SAFEGUARDING THE STABILITY OF THE COUNTRY’S FINANCIAL MARKETS
STABILITY Through Regulation
The Financial Services Commission in Barbados utilizes a comprehensive approach to safeguard the integrity and stability of the country’s nonbank financial sector. Warrick Ward, CEO, tells us how the organization protects consumers and promotes growth
Writer: Lucy Pilgrim | Project Manager: Joshua Mann
The non-bank financial sector in Barbados offers both a diverse and dynamic landscape, encompassing insurance, occupational pensions, credit unions, and securities, each with its own opportunities and challenges.
What makes the industry particularly exciting is its rapid pace of change – from the increasing use of digitalization and disruptive technological solutions to evolving customer expectations and international regulatory standards.
“For us as a regulator, it is an incredibly meaningful space to work in because the strength of these
sectors has a direct bearing on national financial stability, consumer protection, and long-term economic resilience and societal health,” opines Warrick Ward, CEO of the Financial Services Commission in Barbados (FSC Barbados) – the integrated regulatory body responsible for supervising the country’s non-bank financial institutions.
Established by statute under the Financial Services Commission Act, 2010-29, FSC Barbados has a vast range of responsibilities, including administering specified enactments as well as supervising and regulating the operation of financial institutions
across the country, facilitating institutional strengthening, adequate control, and risk management of the industry landscape.
Such procedures, therefore, help to promote stability alongside public awareness and confidence in the operations of Barbados’ financial institutions.
“Our mandate is to safeguard the integrity and stability of these markets, protect consumers, and promote growth and innovation in the non-bank financial sector,” Ward summarizes.
Headquartered in Bridgetown, FSC Barbados employs a multidisciplinary team of approximately 70 professionals, and has a network of stakeholders including licensed and registered entities, policymakers, other government agencies, and most importantly, the investing and consuming public.
A THOROUGH APPROACH
With such a vast portfolio of products and responsibilities, FSC Barbados’ core activities span the supervision and regulation of a number of sectors and business areas, including insurance, credit unions, securities, and occupational pensions. The other business activities fall within FSC Barbados’ corporate services.
Firstly, as a financial product that helps individuals and corporations recover from adverse events, insurance is a vital form of financial protection.
The Supervision and Regulation team supervises the business activities associated with insurance companies, intermediaries, and other service providers – such as managers and loss adjusters – in accordance with its risk-based supervisory framework.
Barbados’ credit union landscape, meanwhile, comprises memberowned financial cooperatives that accept deposits from their members and provide loans, mortgages, and
investments, among other services.
In overseeing the credit unions sector, FSC Barbados regulates and supervises these institutions as part of its mandate to protect the safety and soundness of the financial system.
Regarding the securities sector, FSC Barbados oversees the country’s securities market and investment fund industry, which comprises three
HOW IMPORTANT ARE COLLABORATIVE RELATIONSHIPS TO THE MANDATE OF YOUR ORGANIZATION?
Warrick Ward, CEO: “Collaboration is at the heart of how we do business at FSC Barbados.
“Our mandate is too important to tackle alone, so we place real value on strong partnerships – whether with our regulated entities, government, regional, and international peers, or the public we serve.
“These relationships allow us to share insights, respond to challenges faster, and build a financial system that people can trust.”
subsectors – capital markets, funds, and public insurers of securities.
As part of its role, FSC Barbados is responsible for managing both companies and individuals undertaking securities in Barbados. Operators in this market include securities companies, brokers, traders, dealers, investment advisers, underwriters, and more.
The Supervision and Regulation team, in overseeing the pensions sector, works hard to administer the Occupational Pension Benefits Act Cap. 350B (OPBA) through a vast range of responsibilities including registering new occupational pension plans, occupational registered retirement savings plans, and pension plan amendments, while also monitoring their financial status, assessing plan risks, implementing mitigation measures, and much more.
Through the registration and licensing of entities, FSC Barbados’ process reflects an assessment of the suitability of applicants who wish to operate within the insurance, credit unions, securities, and pensions sectors.
This has proven to be vitally important as effective licensing is a critical component within FSC Barbados’ regulatory framework and ensures industry-specific legislation is taken into account with each applicant.
Furthermore, registration and licensing are the ‘first port of call’ for prospective financial entities, where preliminary reviews of the applicants’ packages and documentation are conducted to coordinate the issuance of licenses and certificates.
The Supervision and Regulation team remains dedicated to providing timely responses, world-class service, and being highly flexible to the changing business environment, seeking to increase efficiency and effectiveness in application processing.
Always with our clients and strategic partners
A global, specialized, and innovative company
Briefly introduce us to Active Capital Reinsurance, Limited?
Always with our clients and strategic partners
Active Capital Reinsurance, Ltd. (Active Re) is a Barbadosdomiciled reinsurer founded in 2007, holding a General Insurance and Reinsurance Licence issued by the Barbados Financial Services Commission (FSC). In 2015, the company began its transformation from a regional monoline reinsurer into a global multi-line reinsurer, a process driven by a progressive diversification strategy that has proved highly successful.
partner, accompanying our clients as they grow, transform, and strengthen their resilience.
A global, specialised and innovative company
Can you please tell us more about your status as a global, specialized, and innovative reinsurance company and how you’ve worked to achieve this?
Active Re’s specialized reinsurance solutions, offered on both facultative and treaty bases, include Affinity and Group Protection, Property and Engineering, Energy and Power, Credit and Surety, Financial Lines, and Marine. These are underwritten directly by our in-house teams or through long-term agreements with strategic partners organized as Managing General Agencies (MGAs). Currently, the company continues to strengthen the successful implementation of its strategy by developing new agreements with MGAs and expanding capacities across multiple business lines worldwide. All operations and processes are founded on solid ethical principles and fully comply with international regulations on antimoney laundering, counter-terrorism financing, and the prevention of the proliferation of weapons of mass destruction.
By year-end 2024, Active Re operated in 137 countries, serving 653 cedants through 170 brokers, 7 MGAs, and 6 facilities. With our multicultural team of 83 professionals, based in 17 cities across 14 countries and fluent in 12 languages, reflects the reach and agility of a truly global reinsurer. The company maintains an A (Excellent) Financial Strength Rating from AM Best, underscoring its strong capital position, resilience, and the consistently high standard of service delivered to clients and partners worldwide.
What, for you,
differentiates Active Re from the competition?
Our differentiation rests on four strategic pillars: disciplined technical risk management, solid financial strength, a forward-looking vision, and a distinctive business model that integrates in-house underwriting with long-term partnerships through Managing General Agents (MGAs). Beyond our A (Excellent) rating from AM Best, what really sets us apart is the way we nurture long-term relationships built on trust, transparency, and closeness to our clients. We are agile in responding to global challenges and rely on a multicultural team whose innovation, diverse perspectives, and tailor-made solutions add real value. At Active Re, we go beyond providing reinsurance capacity - we become a strategic
As a company, we have consolidated our position as a global, specialized, and innovative reinsurer through a disciplined strategy of expansion across both emerging and developed markets, supported by a deep understanding of local dynamics and the needs of our clients. Innovation has been at the heart of this journey. We have incorporated advanced digital tools into underwriting and risk analysis, enabling more precise decisions and greater efficiency for those we serve.
At the same time, our business development efforts and collaboration with strategic partners worldwide have strengthened our ability to identify opportunities, expand capacities, and deliver solutions tailored to the realities of
CEO, Mr. Ramón Martínez
each market. The diversity of our team and the strength of our international alliances allow us to design bespoke solutions that meet the technical complexities of the reinsurance sector while aligning with the principles of sustainability and operational excellence that guide our business model.
Always with our clients and strategic partners
This balance between disciplined growth, technical expertise, and continuous innovation, has been key to shaping our reputation as a forward-looking and specialized reinsurer.
What completed, ongoing, or recent projects or investments would you like to showcase?
One of the milestones I am most proud of is the celebration of our 18th anniversary. It was more than a commemoration - it gave us the chance to reflect on nearly two decades of sustained growth and to look ahead to the next chapter. Another highlight was opening our new offices in Barbados, reaffirming our long-term commitment to the jurisdiction where Active Re was founded and strengthening ties with Mr. Warrick Ward, CEO of the Financial Services Commission Barbados, whose support has been invaluable in consolidating our footprint. I would also mention the reaffirmation of our A (Excellent) Financial Strength Rating by AM Best, which validates our financial discipline, risk management, and ability to honor commitments. These achievements are not only milestones in our history - they embody the values that guide us: agility, innovation, and a commitment to supporting our partners in an evolving global reinsurance market.
Looking ahead, what are your key priorities for the coming year?
Looking ahead, our priorities build on the progress we reported in 2024. We will continue to strengthen the diversification of our portfolio, ensuring sustainable growth across lines of business and geographies, with an emphasis on well-established markets. Deepening the digitalization of our processes remains key as we integrate advanced technology to enhance underwriting, risk analysis, and the client experience. We also aim to consolidate our footprint in high-potential regions, particularly Latin America, Europe, and Asia,
by expanding capacities and fostering long-term relationships with cedants, brokers, and MGAs. Alongside these priorities, we remain focused on maintaining strong financial discipline and technical excellence, ensuring that our solutions continue to meet the evolving needs of the reinsurance market.
Above all, our goal is to earn and preserve the confidence of our clients, positioning Active Re as a global benchmark in risk transfer, ready to anticipate change and respond effectively to market dynamics.
Is there anything that hasn’t been touched upon that you would like to be mentioned?
I truly appreciate the opportunity to share our journey through this publication, as it reflects how far Active Re has come since its foundation in Barbados, evolving from a local initiative into a truly global reinsurer with a clear vision and a strong sense of purpose. This progress has been possible thanks to the dedication of our team, the trust of our clients and partners, and the support of institutions that believe in our mission. I would also like to extend a warm greeting to Mr. Warrick Ward, CEO of the Financial Services Commission Barbados, whose encouragement has been invaluable in consolidating our presence in Barbados and in strengthening the reputation of this jurisdiction as a respected, well-regulated hub that offers a stable environment, experienced talent, and a forward-looking framework for international reinsurance.
Finally, the Corporate Services team is the operational backbone of FSC Barbados, ensuring that the organization is streamlined, runs efficiently, and is continually aligned with its strategic objectives.
It provides critical support across FSC Barbados and plays an essential role in enabling the organization to fulfil its regulatory mandate.
As such, the Corporate Services team is at the core of ensuring a futureready company, overseeing talent development, resource management, and operational efficiency.
TECH-DRIVEN FOCUS
FSC Barbados proudly leverages a data and technology-driven approach, strengthening its ability to anticipate risks, supervise more effectively, and respond swiftly to market developments.
FSC BARBADOS’ VISION, MISSION, AND VALUES
VISION – To be recognised as a financial services regulator that is committed to integrity, excellence, and the development of Barbados as a sound and competitive financial services centre.
MISSION – To promote soundness, stability, and transparency within Barbados’ non-bank financial sector, using professional staff to provide effective and efficient supervision and regulation in line with acceptable global best practices.
CORPORATE VALUES
• Excellence
• Integrity
• Public accountability
• Transparency
Indeed, FSC Barbados’ use of data analytics helps it spot patterns, stress test vulnerabilities, and provide tailored guidance to industry participants.
Major efforts to enhance efficiency include the use of digital platforms to strengthen FSC Barbados’ service delivery, whether in licensing, reporting, or stakeholder engagement. This forms one aspect of the company’s efforts to update and modernize its entire regulatory framework and infrastructure.
“These enhancements not only
make us more efficient but also build confidence among the entities we regulate and the public we serve,” Ward highlights.
The same can also be said for FSC Barbados’ innovation ecosystem, which is anchored in FSC 2.0 – a transformation program built around three pillars: discover, engage, and innovate.
This framework enables FSC Barbados to actively explore emerging risks, engage stakeholders in meaningful dialogue, and innovate its regulatory and supervisory practices.
“We differentiate ourselves as a jurisdiction that ensures our regulatory framework remains agile, credible, and attractive to investors.”
Meanwhile, initiatives such as robust legislative reforms, an upcoming electronic application management system, and a risk-based supervisory framework are all reshaping how FSC Barbados regulates, creating greater financial efficiency, transparency, and trust across the country.
REINFORCING REGULATORY CREDIBILITY
FSC Barbados has an enviable list of projects that have helped cement its position at the top of the non-bank financial sector and are key to its ongoing transformation.
For example, FSC Barbados’ reformulated supervisory framework,
which continues to be refined through ongoing legislative reform, brings sharper risk-based supervision, ensuring resources are directed to where they are needed most.
These areas in focus include structural reorganization, risk-based supervision, integrated examinations and desk reviews, revised risk assessment models, agile guideline development, and focused oversight of systemically important institutions.
Perhaps the most ambitious aspect of its current transformation, however, is FSC Barbados’ Legislative Reform Project.
“By modernizing securities legislation and related frameworks, the reforms aim to make Barbados an attractive and competitive destination for investment funds, capital markets activity, and wealth management
services,” Ward informs.
In fact, FSC Barbados has embarked to revamp the entire suite of legislation, such that the new legislation is principles-based and sufficiently flexible to maintain the necessary levels of regulatory rigor while ensuring that the environment is sufficiently appealing to market participants.
From climate risks to demographic shifts, the project is designed to build flexibility into the legal framework, enabling adaptive responses as new risks and opportunities emerge.
Elsewhere, FSC Barbados’ newly designed and rolled-out website and social media platforms greatly enhance its stakeholder engagement.
“These embody our commitment to transparency and accessibility, broadening our reach,” he states.
“OUR MANDATE IS TO SAFEGUARD THE INTEGRITY AND STABILITY OF THESE MARKETS, PROTECT CONSUMERS, AND PROMOTE GROWTH AND INNOVATION IN THE NON-BANK FINANCIAL SECTOR”
– WARRICK WARD, CEO, FINANCIAL
SERVICES COMMISSION BARBADOS
ICBL – ALWAYS THERE WHEN YOU NEED US MOST
Company Background
For forty-seven years, the Insurance Corporation of Barbados Ltd. (ICBL) has stood as a pillar of strength in Barbados’ insurance industry. Founded in 1978 by the Government of Barbados as a statutory organization and later privatized in 2000, ICBL has since become a trusted market leader with shares actively traded on the Barbados Stock Exchange. Its shareholder base includes institutional investors and individuals alike.
Renowned for financial stability, excellent customer service, and innovative products, ICBL remains one of the few fully composite insurers in the country. The company provides a comprehensive portfolio across all classes of insurance, including individual life and health, annuities, pensions, motor, property, and casualty.
With a strong capital base and prudent risk management practices, ICBL has built a reputation as a reliable partner for policyholders and investors. As of December 31, 2024, total assets stood at BDS $348 million, with total equity at BDS $114 million. Complementing this robust balance sheet is a reinsurance panel comprised of A-rated reinsurers, including Lloyd’s syndicates.
Headquartered on Roebuck Street in Bridgetown, ICBL employs a dedicated team of 175 full-time staff under the leadership of Chief Executive Officer Goulbourne Alleyne. He is supported by a capable executive team that includes COO Rawle Knight; CFO and President of International Operations Richard Boddy; VP & Head of Actuary Ian Clarke; VP Finance Creig Hinds; AVP Human Resources Gail Hinkson; AVP Life Operations & Technical Underwriting Pamela Lowe; and AVP Marketing & Sales Rhea Mapp-Bynoe.
The Board of Directors is chaired by principal shareholder Joe Poulin and includes Vicky Bathija, James Edghill, John Howard, Jerome Letter, Marsha Caddle, alongside CEO Goulbourne Alleyne and COO Rawle Knight.
Our Values
At the heart of ICBL are the values of integrity, continuous improvement, collaboration, and courage. These principles guide every interaction and decision, ensuring the company’s promise— “Always there when you need us most”—is more than a tagline, but a lived commitment.
Customer experience remains a foremost priority. Quarterly surveys help identify areas of improvement, ensuring operations remain responsive to client needs. This consistent engagement has fostered a loyal customer base that has stood with ICBL for nearly five decades.
Technological Advancement
Over the past five years, ICBL has invested heavily in technological innovation to provide customers with modern, convenient solutions. Its cuttingedge operating system, supplied by a globally topranked vendor, supports seamless transactions including quotes, referrals, policy administration, billing, claims processing, policy documentation, and CRM.
The Company’s online portal further empowers clients, offering 24/7 access to policy renewals, payments, and new business transactions— making insurance simple, safe, and accessible.
Giving Back to the Community
ICBL’s success is deeply rooted in its community, and giving back remains a cornerstone of its identity. Through an active Corporate Social Responsibility (CSR) programme, the company supports initiatives in health, youth, literacy, sports, and community outreach.
Significant financial contributions are made annually to organizations such as:
• The Heart and Stroke Foundation of Barbados – supporting cardiovascular treatment and rehabilitation.
• The Barbados Cancer Society – aiding early detection, breast screening, and treatment initiatives.
• The Barbados Diabetes Foundation –assisting with its comprehensive “one-stop shop” diabetes care centre.
• Challenor Creative Arts & Training Centre –serving individuals aged 5-50 with physical or mental disabilities.
• The Barbados Red Cross Society – enabling emergency response training, disaster relief, and humanitarian assistance.
• The Barbados Salvation Army – supporting feeding programmes and Meals on Wheels to the immobile and foodless.
Championing Literacy: The ICBL National Junior Spelling Bee
Since 2019, ICBL has proudly hosted the National Junior Spelling Bee Competition, endorsed by the Ministry of Education. Now in its sixth year, the competition has become the flagship of ICBL’s CSR efforts, inspiring a culture of reading while strengthening verbal and written communication skills among young Barbadians.
In 2024, the company went further by organizing a national book drive, collecting more than 2,300 books. These were distributed to 20 primary schools at a Book Fair, where teachers could personally select books for their students. This
initiative underscores ICBL’s commitment to equipping the next generation with the tools to succeed and create a brighter future for the country.
Commitment to Sustainability
ICBL also leads by example in environmental responsibility. Having earned its first Green Business Certification in 2014, the company is now proudly certified at Tier Four. Initiatives include solar panels, an electric vehicle for courier service, office-wide recycling, energy-saving occupancy sensors, and water-efficient fixtures. Each step reflects ICBL’s dedication to reducing its carbon footprint and promoting sustainable business practices.
Looking Ahead
In an increasingly competitive and evolving landscape, ICBL is well-positioned for continued growth. Guided by a culture of agility, efficiency, and customer-centricity, the company is advancing digitization, simplifying processes, and developing innovative products to meet emerging risks and opportunities.
CEO, Goulbourne Alleyne, remains confident in the team’s ability to deliver shareholder value while maintaining relevance and sustainability:
“We will continue to optimize performance and strengthen operational effectiveness across the organization. With the talent and commitment of our team, ICBL is ready to embrace the future while remaining true to our promise—always there when you need us most.”
“BY MODERNIZING
SECURITIES LEGISLATION
AND RELATED FRAMEWORKS, THE REFORMS AIM TO MAKE BARBADOS AN ATTRACTIVE AND COMPETITIVE DESTINATION FOR INVESTMENT FUNDS, CAPITAL MARKETS ACTIVITY, AND WEALTH MANAGEMENT SERVICES”
– WARRICK WARD, CEO, FINANCIAL SERVICES COMMISSION BARBADOS
In a similar vein, FSC Barbados’ application management system – the latest digital tool soon to be launched – is set to streamline licensing and registration, building efficiencies and reducing administrative burdens on the organization and its stakeholders.
“Each project is important because it reinforces our credibility as a regulator while making tangible improvements in how we serve the public and industry,” Ward urges.
A RESPONSIBLE CORPORATE FIGURE
As a service-based entity, FSC Barbados’ staff are the heartbeat of the organization. Its people are empowered by investing in opportunities for continuous training, providing room to contribute to policy development, and encouraging innovation at every level.
“Recognition comes in both formal and informal ways – from service-years recognition to the acknowledgement of personal and professional achievements. Most importantly, we strive to create a workplace that values professionalism, collaboration, and respect,” Ward emphasizes.
As part of this aim, FSC Barbados strives to create a healthy worklife balance for its staff, making it a performance strategy rather than just a staff perk.
“We desire for our employees to have the energy and headspace to do great work and still enjoy life outside the office.”
For this reason, FSC Barbados supports the FSC Sports and Social Club, which builds camaraderie through year-round social and sporting activities for staff and provides a corporate gym membership so that staying active is
easy and affordable.
“We also run quarterly team building initiatives in every department to strengthen trust, improve collaboration, and keep teams connected – healthy teams regulate better!” Ward points out.
CORPORATE SERVICES TEAM’S MAIN SERVICES
IT – Oversees and maintains FSC Barbados’ technological infrastructure, ensuring its regulatory operations are fully supported by secure and effective information systems.
FINANCE – Controls FSC Barbados’ financial planning, budgeting, and accounting, facilitating fiscal responsibility and accurate financial reporting.
CORPORATE COMMUNICATIONS – Coordinates both internal and external communications for the organization, enhancing its public image and ensuring clear dissemination of information.
HR – Organizes recruitment, training, and employee welfare, fostering a productive and motivated workforce.
RISK MANAGEMENT – Identifies, assesses, and mitigates potential risks for FSC Barbados, ensuring its resilience and compliance with regulatory standards.
RESEARCH AND POLICY – Undertakes research and develops policies to guide FSC Barbados’ regulatory framework, ensuring alignment with industry best practices.
INTERNAL AUDIT – Conducts independent evaluations of the FSC Barbados’ operations and controls, allowing for adherence to industry policies.
LEGAL – Provides legal advice and support for FSC Barbados, managing legal risk and compliance with laws.
CORPORATE PLANNING, MONITORING, AND EVALUATION – Collaborates with the Executive in developing and directing the strategic and long-term goals of FSC Barbados, including monitoring and evaluating success against agreed goals and objectives.
PROPERTY ADMINISTRATION – Manages FSC Barbados’ physical assets and facilities, creating a safe and functioning working environment.
This same ethos is extended to FSC Barbados’ external activities in the community, as it believes its responsibility expands far beyond financial regulation.
As such, it actively supports local youth and the wider community by sponsoring several projects led by schools, sports teams, industry associations, and community groups.
In addition, FSC Barbados’ staff participate in volunteer activities and support national causes such as disaster relief and community development.
“These efforts reinforce our role as both a regulator and responsible corporate citizen,” Ward acknowledges.
A FORWARD-LOOKING MINDSET
The year 2026 looks to be an important one for FSC Barbados as
it will mark the 15th year in operation – a milestone that underscores its evolution and resilience.
“This is a perfect opportunity to celebrate our achievements, thank our stakeholders, and reaffirm our commitment to building a sound, innovative, and trusted non-bank financial sector in Barbados,” Ward exclaims.
FSC Barbados plans to mark this achievement by rolling out a new flagship event, something that it looks forward to sharing more about in the new year.
Other priorities include deepening the implementation of the risk-based supervisory framework and steadily introducing enhanced technology and data analytics in regulation processes.
Externally, FSC Barbados strives to enhance public education in the local vicinity by continuing
to utilize innovative community outreach opportunities, as well as strengthening international partnerships to ensure Barbados remains aligned with global standards.
FSC Barbados also plans to continue the cultural and digital transformation of the industry landscape, ensuring agility, transparency, and accountability.
“In short, our goal is to remain a regulator that is not only effective but also forward-looking,” Ward closes.
