Barbados licensed 20 new captive insurance companies last year, an increase on the 13 that were licensed in 2016, according to the Barbados Financial Services Commission (BFSC).
The BFSC’s year-end statistics also revealed that as of 31 December 2017 there were a total of 266 captives and 26 captive management companies domiciled on the island.
Of the 20 new captives licensed, 12 were exempt insurance companies and eight were qualifying insurance companies.
Kenneth Campbell, director of investment promotion at Invest Barbados, commented: “Barbados’ international business and financial services sector continued to show resilience during 2017 with the country maintaining its position as a leading international insurance domicile of choice.”
He added: “While Canada and the US remain its primary source markets for new captives, Barbados continues to attract a growing number from Latin America.”
