The International Risk Management Institute's official publication, Captive Insurance Company Reports, has published figures for 1999 showing that the British Virgin Islands beat Bermuda last year for the first time in numbers of new captive formations.
The BVI logged 51 new captive formations, against only 50 for Bermuda. But Bermuda raked in another 34 non-captive insurers, giving it a total of 84 new formations for the year against the BVI's 51. Bermuda now has 1,493 registered captives, against 135 for the BVI.
The IRMI publication expects the existing 'top 6' captive destinations to lose ground to newer domiciles in the US, especially as international pressure mounts on the offshore jurisdictions to clean up their acts.
After the BVI, the Cayman Islands was the next most successful jurisdiction last year, with 39 new formations; then came Vermont with 34, Guernsey with 18, Ireland with 17, Hawaii with 12 and Luxembourg with 9.
World-wide, 250 new captives were licensed, as against 305 in 1998.
The publication reveals that interest in Bermuda is focussed on segregated cell companies, rent-a-captives, agency captives and life company captives, and suggests that the Electronic Transactions Act will help to encourage further growth in Bermuda's insurance sector.
The Segregated Account Company Act is still only at drafting stage, and will not become law for some time yet.
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