August 22, 2018) North Carolina Captive Insurance Association Webcast: Section 953(d) Elections The Election Process May Not Be as Easy as It Appears (August 16, 2018) American Bar Association Tax Reform: Where the Dust Settled (August 7-9, 2018) Vermont Captive Insurance Association Tax Reform: Where the Dust Settled (August 7, 2018) Vermont Captive Insurance Association Webcast: An In-Depth Discussion of the Reserve Mechanical Case (August 1, 2018) American Bar Association Rapidly Evolving Tax Landscape in the Captive Industry (June 13, 2018) Bermuda Captive Conference Captive Insurance Tax Forum (February 26-27, 2018) Webcast: Tax Reform & Captives (February 20, 2018) Vermont Captive Insurance Association Hot Topics for Captives (February 2, 2018) Taxation of Captives (February 1, 2018) Eversheds Sutherland Year-End Tax Seminar (November 10, 2017) New York Captive Owners Summit (November 8, 2017) Captive Review Tax Aspects of Offshore Captives ( October 25, 2017) BNA Bloomberg Captive Insurance Tax Summit (October 23-24, 2017) BNA Bloomberg
PAGE 8 Federal Tax Issues Affecting Captive Insurers (October 18, 2017) Hawaii Captive Insurance Council Building a More Robust Membership: Some Creative Program Ideas (September 26-28, 2017) National Risk Retention Association (NRRA) Texas Captive Owners Summit 2017 (September 19, 2017) Captive Review Tax Developments and Updates What the Future May Hold (September 10-13, 2017) Bermuda Captive Conference Annual Federal and State Tax Update (August 21-23, 2017) North Carolina Captive Insurance Association (NCCIA) Advanced Captive Tax (May 8, 2017) Chicago Captive Owners Summit Basic Captive Tax (May 8, 2017) Chicago Captive Owners Summit Legal and Regulatory Update for Benefits Captive Programs (January 31, 2017) Captive Tax Issues (January 30, 2017) Webcast: Captive Insurance Company Audit Activity Update & Notice 2016-66 (November 9, 2016) Advanced Federal Tax Considerations (September 13, 2016) San Francisco Captive Owners Summit Tax 101 for Captives (September 13, 2016) San Francisco Captive Owners Summit U.S. Tax Updates and Developments (June 15, 2016) Bermuda Captive Conference Tax Update for Captive Business Today (March 8, 2016) Captive Insurance Companies Association (CICA) 2016 International Conference International Tax Issues and Profit Shifting as They Relate to On-Shore and Off-Shore Captive Insurance Companies (February 26, 2016) International Litigation, Arbitration & Transactions Conference
PAGE 9 Current IRS Audit Experience and Discussion of Recent Rulings and Cases (February 23, 2016) Captive Insurance Tax Summit State Taxation of Captives (February 23, 2016) Captive Insurance Tax Summit Employee Benefits as Third Party Risk (February 22, 2016) Captive Insurance Tax Summit Federal Excise Tax Developments (February 22, 2016) Captive Insurance Tax Summit Redomiciling of Captive Arrangements (February 22, 2016) Captive Insurance Tax Summit Benefits Legal & Regulatory Update: ExPro and ERISA (February 3, 2016) Tax Roundtable (February 2, 2016) Captive Insurance Companies What, Why and Where? (November 16, 2015 ) The Atlanta Tax Forum Meeting Tax Considerations (November 3, 2015) Association of the Bar of the City of New York Federal Tax Considerations (November 2, 2015) Captive Owners Summit IRS Scrutiny (November 2, 2015) Captive Owners Summit Federal and State Taxes: Case Law and IRS Developments (October 27, 2015) Hawaii Captive Insurance Council Forum Employee Benefits as Third-Party Risk (October 26, 2015) Bloomberg/BNA Captive Insurance Tax Summit Redomestication of Single Parent Captives (October 26, 2015) Bloomberg/BNA Captive Insurance Tax Summit State Taxation of Captives (October 26, 2015) Bloomberg/BNA Captive Insurance Tax Summit Current IRS Audit Experience and Discussion of Recent Rulings and Cases (October 26, 2015) Bloomberg/BNA Captive Insurance Tax Summit
PAGE 10 Webcast: Everything (Well, Most Things) You Need to Know About Taxation of Foreign Captives. (October 7, 2015) American Bar Association Annual Federal and State Tax Update (August 26, 2015) NCCIA Annual Conference Tax Update Trekking Through the Federal and State Tax Forest (August 12, 2015) Vermont Captive Insurance Association Captive Insurance Tax Developments: The Latest from the IRS Firing Lines (April 29, 2015) RIMS Annual Conference & Exhibition Captive Insurance Tax Update (April 6, 2015) ABA Business Section Captive Insurance Committee New Developments in State and Federal Income Taxes and How They May Impact Captive Strategies (March 10, 2015) CICA International Conference Medical Stop Loss in the U.S. (February 4, 2015) Hot Topics in Captive Insurance Yesterday, Today and Tomorrow (February 4, 2015) Captive Taxation Update (January 28, 2015) Strategic Risk Solutions Web Seminar IRC Section 831(b) as Applied to Captive Insurers (January 15, 2015) Bloomberg BNA - Tax Advisory Board Meeting BNA/CITE Captive Summit (October 27-28, 2014) Tax Update (October 21, 2014) Hawaii Captive Insurance Council Tax Update: Lessons from Recent IRS Cases (October 6, 2014) Captive Live USA Strategic Risk Management (September 17, 2014) Connecticut Captive Symposium Latest Pertinent Developments in Tax Policy Relevant to Captive Insurance (August 26, 2014) North Carolina Captive Insurance Association Tax Update (August 21, 2014) North Carolina Captive Conference
PAGE 11 Tax Update (June 19, 2014) Kentucky Captive Conference Tax Update (June 4, 2014) Bermuda Captive Conference State and Local Tax for Captives Update (April 25, 2014) AIC Meeting Captive Insurance Company Association (March 10-11, 2014) BNA/CITE Captive Summit (February 24-25, 2014) Tax Update (February 18-19, 2014) Texas Captive Conference (January 30-31, 2014) Advanced Captive Tax Update (August 9, 2012) Vermont Captive Insurance Association Bermuda Captive Insurance Conference (June 6, 2012) Bermuda Captive Insurance New Jersey Department of Banking and Insurance Commissioner s Symposium (November 30, 2011) New Jersey Department of Banking and Insurance Commissioner 23rd Annual Federal Bar Association Insurance Tax Seminar (May 26, 2011) Federal Bar Association Tax Update for Captives (August 8-10, 2017) Vermont Captive Insurance Association (VCIA) Books Chapter 4: US Taxation of Non-US Captives (Spring 2018 ) Captive Insurance Deskbook for the Business Lawyer published by the American Bar Association Appendix: The Base Erosion Anti Abuse Tax (BEAT) Overview (Spring 2018) Captive Insurance Deskbook for the Business Lawyer published by the American Bar Association