Bernadette Lawrence
Director of development and marketing, Nevis Financial Services
Nevis’ natural beauty and responsive regulatory
environment have spurred impressive captive growth as the island climbs into the top echelons of captive domiciles.
The most recent industry statistics show that Nevis has risen to take
its place within the top 20 captive insurance domiciles in the world, climbing to 16th position in 2010 based on the number of licensed entities in the jurisdiction. Indeed, the same statistics show Nevis as the having the second-highest formation rate over the same period, with some 46 new captives being licensed during 2010.
Derek Lloyd, director and insurance manager within AMS Group’s captive insurance management division, seeks to explain why.
“Since the enactment of the Nevis International Insurance Ordinance,
2004 (NIIO, 2004) and amendments, the jurisdiction has witnessed the steady, consistent growth of Nevis as a credible, regulated and transparent captive domicile in an increasingly competitive environment,” Lloyd explained.
A sensibly priced professional and regulatory fee structure coupled
with prudent and pragmatic regulation have all combined to make Nevis a viable and attractive option for parent companies around the globe seeking to establish and domicile their captive insurance company.
Lloyd goes on, adding that “whilst both the overall numbers of
captives domiciled in Nevis and the growth rate enjoyed in the jurisdiction in recent years are encouraging, the most pleasing aspect for me is the increased attraction of the domicile to fellow captive insurance managers and their clientele”.
AMS Insurance (Nevis) Ltd (AMSIN) was the first licensed insurance manager in the jurisdiction back in 2004, complementing the company formation and trust services provided by its sister company, AMS Trustees (Nevis) Ltd, which has been present in the territory since the mid-1990s. AMSIN is also proud to have had the first licensed captive in the territory. AMSIN remains today as the largest insurance manager in the domicile, but far from being concerned by the rise in the numbers of fellow licensed insurance managers in the territory, Lloyd welcomes the increased competition as further evidence of the development that Nevis has made since the humble origins of the regulated captive sector back in 2004.
US Captive . April 2011 47
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