Astra Captive Management (Cook Islands) Ltd has secured formal authorisation from the Cook Islands Financial Services Commission to operate as a licensed captive insurance manager, a development that aligns with rising interest in non-traditional risk financing methods across the Asia-Pacific region.
The newly issued licence enables Astra Captive to assist insurance brokers and corporate clients with the establishment and management of captive insurance entities within the Cook Islands’ regulatory environment.
The jurisdiction, which maintains close financial ties with New Zealand and Australia, is recognised for its legislative stability and support for alternative risk strategies.
Dean Spense, chief executive of Astra Captive Management, said the firm is prioritising partnerships with brokers to make captive insurance more accessible to smaller and mid-tier intermediaries.
“As a licensed provider, we are now fully authorised to assist businesses and their broker partners in setting up and managing captive insurance entities here with confidence, compliance, and efficiency,” he said.
Services available under Astra’s management platform include captive formation, licensing support, regulatory reporting, and access to actuarial and reinsurance expertise through third-party partnerships. White-labelling options are also available for brokers and managing general agents.
Spense said the firm’s strategy is to reduce barriers to entry for intermediaries that may lack the internal capacity to operate captive solutions independently.
“While large corporations and consultants have long accessed the benefits of captives, many brokers are left on the sidelines, lacking the internal resources, licensing, or regulatory relationships to offer captive services to their clients. We want to change that,” he said.
The timing of Astra’s launch coincides with a surge in corporate interest in risk management alternatives.
Allianz’s 2025 Risk Barometer identified cyber threats as the most pressing global business risk, surpassing concerns related to business interruption and extreme weather events. Climate-related risks also climbed to their highest position since the report began, now ranking fifth globally.
In parallel, insolvency forecasts paint a challenging picture. Allianz Trade projects that global business failures will rise by 6% in 2025, followed by another 3% increase in 2026. This would mark the fifth straight year of rising insolvencies, driven by ongoing financial pressures, restricted access to capital, and delayed bankruptcies post-COVID.
New Zealand was among the countries with a significant rise in business closures in 2024, recording a 40% increase. Other Asia-Pacific jurisdictions such as Australia, Singapore, and Hong Kong also saw double-digit growth in insolvency filings. Key industries impacted include construction, distribution, and services.
Looking ahead, Astra Captive plans to roll out educational initiatives for brokers and risk advisors and to develop cross-border partnerships aimed at expanding the use of captives as strategic insurance vehicles.
Spense said with the licence now in place, the company will focus on enabling brokers to present captive solutions as part of a broader risk advisory strategy.
“We’re committed to not only managing captives but also educating and enabling brokers to confidently present these solutions to their clients,” he said.
