► Asset Protection: A captive is a very effective asset protection tool as the funds that you accumulate in your captive are insulated from creditors.
► Control: With a captive you dictate the terms of your policy, hire your own attorney and administer your own claims. You can tailor your insurance policy to cover the real risks threatening your business which the retail insurance market might not be willing to cover or will not do so at a reasonable cost.
► Access to Reinsurance: If you don’t want your captive to cover a certain risk (i.e. loss of business income due to natural disaster) you can access the reinsurance market directly and purchase coverage for these risks at much more competitive rates than by going to a third party insurer. You effectively cut out the middlemen who pad the costs to cover their overhead.
►Inter-Company Financing: As underwriting profits accumulate within your captive it can issue a loan to your underlying business at much more favorable terms than those of a traditional business loan from the market.
Why the Bahamas as a captive domicile?
The Bahamas offers a number of advantages as a jurisdiction of choice to captive insurance companies.
The Insurance Commission of The Bahamas (ICB) has enacted accommodating insurance legislation that facilitates a variety of captive structures, including group captives, pure captives and cell captives. The ICB has a dedicated staff overseeing the establishment and ongoing regulation of numerous captive insurance companies.
Some specific examples of the benefits of The Bahamas as a captive domicile include:
► No insurance premium taxes
► Reduced operating costs
► Industry expertise (lawyers, auditors, insurance management)
► Accessibility to regulators
► Timeframe for licensing
► Ability to enter into intercompany investments
► Scope of permitted insurance business
What Industry Sectors are Best Suited for Captives?
Virtually any business of sufficient size, across a broad range of industry sectors, can implement a captive insurance company to more effectively finance the risks of its operations.
Our Focus is on protecting client capital.
Contact Our Insurance Team
We work hard to understand your goals, preferences and expectations, and allow you to customize the type of relationship you wish to have with us.
Providing Financial Services Globally for more than 70 Years.
Deltec Bank & Trust is a financial services institution serving the unique needs of global private, corporate and institutional clientele. It is the flagship company of Deltec International Group, a diversified independent financial services group, providing a range of private banking and fiduciary expertise.