The Cook Islands Financial Services Development Authority (FSDA) welcomes the establishment of the Cook Islands Captive Insurance Company (CICIC) as a landmark initiative that not only enhances domestic resilience but also positions the Cook Islands as a credible and forward-looking jurisdiction for captive insurance.
Fully licensed by the Financial Supervisory Commission and wholly owned by the Cook Islands Investment Corporation (CIIC), CICIC is designed to provide tailored insurance solutions that retain value within the country while giving government and community assets access to global reinsurance markets.
The establishment of CICIC is supported by Willis, one of the world’s leading insurance brokers, whose global reinsurance expertise and actuarial support provide a strong foundation for the company’s success.
Tony Fe’ao, CEO at Cook Islands FSDA stated the importance of the announcement to the Cook Islands:
“The launch of CICIC signals that the Cook Islands is serious about developing its captive insurance offering. It not only addresses local needs but also builds credibility with international partners seeking a stable, well-regulated, and forward-looking jurisdiction
CIIC Chair Fletcher Melvin reinforced the wider jurisdictional significance:
“This is an historic milestone. By creating CICIC, we are showing that the Cook Islands has the capability, expertise and foresight to establish innovative financial solutions. We are grateful to the many local and international partners who have helped bring this to life.”
Alan Taylor, Legal Technical Advisor, FSDA, who has been instrumental in the development of the Cook Islands captive insurance sector, commented:
The Cook Islands has a relatively nascent captive insurance industry that has considerable growth potential. It’s legislation is the equal of any in the world and it has been fortunate to date to have been supported by some of the largest global insurance organisations. The government’s decision to create a captive insurance structure to insure the country’s assets not only shows confidence in the local framework, but will also greatly enhance the industry’s international credibility and profile. This decision, together with segregated cell company legislation that is currently being developed, are significant steps in the Cook Islands becoming one of the world’s premier captive insurance jurisdictions.
Key Positives for the Cook Islands as a Captive Insurance Hub
Enhanced Risk Management & Economic Sovereignty
CICIC delivers bespoke coverage for risks often excluded by traditional insurers such as tropical cyclones or outer-island infrastructure needs. By keeping premiums and reserves within the Cook Islands, CICIC is reducing reliance on offshore insurers and reinforces local economic strength. This sets a precedent for how the Cook Islands can attract international captives seeking stability and local oversight.
Global Market Integration
Licensing by the Financial Supervisory Commission, combined with the involvement of Willis, a global leader in insurance and reinsurance, demonstrates the jurisdiction’s commitment to governance and global connectivity. The partnership shows that the Cook Islands is not only meeting international best practice but also attracting the confidence of world-class industry players.
As CICIC initiates operations in October 2025, FSDA will continue to collaborate with stakeholders to position the Cook Islands as a compelling forward looking jurisdiction.
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