The New Zealand operation of independent insurance brokerage Lockton Companies’ has been approved as a licensed external captive insurance manager to establish captive structures with Cook Islands international companies.
Lockton Companies NZ Limited Partnership (Lockton NZ) was formed in September of last year to administer risk and insurance services across a range of specialisms, territories and industries.
As a global risk management partner, Lockton’s captive and alternative risk transfer segment provides consulting and management services, including feasibility studies, domicile management, licensing and incorporation, regulatory consulting, and reinsurance design, advice and placement.
The Cook Islands has operated as a captive domicile since 2013, offering knowledgeable professional service providers and modern, practical legislation and regulations for financial services providers and their businesses.
Following a meeting with Lockton NZ representatives, Marie Francis, CEO of Cook Islands Finance, comments: “We are thrilled that Lockton NZ has been approved as a licensed external captive insurance manager and is establishing captive insurance structures with Cook Islands international companies.
“The Cook Islands has an excellent reputation for its international compliance and professional services. In these uncertain times it is advantageous for New Zealand and Australian clients to establish captive insurance structures in a nearby jurisdiction which has a close association with NZ.”
Jessica Schade, head of captive and alternative risk transfer at Lockton NZ, has been involved in establishing and licensing all captives currently registered in the Cook Islands, while Ged McCombie, head of Pacific, will provide risk solution capabilities to clients.
Schade adds: “I have worked with the Cook Islands Government for a number of years and have always been impressed with their willingness to work with business, insurance experts and interested parties in crafting best-in-class captive legislation and a world-class captive insurance domicile. It gives me confidence in their commitment to the captive insurance industry and the business needs of New Zealand, Australian and Asian companies.”
