KPMG recently partnered with the Bahamas Financial Services Board (BFSB) to produce a comprehensive overview of the captives industry in this jurisdiction, in the form of a handbook titled Captive Insurance in The Bahamas.

Tracy E Knowles, senior partner at KPMG, says: “With a wealth management pedigree unmatched in the region The Bahamas is strategically nurturing captive insurance as an important addition to its growing and impressive array of financial services.”

Annie Chinafat, audit principal, was the KPMG lead on this project.

KPMG yesterday presented the first copies of the handbook to BFSB and the Insurance Commission, which had worked collaboratively with the sponsors in editing the data, particularly as it relates to the regulatory framework.

“Captives are coming into their own as an attractive risk financing option,” says BFSB’s chief executive officer Aliya Allen.

“Fortunately, starting and operating a captive has never been more straightforward, particularly in The Bahamas. Here we have over 40 years of experience in the sector–and over 80 in the financial services sector as a whole–an internationally lauded regulatory and legal framework, an exacting yet supportive regulator, and a world-class talent pool of professional service providers, including auditors, bankers and lawyers.”