Accolade acknowledges continued strong interest in the domicile's captive structures, particularly from the European segment
KUALA LUMPUR, Malaysia, Nov. 11, 2022 /PRNewswire/ -- Labuan International Business and Financial Centre (Labuan IBFC) received the Highly Commended award for International Captive Domicile at the European Captive Review Awards 2022. The awards were organised by Captive Review, a leading global trade publication.
Held annually, the European Captive Review Awards recognises and celebrates captive insurance and risk management expertise, providing domiciles, service providers, captive owners, and other industry stakeholders a platform to showcase their achievements and contributions.
Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc. Sdn Bhd commented, "This award is a testament to Labuan IBFC's increasing prominence as the captive domicile of choice regionally and globally. Riding on the back of a hard market, Labuan captives have continued their growth momentum. Labuan IBFC currently hosts 63 captives, with premiums earned totalling reaching almost half a billion US dollars."
"In terms of premiums, more than 65% were generated from the international insurance business - clearly indicating a coming of age and maturity of the market, making Labuan IBFC a global domicile of choice. This achievement is in line with Labuan IBFC's Strategic Roadmap which aims to develop the domicile as a self-insurance centre over the next five years," he further elaborated.
"We are honoured that our efforts in advancing awareness and growth of the captive insurance industry in the region has been duly rewarded. As such, we would like to record our appreciation to the entire Labuan ecosystem for their collective support in developing and sustaining the domicile's captive segment," Datuk Iskandar added.
Labuan IBFC provides a cost-efficient operating base and a wide range of innovative captive solutions, such as protected cell companies (PCC), master-rent-a-captive (incorporated cell company), mutual captives, and association captives. The domicile recently witnessed the establishment of the first-ever cell captive in Labuan IBFC for an Australian-headquartered business, as well as another cell captive for a UK-headquartered business. To date, the domicile remains home to the world's only Shariah-compliant captive.
The domicile previously garnered the Best International Captive Domicile award at the European Captive Review Awards 2021. Labuan IBFC also won the Best Asian Domicile award for three years running from 2019 to 2021 at the APAC Captive Review Awards.
Visit www.labuanibfc.com for more information on Asia's premier international financial hub.