More than 100 new captive cells formed in Puerto Rico in 2016.
The Caribbean island saw 108 cells, as well as one pure captive, form last year.
The domicile did see 21 entities surrender their licences, leaving its total a little shy of 400 at the end of 2016, with eight pure captives and 390 cells active.
Two new protected cell companies, Enterprise Risk II and Advantage Business Insurance Company II, were authorised in 2016, taking Puerto Rico’s total to four. Commonwealth Risk Services II and Madison Re II are also active in the domicile.
Puerto Rico caters for multiple structures, including pure, association, protected cell and reinsurance captives, as well as risk securitisation programmes. Its capital requirements are set relatively higher than most other jurisdictions, at $500,000 generally, although differences between licences do exist.
More than a dozen insurance and financial service providers joined forces in 2016 to launch the Puerto Rico International Insurers Association, which can respond to and advise related parties on insurance issues in the domicile.
