Lockton approved as captives manager in the Cook Islands
Independent broker Lockton has secured regulatory approval to act as a captive manager in the Cook Islands. It will provide the service through its New Zealand operation, which it launched last September.
The Cook Islands has been a captive domicile since 2013.
“We are thrilled that Lockton NZ has been approved as a licensed external captive insurance manager and is establishing captive insurance structures with Cook Islands international companies,” said Marie Francis, CEO of the Cook Islands Finance, the statutory body that promotes the South Pacific nation’s financial services industry.
“The Cook Islands has an excellent reputation for its international compliance and professional services. In these uncertain times, it is advantageous for New Zealand and Australian clients to establish captive insurance structures in a nearby jurisdiction which has a close association with NZ.”
Jessica Schade, head of captive and alternative risk transfer for Lockton NZ, has been involved in establishing and licencing all the captives currently registered in the Cook Islands.
“I have worked with the Cook Islands Government for a number of years and have always been impressed with their willingness to work with business, insurance experts and interested parties in crafting best in class captive legislation and a world-class captive insurance domicile,” she said.
“The Cook Islands has world-leading captive insurance legislation and infrastructure, which makes it the ideal choice for New Zealand and Australian companies,” added Peter Lowe, chief executive officer of Lockton NZ, in an update on LinkedIn.