Business Services Industry
Slow growth seen; Turks & Caicos adds five captives.(Spotlight)(Brief Article)
Business Insurance, March, 2005
Byline: DOUGLAS McLEOD GRAND TURK, Turks & Caicos Islands-The Turks & Caicos Islands saw modest growth in its captive insurance industry last year, and continued slow expansion is expected this year. The domicile recorded a net increase of five new captives in 2004, bringing its total to 164 at year-end, according to Albert P.
Smith, the domicile's superintendent of insurance. The total does not include more than 1,800 credit life insurers registered in the Turks & Caicos. The rate of growth slowed from 2003, when the islands saw a net increase of 16 new captives, and Mr. Smith said he expected captive formations this year to remain consistent with the slower 2004 pace. There have been no changes in capital and surplus, solvency or other regulations...
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