£6bn under management and annual premiums of £1.2bn
Isle of Man captive insurers have close to £6bn in funds under management and premiums £1.2bn a year, the FT reports in a special feature.
The Isle of Man has a separate regulator for insurers, the Insurance and Pensions Authority (IPA). The International Monetary Fund endorsed the IPA except for gaps in areas such as corporate governance, on which the IPA is already close to issuing binding guidance. Insurance legislation was simplified in a single act last year.
“Captives are a relatively safe product for the island and it’s good business to have,” says Derek Patience, head of Marsh Management Services Isle of Man and chairman of the Isle of Man Captive Association.
