NASSAU (BFSB) -- KPMG recently partnered with the Bahamas Financial Services Board (BFSB) to produce a comprehensive overview of the captives industry in this jurisdiction, in the form of a handbook entitled “Captive Insurance in The Bahamas”.

 

Tracy E. Knowles, Senior Partner at KPMG, says “With a wealth management pedigree unmatched in the region The Bahamas is strategically nurturing captive insurance as an important addition to its growing and impressive array of financial services.”  Annie Chinafat, Audit Principal, was the KPMG Lead on this project.

 

KPMG today presented the first copies of the handbook to BFSB and the Insurance Commission, who had worked collaboratively with the sponsors in editing the data, particularly as it relates to the regulatory framework here.

 

BFSB’s CEO Aliya Allen points out, “Captives are coming into their own as an attractive risk financing option. Fortunately, starting and operating a captive has never been more straightforward, particularly in The Bahamas. Here we have over 40 years of experience in the sector - and over 80 in the financial services sector as a whole - an internationally-lauded regulatory and legal framework, an exacting yet supportive regulator, and a world class talent pool of professional service providers, including auditors, bankers and lawyers.”

 

The Bahamas has been a major player in international financial services since the 1930s. With its historic commitment to providing high quality services to families that span the globe, it is recognised as one of the world’s foremost wealth management centres, servicing a global client base with a full range of private banking, estate planning, asset management, and insurance and fund administration services.

 

Captive Insurance in The Bahamas provides general and useful information about captive formation, ownership and ongoing management, and also presents general specifics of The Bahamas as a jurisdiction of choice for entities looking to establish a captive.