Barbados has been “Highly Commended” at the recently held 2016 US Captive Services Awards, for its ongoing commitment to the captive industry, increasing its license numbers and premium volumes, and in particular, introducing the incorporated cell company (ICC) legislation in February 2016.
This positive news was announced at the award ceremony, which was held at the Hilton Burlington, Vermont on August 8. The judges were clearly impressed with Barbados, one of the nine recipients of the “Highly Commended” accolade, which recognised those categories that were a particularly close call between two entries.
The event, which is in its fifth year, was 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. This was Barbados’ first year in submitting an entry for consideration.
Barbados is currently ranked among the top ten captive domiciles globally and was shortlisted in the Offshore Captive Domicile category, along with other domiciles including the Bahamas, Bermuda, Cayman Islands and Puerto Rico. Bermuda was the eventual winner in that category.
Over 32 awards in various categories were distributed at the event, which was organised by Captive Review.