Isle of Man ramps up captive offering with digital marketing campaign

In a sure sign that the captive insurance sector is seeing considerable interest as the hard market bites, the Isle of Man has launched a digital marketing campaign to promote its captive insurance offering. The Isle of Man is home to well over 100 captive insurance companies, but the domicile has seen limited growth in captive formations in recent years. The new campaign has been launched by Finance Isle of Man, the executive agency dedicated to further developing the island’s financial services sector. It said the campaign will highlight the benefits of establishing a captive on the Isle of Man, “such as a regulatory and legal infrastructure which has specifically designed governance rules for captive insurance companies and a long history of providing innovative solutions from a politically and economically stable jurisdiction”, adding: “Also prominent is the close collaboration between the government, regulator and industry, enabling the sector to quickly respond and adapt to the demands of the ever-evolving insurance market.” Simon Pickering, head of insurance and pensions, Finance Isle of Man, said: “We are very excited to be launching this digital marketing campaign. Insurance is an important part of our vibrant financial services industry, which is the single largest financial services sector on the Isle of Man, contributing 19.2% to the GDP. We remain committed to supporting our financial and professional services industry, which has continued to thrive and serve its international client base, despite the challenges and disruption due to the pandemic.” Nick Gale, chair, Isle of Man Captive Association (IMCA), said: “The association is completely supportive of the campaign and we will continue to work closely with Finance Isle of Man to promote the island as a captive domicile. We have a positive outlook for the Isle of Man’s captive insurance sector as we are seeing a huge amount of interest and a very promising pipeline, driven by the significant hardening of the conventional insurance market.” In a feature on the campaign’s website, Finance Isle of Man says: “During such a difficult period for businesses globally, it is gratifying to see that the Isle of Man’s captive insurance industry is in great health. This is, in part, thanks to the global commercial insurance markets where hardening rates are driving the flight towards alternative risk management structures. But the quality and resilience of the Isle of Man’s financial services industry is playing a major role too.” Mr Pickering states: “We have been working collaboratively with the IMCA and our financial regulator over recent months to develop a fresh, engaging and strong marketing package, which will reinforce our island’s eminence in all things insurance-related. The regulated insurance sector is the largest on the island and we are keen to build from this position of strength and, in particular, highlight what a strong proposition we have for captive insurance solutions. “The public and private sectors working in tandem like this is a real strength of the Isle of Man and we are excited about enhancing the message over the coming weeks and months… Corporate customers demand high levels of governance and service and that is what our captive industry provides in droves – from a modern, flexible legal infrastructure to gold-standard regulation to high-quality insurance managers, banking institutions and professional services.”

Isle of Man ramps up captive offering with digital marketing campaign

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