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This Press Release Sponsored by Belmont Group ...
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Cost efficiency places British Virgin Islands in pole position to the become the world’s largest offshore captive domicile
14 May 2008 -- The British Virgin Islands’ captive industry will continue to grow in 2008 as it looks to benefit from captives looking to relocate from other domiciles according to Simon Owen of the Belmont Group. Since the enactment of the Insurance Act in 1994, the BVI has quickly risen to become the world’s fourth largest captive domicile. In the recently published ‘Global Financial Centres Index’, the BVI is ranked at number 27 in the world, surpassing the likes of Vancouver, Madrid, and Hamilton, Bermuda. Owen, who currently serves as chairman of the BVI Association of Insurance Managers, confirmed that Belmont had witnessed “a significant increase in enquiries from captives in other domiciles that were looking to move away from increased operating costs and onerous legislative requirements”. “We remain extremely well positioned to benefit from the current business climate and the uncertainties surrounding to some of our competitors. Over time, we have firmly established ourselves a premier domicile for business originating from North America and other parts of the world. From a European perspective, the fact that we operate in US dollars as opposed to GBP or Euros offers our clients an immediate and transparent cost saving as far as captive management and audit fees are concerned”. According to Owen, not only are the size and numbers of captives continuing to grow, the BVI is seeing a growing trend receiving enquires from large international open market reinsurers that are looking to relocate their operations and are seeking an alternative to the traditional domiciles, such as Bermuda, Cayman and Switzerland. “As a financial services centre, the BVI offers pragmatic regulation coupled with a level of flexibility and sophistication that is not available in other domiciles” said Owen. ### About Belmont Belmont Risk Solutions Limited offers a full range of traditional and non-traditional insurance-related services and solutions, including captive reinsurance, risk consulting and product design. We are a member of the HLA Global international broking network and hold licenses in the British Virgin Islands and Anguilla. Our sister company, Belmont Insurance Management Limited, is one of the leading captive managers in the Caribbean region. For further information, please contact Simon Owen: Email: sowen@belmontbvi.com |
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