Willis "Bullish" Over SA Captives

(Isle of Man Insurance Authority - Insurance Sector Update, Summer 1996.)

The recent relaxing of exchange controls in South Africa has resulted in at least two Captive clients setting up Isle of Man based captives.

Jim Boyd, who heads up Willis Corroon on the island, has been on an extended business trip to the Continent visiting directors of the new companies and following up other positive leads.

While in Johannesburg, he also attended the SARIMA risk management conference, the calibre of whose delegates reflected the growing global business interest in the New South Africa.

We began noticing a real change around October-November last year following the South African government's relaxation of exchange control regulations, says Willis director Peter Foulger, who is responsible for underwriting in the Isle of Man operation.