The outlook of the US Virgin Islands (USVI) captive market is “brighter than ever” after licensing one new branch exempt captive insurance company in 2018.
Statistics from the USVI Division of Banking, Insurance and Financial Regulation revealed that one new captive was licensed in the domicile last year, a change from 2017 and 2016, where there were no new captives licensed.
As with the two previous years, there were no licences surrendered, meaning at year-end 2018 there were five captives licensed in the domicile, all single-parent.
The gross written premium for all five captives was $17.9 million in 2018.
Ashton Bertrand, chief of other financial services and superintendent of alternative markets, office of the Lieutenant Governor, USVI Division of Banking, Insurance and Financial Regulation, commented: “With the addition of a new branch exempt captive in August 2018, the outlook for the Virgin Islands captive domicile is brighter than ever.”
“With our new thrust in enticing captive managers and owners to form branch captives in the Virgin Islands, the territory is poised to add additional branches to our jurisdiction.”
Bertrand added: “Our statutes are very clear, and we have avoided the pitfalls that arise from having unambiguous language in our legislation.”
“This gives captive owners the certainty that they will not be tied up in costly litigation when they can spend this time, effort and capital building successful entities.”
