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Article: British Virgin Islands: Small U.S. businesses fuel rapid growth in B.V.I.(growth in captive insurance company formations)(Brief Article)
- Article from:
- Business Insurance
- Article date:
- April 30, 2001
- Author:
CopyrightCOPYRIGHT 2001 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TORTOLA, British Virgin Islands-The British Virgin Islands has seen tremendous growth in captive insurance company formations in the last two years, most notably by owners of small U.S. businesses, according to William McCullough, the domicile's insurance supervisor.
Last year, the British Virgin Islands added 53 new captives to its company register while canceling eight licenses, bringing the total number of captive insurers to 236 at year end, he reported. The previous year, the islands had added 51 new captives, meaning that the B.V.I. captive population has nearly doubled since 1999. Totals in both years include 60 credit life insurers, Mr. McCullough said. ...