Barbados licensed a total of 13 captives in 2016, according to the Barbados Financial Services Commission.
The new captives come from the finance, energy, retail and healthcare sector.
In total, Barbados now has 246 active captive insurance companies.
The island’s captive insurance legislation was introduced in 1984 when the Barbados-US tax treaty was signed.
Last year, London & Capital, a wealth and asset management company, reported continued growth among its network of Caribbean clients and professional advisers.
The company’s Caribbean office, located in Barbados, had seen a significant increase in demand from captives in the region over the last 10 years.
In April last year, Lisl Lewis, executive director and head of the London & Capital Caribbean office, said: “The Caribbean captive and institutional market has grown significantly in importance to London & Capital over the last decade, and we are pleased to demonstrate our commitment to our regional clients by having an office in Barbados.”