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...nice with a coffee
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Update!
The converted captive cruise ship [witness floating domicile photo], which is believed to be home to several renegade captive managers and dozens of captive insurance companies, was last seen steaming out of the Caribbean and north towards Bermuda. A spokesman for the Bermuda Captive Owners Association said Bermuda has nothing to fear from the floating domicile. “I can see the advantages of being aboard a floating domicile, but Bermuda has a lot going for it too: great weather, wonderful golf courses and it is not too far from New York,” the BCOA spokesman told riskbitz. But some Bermuda watchers believe that the floating domicile could present a threat to the island’s position as the premier captive location. “For a start, there’s a lot more space on the ship than on Bermuda – and there’s more to do,” said independent risk consultant, Dee Ducktable II. “People find Bermuda very claustrophobic, whereas with the captive ship you can wake up in a different part of the ocean every morning. There’s a lot to be said for that. Plus, if a hurricane blows up, you can get the hell out of there.” Recent visitors to the highly secretive floating domicile report a thriving business in protected cell companies on board the ship. “They’ve got rows of them way down in the bowels of the ship,” said one risk manager, recently returned from an inspection of the vessel. “It is pretty squalid but each cell is well segregated from the other, if a little damp…” Cont p88 [Want more? Visit www.RISKbitz.com] Copyright © 2006 RISKbitz. Reprinted with Permission.
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An
attempt by the OECD to organise a task force to sink a floating captive
domicile has itself been scuppered. The multinational task force idea
was abandoned when OECD members Switzerland and Luxembourg were forced
to admit that they did not have a naval vessel to contribute to the effort.