Cayman Captive Insurance Industry to Remain in International Spotlight

Following last month’s prestigious recognition at the US Captive Services Awards, where the Cayman Islands was named as the leading offshore captive domicile, the Cayman Islands captive insurance industry is once again stepping into the spotlight.

This time, it does so by taking its message on the road to the 2015 Risk and Insurance Management Society (RIMS) Canada Conference. The Cayman Islands will have a high profile at the event, which is being held in Quebec City 27 – 30 September 2015. Cayman is sending a team of representatives from the key captive insurance service providers to meet and talk with over 400 conference attendees. Attendees are typically experienced risk management and industry practitioners from medium and large sized Canadian corporations.

The Cayman Islands has a 40 year history in the captive insurance space and a range of excellent service providers and expertise which has enabled the jurisdiction to attract some 725 captives, as of June 30th 2015. The Cayman Islands has 29 licensed insurance managers and a range of specialist professional service providers – including actuaries, auditors, lawyers, investment managers, and bankers. This concentration of expertise uniquely positions Cayman to attract “best in class” clients.

The Cayman Islands’ efforts to promote Cayman as the premier jurisdiction for captive insurance companies is being spearheaded by The Insurance Managers Association of Cayman (IMAC). IMAC Chairperson Kieran O’Mahony is one of the Cayman delegation.  “Canada is an important market for Cayman captives.  With the tax information exchange agreement signed in 2011 between the two countries, the strength of our legislative and regulatory infrastructure and the extensive experience and expertise of our local service providers, Cayman is able to offer Canadian companies a product that is proven and efficient.  We have a number of Canadian captives domiciled here in Cayman already and we are optimistic about the opportunities to spread to word to attract even more Canadian business.  Our business cultures are similar and our laws are Common Law based.  There are many synergies to be explored”, he said.