Since Barco Assignments, Ltd. was setup as a non qualified assignment company for the Liberty Mutual structured settlement program,z in the late 1990s, others have followed to the former British colony that is the birthplace of the Grammy award winning singer Rihanna.
In a clear indication that the Barbados offshore assignment company for non qualified structured settlements has gained greater acceptance, in addition to Allstate and Prudential (whose Pruco operation was closed in 2009) it is now estimated that Barbados is home to close to half a dozen non qualified assignment companies.
In addition to BARCO (Liberty) and Allstate International Assignments, Ltd. which are backed guarantees or agreements to pay by life insurance companies regulated by as many as 50 states, this author understands that the last 18 months has brought the following new entrants:
- St James Group (although this group was behind Prudential's operation on the island it now markets its own non qualified assignment operation to accredited investors).
- Evolve Assignments, Ltd (supports IFS Corp Fee Structure Plus Product that is marketed by representatives of IFS companies such as EPS, SFA, Millennium and MTSS)
- TFSS1 (Midwest Trust non qualified assignment facility using United States Treasury obligations)that is in the process of roll-out.
In addition to the Barbados facilities there is Kenmare Assignments, Ltd., an innovative non qualified assignment facility in the Republic of Ireland.
All in all more deferred compensation solutions than ever for taxable damages, for those paid via contingency fees, those who have low basis high value real estate or businesses, celebrities who expect endorsement fees that would simply add to already high income, lotteries contest winnings and structured attorney fees
If you want to know more about why an offshore assignment company is necessary you may find this short video helpful.