US

The Cayman Islands is a premier jurisdiction for international insurance business and the world’s most popular domicile for healthcare captives. For the United States it’s more than that.

The United States—Captive Pioneers

Since the very inception of the concept of captive insurance – and the vision of US businessman Fred Reiss who formed the very first modern captive offshore, US companies have sought a solution to being priced out of commercial insurance markets through a trusted and efficient partner.

Cayman and the US—A Special Relationship

As that service was provided in the Cayman Islands, the jurisdiction has developed a particularly special relationship with the US. From the emergence of the captive industry, 
when US regulations prevented the formation of domestic captives, through to Cayman’s dominance in healthcare captives, which began when Harvard’s medical hospital first took advantage of the specialised captive legislation in Cayman, our connection with the US is stronger than ever. Decades later, US companies continue to take advantage of the deep, specialised expertise in healthcare and other international insurance sectors that Cayman’s industry practitioners have developed over the years. The combination of Cayman’s unique operating environment and this depth of experience is what really sets this jurisdiction apart from other less established domiciles. Aligned with the North America’s National Association of Insurance Commissioners standards, both from a pure captive and reinsurance standpoint, Cayman’s regulatory framework supports the operations of US business and our industry continues to innovate to meet their requirements.

Canada

International insurance requirements in Canada have changed significantly in recent years. It’s no longer just large multinational companies that have engaged with the captive insurance marketplace, but smaller and medium-sized enterprises are using this method to retain risk and gain access to international insurance markets and reinsurance.

Canada and the Cayman Islands—Perfect Partners in International Insurance

The Cayman Islands offers a suite of world class international insurance services, ideally suited to Canadian business and the close ties between Cayman and Canada create a perfect partnership. The large number of Canadian captives already established in the Cayman Islands, provides the basis for shared expertise and a strong understanding of the specific needs of Canadian companies. Both Canada and the Cayman Islands share the foundation of UK common law and there is a high degree of familiarity in Canada with Cayman corporate structures, while the Tax Information Exchange Agreement (TIEA) in place between the two countries also ensures transparency in business and tax affairs.

Latin America

Following the major economic expansion across Latin America in recent years, it has been no surprise to see greater interest generated in the captive insurance business from that part of the world and the Cayman Islands is well-placed to turn that interest into success.

Familiarity With Cayman Structures

Increasingly tighter links and greater adoption of Cayman Islands structures in places like Argentina, Brazil and Chile in areas such as structured finance, private banking and project finance have taken place amid continued growth of international insurance business between Cayman and Latin America. While local tax and currency laws can introduce complexities, Cayman’s deep bench of legal and accounting talent are well versed in building structures that transparently satisfy domestic requirements and allow international insurance objectives to be achieved.

Captive Insurance for Efficiency and Growth

Through our focus on Latin America and the particular needs of enterprises in that part of the world and attending major conferences in the region, we are confident that Cayman Islands insurance solutions including captives and reinsurance can provide the right mechanism for efficiency and expansion.