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Archive Stories
Archived stories from Nov 2019

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Risigo promises second floating captive domicile

A second floating domicile owned and operated by Captain Kurt Risigo is to be launched in response to growing interest in his revolutionary "offshore" concept. Barely a year after the original floating domicile, The Captivator, was launched on an unsuspecting corporate risk audience, Risigo says that demand for a flexible, floating risk financing solution is outgrowing the capacity of his original vessel.

Risk managers demand
more floating domiciles

"We've picked up so much business from the Caribbean and from Bermuda, there's hardly room to swing the ship's cat," Risigo told RISKbitz by satellite ?phone. "Plus our below-decks protected cells are full to bursting." An anonymous caller to the RISKbitz office confirmed that the Captivator's protected cells were becoming chaotic, with assets and liabilities spilling from one cell to another.

Risk managers and captive management firms have flocked to the Captivator, attracted by the floating domicile's mix of light regulatory oversight and zero corporation tax. "But owning and operating a captive is no longer about playing the underwriting market cycle or trying to get tax breaks," said Ernie Ayr-Myles, risk consultant. "It's about lowering your overall cost of risk and having a good time!"

Captive managers resident aboard the Captivator typically spend their mornings counting their assets or filing claims information. After a light buffet lunch there are organised games on deck, swimming or big game fishing. "To think I spent all those years in St Peter Port staring out of the office window wondering where the boats were going," said a tanned Mike Aptif, of Aptif Captive Management LLC. "Now here I am aboard a boat, lying on a lounger looking at fronting company brochures. It's a swell life."

Dozens of risk managers have re-domiciled their captives, lured by the promise of sun, sea and duty free drinks at the bar. "My wife loves the nightly cabaret, especially the karaoke sessions," one said.

Risigo says his second captive cruiser is likely to be based in the South East Asia region, where the captive market has yet to take off. "We see a lot of booty - I mean potential - in them thar Asia/Pacific markets," Risigo said. "I'm not ruling out eventually operating a fleet of floating domiciles."


Other news from Nov 2019
 
Travelating the Wave of Insurability
the serious stuff
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