Labuan IBFC named best Asian captive domicile in 2021
KUALA LUMPUR, Malaysia, August 5, 2021 / PRNewswire / – Labuan International Business and Financial Center (Labuan IBFC), Malaysia won the award for best Asian domicile at the APAC Captive Review Awards 2021 for the third time in a row Singapore and Hong Kong consolidate its leading position in this reinsurance segment. Both Singapore and Hong Kong were also nominated in the same category as Labuan IBFC. The prize was announced at a virtual awards ceremony on August 3rd by Captive Review, a leading global trade magazine.
These global awards recognize domiciles, proprietary insurance service providers and owners who have demonstrated the highest levels of excellence over the past year. Specifically, the domicile category is assigned to the domicile that embodies the highest standards in terms of regulation, accessibility, efficiency and commitment in developing its own insurance business in the region.
Captives are self-insuring strategic risk management vehicles that are approved as reinsurance companies and give these business units direct access to the reinsurance market and offer them the opportunity to reduce the cost of risk coverage while at the same time enabling a holistic risk management strategy for the entire organization. There are more than 7,000 proprietary insurance companies worldwide.
“We are honored to have won this award for the third time in a row and it is a testament to the partnership that Labuan IBFC has formed with our agents on a regional and global level Asia is anchored in our future jurisdiction roadmap as it is a key element in our role as the wholesale center of finance and risk brokerage for the region, “said Farah Jaafar, Chief Executive Officer of Labuan IBFC Inc.
The Labuan IBFC is home to more than 220 insurance and risk management licensees with its industry association, the Labuan International Insurance Association, being the largest industry group in the jurisdiction. Reinsurance and risk management are one of the fastest growing segments of the Labuan IBFC financial services ecosystem and will continue to grow as the need for efficient risk transfer mechanisms in Asia grows.
As the fastest growing corporate insurance center in Asia and MENA, Labuan IBFC’s proprietary insurance business continued its upward trend in 2020, with total gross premium up 8.7%. rise $ 497.5 million, of which 65.4% of the premiums come from foreign business. Labuan’s proprietary insurance business also accounts for 31.2% of total underwritten premiums in the jurisdiction.
2020 was a positive year for Labuan’s captive business as 8 new captives were formed, a total of 55 captives now licensed by the jurisdiction. This was the highest number of prisoners formed in either Asia and MENA in 2020. Labuan IBFC is also the only jurisdiction in Asia which provides for the Protected Cell Company (PCC) structure with more than 10 licensed PCCs.
Labuan-based intermediaries such as Principal Re Limited also won their own Captive Consultant of the Year award, with Brighton Management, Labuan Insurance Manager Services, AFR Asia Pacific Limited and Nicholas Actuarial Solutions shortlisted in their respective prize categories.
For more information on Labuan IBFC, please visit www.labuanibfc.com.
ABOUT LABUAN IBFC
ASIA PACIFIC’S INTERNATIONAL BUSINESS AND FINANCIAL CENTER MIDSHORE
Labuan International Business and Financial Center (Labuan IBFC), Malaysiais the preferred international business and financial center in Asia. Labuan IBFC was founded in 1990 and is regulated by the Labuan Financial Services Authority (Labuan FSA), a legal regulator under the jurisdiction of the Department of the Treasury. Malaysia.
As a midshore jurisdiction, we offer global investors and corporations the benefits of a well-regulated and supervised jurisdiction that adheres to international compliance standards for tax transparency. We also offer tax neutrality and security in a currency-neutral business environment. Labuan IBFC, in the center of Asia, has a cost-effective, conducive environment that makes it an ideal substance creation location for both global companies looking to enter the market Asia or Asian companies that want to operate globally.
We offer a wide range of business structures and investment solutions for cross-border transactions and international business relationships, including fintech solutions. We also provide services and solutions in niches such as risk management, commodity trading, reinsurance, asset management, international business corporations and Islamic financial services. Labuan IBFC operates with clear and comprehensive legal provisions, guidelines and practice guidelines enforced by a single regulatory body, the Labuan FSA, and provides an ideal jurisdiction for both companies and high net worth individuals with an international focus.
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SOURCE Labuan IBFC