The Bahamas has the potential to establish itself as an international insurance player given its huge ship registry, Timothy Ingraham, president of Summit Insurance Company Ltd., told Tribune Business.
A captive manager, which already has 40 captives in the region, is looking to add 10 more in 2013. Mr. Ingraham hopes that this will create a “snowball effect”, encouraging other captive managers to join the suite. Although the Bahamas will be unable to compete with top captive domiciles, it could seek to attract some of the global reinsurers’ sidecars through its lower living costs, greater physical space and proximity to the United States.
By Business Insurance.com