Bahamian government unveils captive strategy

Bahamian financial services minister, Ryan Pinder announced his ministry would launch a strategy to increase the Bahamas’ presence in the captive and international insurance industry.

In the mid-year budget debate, Pinder announced the Bahamian Ministry of Financial Services had laid the groundwork for policy initiatives to develop the country's industry, and outlined the ministry’s 10-year strategy to achieve them.

“The Ministry of Financial Services, consistent with the pledges made, have caused for sector and geographic analyses to be conducted, ensuring that key markets of growth are identified and pursued,” Pinder said in the presentation.

“Certainly key markets in Latin America as well as North America have been identified for growth. We also have identified particular sectors for growth, such as the fund business, given our recent achievement of IOSCO A status, and we prepare to launch a new strategy for captive and international insurance, as new product enhancement.”