The Isle of Man is set to release findings of a review into the island’s captive insurance market.
The UK dependency is hoping to capitalise on its position as a global financial centre – it was recently voted 21st in the City of London’s global financial centres index – and attract more firms looking to establish captives.
The island is currently home to 160 (non-life) authorised insurers with approximately £5bn assets under management. Most (60%) of the island’s captives have parent companies domiciled in the UK, but the new director and head of Isle of Man Finance, John Spellman, hopes to diversify: ‘A key focus going forward is to ensure that we have the right strategy and structures in place to continue to take our place at the forefront of the international finance arena.’
