Facebook logo
Facebook logo
Facebook logo
Facebook logo

Latest Headlines

Captive Insurance Times home | Captive business in Labuan on the rise ← You are here

[close]
Latest News
XL Catlin appoints Steve Bauman
22 May 2017 | New York
Steve Bauman has joined XL Catlin as head of global programmes and the captive practice in North America, effective 23 May Read more

New general counsel for California insurance department
22 May 2017 | California
The California insurance commissioner Dave Jones has appointed Ken Schnoll as general counsel for the state’s department of insurance Read more

For more news visit our news section

Upcoming events
PARIMA 2017 Shanghai
Date: 21 June 2017
Location: Intercontinental Shanghai Pudong, Shanghai
Find out more

WRCIC conference
Date: 22-24 May
Location: Marriott City Centre, Salt Lake City
Find out more

For more events visit our event section
Industry recruitment
There are currently no jobs available
For more jobs visit our recruitment section
Captive Insurance Times
View the latest issues online now

Sister publications
Securities Lending Times
http://captiveinsurancetimes.com

Asset Servicing Times
www.assetservicingtimes.com

Real Estate Investment Times
www.realestateinvestmenttimes.com

Media pack [download]
Ad specs [download]
Latest features
A noughties hit
Feature: SACs in Bermuda, first crafted in the statute in 2000, are a useful tool for both captive and commercial insurers, says Kim Willey of ASW Law Read more

Cook Islands
Country profile: In an era of increasing uncertainty, Tamatoa Jonassen suggests that the Cook Islands can be a bridge to financial security in a captive Read more

Brian McDonagh :: Marsh Captive Solutions Dublin
Interview: Many captive owners are exploring alternative forms of capital in order to strengthen their capital base in a more efficient manner, says Brian McDonagh of Marsh Read more

For more features visit our features section
Latest news
More news
Captive business in Labuan on the rise
28 April 2017 | Kuala Lumpur | Reporter: Becky Butcher
Labuan’s total earned premium for captive insurance business increased by 18.8 percent to $252 million in 2016, despite an overall decrease in total gross premium.

The Labuan Financial Services Authority (LFSA) Annual Report suggested that the increase in total earned premium for captive business was due to higher retention for all sectors, while the 6.9 percent decrease in total gross premiums was experience in the engineering sector.

It also found that most of the total gross premiums for the captive insurance business were derived from outside Malaysia, “reflecting the centre’s efforts to promote international business in support of insuring group risks”.

According to the report, Labuan is “fast becoming one of the largest captive jurisdictions in Asia”.

Since Labuan’s first captive was established by a property developer company in 1998, the sector has been “growing rapidly”, reaching approximately 40 captives in 2016 and contributing to an aggregated written premium value of $348.6 million.

Within Labuan’s captive market, risk owners in Asia have been the main contributors, taking almost 75 percent of the market, while the remainder is made up of EU and US parented captives.

This positive trend is expected to continue as the Labuan International Business and Financial Centre (IBFC) concentrates on “strengthening its grip on Asian captive markets”.

Labuan currently offers business owners various options, including the pure captive and protected cell company structures.

The LFSA said in its annual report: “The variety of captive structures to select from, coupled with other business enablers designed to provide legal stability with minimal setup and operating costs, make Labuan IBFC the region’s choice for captive market.”

In March, Labuan IBFC suggested that the increasing interest among Asian corporates to establish captives as a risk management strategy also presents immense opportunities in offering risk solutions that complement onshore activities.

The IBFC also revealed that it will focus on sectors including leasing, commodity trading and wealth management.

Danial Mah Abdullah, CEO of Labuan IBFC, said: “We believe the changes in the way cross-border investment and trade are conducted due to demands for greater transparency is a business enabler for Labuan IBFC.”

“We will be focusing on developing the niches with high-growth potential and these sectors have been showing a positive upward trend in driving the mid-shore centre development in the recent years.”



XL Catlin appoints Steve Bauman
Steve Bauman has joined XL Catlin as head of global programmes and the captive practice in North Ame Read more

New general counsel for California insurance department
The California insurance commissioner Dave Jones has appointed Ken Schnoll as general counsel for th Read more

A.M. Best affirms NextEra Energy captive
A.M. Best has affirmed the financial strength rating of “A (Excellent)” and the long-term issuer Read more

PRIIA puts insurance market at ease
PRIIA has reassured the insurance industry that although Puerto Rico has filed for voluntary bankrup Read more

Peter Allen joins Moore Stephens from Grant Thornton
Allen joined the company from Grant Thornton Singapore where he served as CEO and senior adviser Read more

Captive Insurance Times site map
Home
Home

Sitemap

Issue archive
Back issues online
Recruitment
Recruitment
Events andtraining
Upcoming events

Upcoming training

Company info
About us

Contact us


Copyright (C) 2013 Black Knight Media Ltd. All rights reserved. No reproduction without prior authorization