Barbados has been shortlisted in the category of 'Offshore Captive Domicile of the Year' for the US Captive 2016 Services Awards.
The event, which is in its fifth year, is hosted to recognise and reward those providers of captive insurance products and services, who have outperformed their competitors and demonstrated the highest levels of excellence over the past 12 months. The award ceremony will be held on Monday, August 8, at the Hilton Burlington, Vermont, USA.
This marks the first year that Barbados has submitted an entry to the US Captive Services Awards for consideration. The criteria for eligibility included providing evidence of the highest standards of regulation, accessibility, insured care and efficiency, among other things.
Barbados, which is ranked among the top ten captive domiciles globally, will share the spotlight with other domiciles that have also been shortlisted in the same category, including the Bahamas, Bermuda, Cayman Islands and Puerto Rico.
Barbados currently attracts captive business from Canada, USA, Latin America, Caribbean and the UK and continues to register a number of new captives annually. Among its suite of captive structures offered are segregated cell, separate account, exempt insurance, qualified insurance companies, and the recently introduced incorporated cell legislation.
The Services Awards is organised by Captive Review.