| |
|
| Catastrophic Insurance Division |
Offshore Services is Wyncrest Group's new-dedicated Offshore Division and is positioned to grow with a growing offshore exploration and development trend. Insurance as a financial product is in a unique position to meet real life financial needs. When using offshore insurance in offshore holding vehicles this important financial product becomes an even more powerful planning tool.
Wyncrest Group's Offshore Services Division provides offshore insurance companies, offshore bank and trust companies and command the most up-to-date tools in the field of tax planning and tax optimization. Like offshore banks, insurance companies formed in offshore jurisdictions also enjoy the liberal environment of the offshore system and legislation. |
| |
 |
 |
 |
 |
 |
Wyncrest Group's offshore Catastrophic insurance Division provides their clients with insurance services which can include various types of Catastrophic insurance coverage of a high risk - for example against events of negligence and misuse of official authority, corporate liability, against a possible strike as well as insurance of other risks which would be very expensive if agreed upon with ordinary onshore insurance companies.
An offshore insurance company, usually referred to as a 'captive' insurance company, is usually a subsidiary of a large company or group of companies, and its purpose is to offer insurance within the parent company or group, thus saving
|
 |
| |
external costs and generating profits in a low tax jurisdiction. The fiscal benefits are not necessarily the driving factor, but they can be significant. Direct accessed to reinsurance is another important advantage of a captivate.
The considerable advantages of captives have led to the development of a major worldwide captives industry, and IOFCs have vied with each other to establish attractive regimes for captives. For income purposes, the build-up of income under an insurance product through compound interest is not subject to tax. |
|
| |
|
|
|
|
