The Island’s reputation for attracting high quality captive business has been endorsed by a large tranche of the UK’s Top 100 companies for more than two decades. Business today is generated from all over the world and changes to the Insurance Act are set to further inflate the volume of business undertaken by the sector.
There are currently 165 Isle of Man based captives writing £1.5bn premiums annually with £6bn funds under management. ‘Captives remain an increasingly important component of the risk management and risk financing strategy of their parent,’ pointed out David Vick, Chief Executive of the Insurance and Pensions Authority. ‘Continued difficulties in obtaining cover for certain types of risk, differences in coverage available across various parts of the world and insufficient credit for deductibles and/or loss control efforts, remain key drivers for the continued and increasing use of captives.’
