• Recently I have noticed other disturbing signs, indicated by an increase in formation of overseas domiciled subsidiary or "Shadow Insurers" designed for use in the U.S. surplus markets.
  • These "Shadows" of prominent U, S. insurers are popping up all over the world and are beginning to mark the escape of U.S. insurance company investment capital from our country.

-- Letter - Joseph A. Humphreys, Executive Director, NAIC Non-Admitted Insurers Information Office

1972-1, NAIC Proceedings