Lockton has been approved as a licensed insurance broker and captive insurance manager in the Cook Islands.

Lockton, which recently opened its New Zealand business, is establishing captive insurance structures with Cook Islands international companies and says the location has been providing captive insurance services since 2013.

Lockton NZ Head of Captive & Alternative Risk Transfer Jessica Schade, who has been involved in establishing and licensing all the captives currently registered in the Cook Islands, says the approval demonstrates the Cook Islands’ commitment to the business needs of New Zealand and Australian companies.

“I have worked with the Cook Islands Government for a number of years and have always been impressed with their willingness to work with business, insurance experts and interested parties in crafting best in class captive legislation and a world class captive insurance domicile,” she said.

Cook Islands Finance Financial Services Development Authority CEO Marie Francis says she was thrilled Lockton will be offering broking and captive insurance structures to Cook Islands business entities and international clients.

"The Cook Islands has an excellent reputation for its international compliance and professional services,” she said. “In these uncertain times it is advantageous for New Zealand and Australian clients to establish captive insurance structures in a nearby jurisdiction which has a close association with New Zealand.”