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  December 6, 2017
  Montego Bay, Jamaica

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The Role of the Banks in Barbados' Captive Insurance Industry


A captive insurance company is a business established by a parent group, with the specific objective of covering the risks to which the parent is exposed -  a type of self-insurance. This is an alternative form of risk management that is becoming a more practical and popular means through which companies can protect themselves financially, whilst having more control over how they are insured.

International business companies and captive insurance companies see the benefit of doing business in Barbados as a result of a number of factors. These include:

•    Barbados’ double taxation and investment protection agreements
•    Legislation to support several international structures
•    A stable economic, political, social and technological environment
•    Strong regulatory oversight
•    An open and transparent financial system, and
•    A mature banking and financial services sector.

As the captive insurance industry successfully develops in today’s evolving and dynamic market, the banking sector plays a crucial role in this success by providing innovative banking solutions. The island’s expert bankers demonstrate a thorough understanding of the industry, and are able to provide tailored solutions to the captive client, from the suite of banking products and services on offer.  


Written by Richard Kennedy, Associate Director International Corporate Banking & Private Wealth Management, First Caribbean International Wealth Management Bank (Barbados) Limited; Source: Barbados International Finance & Business 2017

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