Barbados Captives: Why Investors Favour this Unique Jurisdiction
A Captive is a licensed insurance company that is a wholly-owned subsidiary of a non-insurance entity, established to typically insure the risks of its parent and affiliates. This strategy of self-insurance is a savvy and sophisticated method that manages retained risk in a formal manner. Captive insurance also offers greater control of insurance prices, specialised risks, hard to insure risks, and underwriting profits.
Barbados has been exemplary in its unique captive insurance offering and the world is taking notice. Currently ranked among the top 10 captive domiciles globally, the jurisdiction was recently recognised as a leader in the offshore ‘captive’ industry and was “highly commended” at the August 2016 US Captive Service Awards in Burlington, Vermont.
There are a number of glowing, unmatched attributes that make Barbados unique, but beyond beautiful beaches and friendly faces, its globally-recognised local talent stands out - educated, experienced men and women possessing deep knowledge and tangible experience in the captive self-insurance industry. These hardworking individuals - accountants, actuaries and lawyers - can staff an office at a fraction of the cost applicable to other competing jurisdictions. Further, these individuals have the same, if not greater, education, experience and knowledge of the captive self-insurance strategy, benefits of tax treaties and overall jurisdictional benefits, as professionals in competing jurisdictions.
