BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
LONDONGuernsey and the Republic of Ireland (Dublin) are domiciles for the lion's share of captives owned by United Kingdom parents, while other major domiciles have seen their percentages of those companies shrink, a new study reveals.
In its first benchmarking report on U.K. captives, London-based Marsh Ltd. found more than 350 captives owned by U.K. companies. It surveyed 94 of those captives and supplemented the report, "Fit for purpose? Benchmarking the continuing contribution of captives," with information from A.M. Best Co. and the London Stock Exchange.
The report shows that from 1995 until near the end of 2006, Guernsey's share of U.K.-owned captives grew from 42% to 50%. Dublin's percentage of those insurers increased fourfold to 8%.
Meanwhile, the Isle of Man saw its percentage of U.K. captives fall to 21% from 31% over the period. Bermuda's share fell to 15% from 19% and Cayman's percentage was halved to 1%.
The growth of protected cell companies in Guernsey appears to be one of the reasons for that domicile's growth in U.K. captives "at the expense of Isle of Man," the report noted. "Bermuda's attraction has remained for its existing 'client' base, although new captive owners have opted not to establish there primarily because the same captive benefits are available much closer to home," according to the report.
The report pointed out that financial institutions are the largest group of U.K. captive owners, with a large number service suppliers, manufacturers and energy companies also owning the insurers.
The report is available at www.marsh.co.uk.