Tuesday, May 21, 2024

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Mauritius has right structures in place to be frequently chosen domicile

Mauritius has all the right infrastructure in place to be an increasingly popular captive jurisdiction, according to Kaviraj Nuckchedee, director and head of captive insurance at Fortree Management Services.

The popularity of captives in Mauritius continues to rise as companies look to negate rising costs in the hard commercial market, while recent changes regarding third party risk means pure captives can be used for a greater variety of business cases.

“Mauritius is well grounded in the insurance industry and has the right structures in place to be chosen as a captive jurisdiction for potential captive owners,” Nuckchedee told Captive Intelligence.

He added when it comes to effective captive insurance structuring, including its set up and ongoing management, captive experience and the right insurance partners are key factors that companies should consider.

“Fortree Management Services has both,” he said. “The firm has the island’s best-known capabilities for running pure captive insurance structures.”

He highlighted that less than 1% of all captives worldwide are domiciled in Africa. 

“This is where Mauritius now comes into play to provide the right platform and legal framework to businesses in the region as well globally, for an effective and efficient risk management,” Nuckchedee said.

“Other players on the island, be it auditors, bankers, law firms, actuaries, and reinsurance brokers, are well versed with captive insurance businesses and ready to provide the relevant assistance and support.”

Captive Intelligence recently published a long read highlighting that Mauritius is keen to enhance its reputation as a global financial hub and continue captive expansion in the domicile.