November 25, 2020

“Cayman comes from position of strength”

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George Town, Grand Cayman, 13 September 2017

In the first recorded panel discussion- in what is to be a quarterly feature- it was stated by those who use the Cayman Islands as a domicile for captive insurance companies that Cayman “comes from a position of strength”.

The video features a panel consisting of Kieran O’Mahony, Senior Vice President and Client Services Leader at Marsh Management Services and former chair of the Insurance Managers Association of Cayman (IMAC); Suzanne Sadlier, Deputy Head of Insurance at the Cayman Islands Monetary Authority (CIMA), and special guest , Partner and Chair at Honigman Miller Schwartz and Cohn. The session was moderated by Andre Ebanks, Senior Legislative Policy Advisor at the Department of Financial Services.

The general discussion was around the state of Cayman as a captive insurance domicile, the trends in the insurance marketplace, the proportionate regulatory infrastructure in Cayman and how Cayman has continued to develop and innovate over its forty-plus year history in the captive insurance industry, through the vast and varied experience from the professional service providers.

“One of the strengths of Cayman’s industry is its team approach to captives,” said . “When you have people who know what they’re doing, it makes a big difference. Cayman brings so much more to the table in this regard.”
Current trends in the market were also discussed, including Cayman’s increase in organisations seeking to re-domicile.
explained: “In other domiciles, the one-size-fits-all regulatory regimes may not be as appropriate for businesses. Here, we differentiate and discriminate by the amount of risk that an entity has.”

“Stability also becomes the driving force,” added Ms Robertson. “We’re always very comfortable recommending Cayman because of the advantages that come with its stability.”

The Cayman Islands is an international insurance centre, specialising in captive insurance, structuring and reinsurance products. Cayman has a 40 year-plus history in international insurance products including captive insurance, insurance linked securities (ILS) structures and re-insurance. The Cayman has built a solid foundation of legal and regulatory infrastructure as well as an entire industry of quality service providers including managers, accountants, underwriters, lawyers and bankers to support the industry.
For more information on IMAC visit www.caymancaptive.ky.

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