CICA Still Fuming Over Captive Slight

A letter from the president of Standard & Poor's to the president of a national captive association has failed to defuse the tension between the two parties over an S&P quote referring to the growth in captives during the hard market as "a time bomb waiting to explode."

The quote in dispute appeared in an Aug. 1 article in The Wall Street Journal, attributed to Don Watson, then Standard & Poor's managing director for insurance, who has since taken a new position at ACE Ltd. The article was headlined: "Risky Game: Companies Scrimp On Insurance Costs." (See NU, Aug. 12, page 29.)

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