Nevis saw 14 new captive insurance company formations in 2017, according to the Nevis Financial Services’ year-end statistics.
The statistics also showed that 26 captives were closed last year, meaning as of 31 December 2017 there were 224 captive insurance companies domiciled in Nevis.
Since the inception of its captive legislation in 2004, the Caribbean island has offered a well-regulated international domicile that provides a low-cost environment, in which no tax is paid on the premiums, net income, or assets of the captive.
In comparison, 40 new captives were formed and 21 were closed in Nevis in 2016.
Nevis Financial Services registrar of international insurance, Phil Jones, said: “2017 was significantly affected by uncertainty in the wider captive industry mainly caused by external forces."
He added: "In 2018, Nevis will continue to provide a well-adjusted regulatory framework with reasonable cost and high responsiveness to the requests of the end users."
"The Regulatory Commission remains confident that through collaborative relationships and industry awareness, Nevis will remain competitive as a favoured place to do business in the midst of a relatively changing business environment.”
