NU Online News Service, June 29, 1:20 p.m. EDT
BERMUDA--In the wake of the financial crisis, the captive industry is running into new stumbling blocks that can triple the time it takes to set up a captive, according to a captive manager here.
Gary Osborne, president of USA Risk Group in Montpelier Vt., here for the Bermuda Captive Conference, said an agency captive that previously might have been formed in two months time now is "rarely done in less than six."
The time delays are "more pronounced with group programs, association programs or any kind of agency programs," he told NU Online News Service. "Single parents--if it's a big, beautiful single parent--we can still get those done. They used to be 30 days; even those are [now] 45 to 60 days," he said.
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