Over 50 New BVI Captives Registered in 1999

Tax-news.com

27 March 2000

LARGE INCREASE IN NUMBER OF NEW CAPTIVES LICENSED ON THE BRITISH VIRGIN ISLANDS

The British Virgin Islands Financial Services Department has announced that 50 new pure captives and six new credit life reinsurance captives were licensed during 1999.

This is a substantial increase on licenses previously issued and indicates growing interest in the domicile as a location for captives, which now boasts a total of 131 regular captives and 59 credit life reinsurance captives.

Interest in the British Virgin Islands has been mainly from smaller companies with low loss experience who can establish and service a captive on a very cost effective basis in the BVI. There has also recently been a surge in interest from group captives.

Peter Bates, Supervisor of Insurance, British Virgin Islands, said: "Insurance Managers in the British Virgin Islands are confident that the Year 2000 will also produce a good inflow of business and are gearing themselves accordingly. These new figures indicate a resounding confidence in the jurisdiction's ability to offer a quality product together with efficient and competitively priced services."

For more information visit the BVI Financial Services Web site at www.bvi.org

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