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When Reiss helped the company incorporate its own insurance subsidiaries, they were called captive insurance companies because they wrote insurance exclusively for the captive mines.

Reiss continued to use the term: the policyholder owns the insurance company i.e. If the captive insures its own parent and affiliates, it is called a pure captive. energy industries), it is called a homogeneous captive.

The onshore regulatory burden and the cost of operating either a U.

S.-based or Lloyd's-based captive in the early 1960s drove Reiss to seek out a jurisdiction that would allow his captive concept to flourish.

In the European Union, a new set of regulatory requirements (Solvency II) is planned with additional restrictions and responsibilities for captives and reinsurance companies.

Some European captives ask for simplified regulation.

More recently, Anguilla along with other offshore domiciles have seen few new formations and many liquidations and transfers.

As with the BVI, ever changing applications of the regulations and the departures of well regarded regulators have ended Anguilla as a domiciles for new formations. They can access the reinsurance market to lay off (transfer) risks that they do not wish to accept: this may include product liability, general and professional liability and directors' and officers' liability.

S., for example, the business must initially be written by another insurer, under its insurance licence, which then reinsures it (lays it off) to the captive.Vehicle insurance, both property damage and third party liability of corporate fleets and vehicles, is also quite commonly covered.Captives may be licensed to write some lines of business directly.Most captive insurers are based "offshore", in places such as Gibraltar, Mauritius, Belize, Bermuda, The Cayman Islands, Ireland, Guernsey, Luxembourg, Barbados, Malta, The Bahamas, Singapore, Anguilla, the British Virgin Islands, Qatar Financial Centre, Dubai International Financial Centre and Jersey in the Channel Islands.Bermuda is the world's leading offshore captive domicile.

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