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Captive Resource Center
Businesses and Associations
Research & Information
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Harneys Insurance
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Company Information |
Harneys
Insurance provides a full range of captive insurance management
services, including consultancy, formation and managerial services,
as well as risk financing and risk management consultancy services.
These services can be extended to companies, associations and individuals
that are motivated to reap the benefits of increased risk retention.
Harneys Insurance benefits from its close association with Harney
Westwood and Riegels, the oldest and largest law firm in the British
Virgin Islands; also with Harneys Corporate Services, a corporate
services company with over 45,000 clients under its administration.
These associations allow Harneys Insurance to provide a seamless
service drawing on expertise both from its own highly qualified
risk management professionals, as well as from a wide range of related
professional expertise. |
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Products and Services |
The
risk management, risk financing and insurance management services
provided by Harneys Insurance are as follows:
Risk Management consultancy for companies
and individuals wishing to improve existing, or implement new,
risk management programmes.
Risk Financing consultancy to help assess
recommended levels of retention, based on a company’s
risk and catastrophe profile aligned with their available capital
and corporate appetite for retaining risk.
Captive Insurance feasibility studies to help
the client assess its exposures, loss experience, current insurance
cost and current risk transfer mechanisms in order to advise
on the justifiability of a captive insurance company or a segregated
portfolio company. In the event of a decision to proceed, Harneys
Insurance can then help with preparing and submitting an insurance
application to the relevant Insurance Regulator in the domicile
selected.
Captive Insurance management to provide underwriting,
claims, reinsurance recovery, accounting and secretarial services
to captive owners in the British Virgin Islands
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Miscellaneous/
Summary Information |
The British
Virgin Islands (BVI) has grown into one of the largest offshore
captive domiciles in the world. It offers a wealth of advantages
including:
- Zero tax rate, no estate and wealth taxes or capital gains
for offshore entities
- Flexible and pragmatic regulatory authority approved and
described by the IMF as “Excellent in all areas”
- A proven legal and court system based on English Common
Law and locally enacted statutes
- A modern and flexible insurance act
- No exchange controls. The currency is US dollar
- Low cost incorporation and insurance licensing fees
- No requirements for directors to be BVI residents, or for
directors’ meetings to be held in the BVI
- No requirement for investment funds to be held in a BVI
bank account
- Modern communications infrastructure
- Excellent flight connections
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Company
Contacts |
David P.
Spyer
Designated Insurance Representative
Harneys Insurance
Craigmuir Chambers
P.O. Box 71, Road Town
Tortola, British Virgin Islands
Tel: 284 494-2233
Direct Tel: 284 494 6007
Fax: 284 494 3547
E-mail: david.spyer@harneys.com
Company Web site: www.harneys.com |
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October 2005: