Insurance

Barbados has a well-established insurance sector of over 200 insurance companies comprising life, general reinsurance and "captives". (Captives are dedicated insurance subsidiaries of non-insurance parents, formed to insure the parents’ risks.) The principal reasons for establishing an offshore insurance company include:

• cost reduction;
  
• risk retention, risk management and loss of control;
  
• stabilisation of earnings;
  
• greater availability of insurance cover;
  
• improved management of group funds;
  
• flexibility of regulation (compared with the equivalent onshore requirements); and
  
• development of a profit centre.

We provide services to a significant number of life assurance and captive insurance companies. These services include assistance in relation to the establishment of a new operation, regulatory and compliance assistance, tax experience and annual audit.